Accounting departments have several processes which must be done because it is the lifeline of every business. However, accounting duties are cumbersome if they are mostly manual. Ease the stress of manual accounting work with automation tools to manage accounts payable and other essential accounting functions.
Use automated workflows where possible
Accounting processes require many controls. For example, authorized people can approve transactions and sign off on payments. These types of rules ensure a business can pass audits and prevents fraud.
Although accounting controls are necessary, they cause a burden in accounting environments. Automate approvals with an automation tool to lighten the load. For example, accounts payable check runs can receive quicker approvals at the click of a button with accounts payable automation software.
Streamline billing
Billing is one of the more cumbersome parts of the accounting function that causes a heavy workload for accounting workers. Billing has steps that can lead to manual processes. Auditing is necessary for accuracy to be consistent on invoices. Manual auditing creates a burden for accounting employees because of the amount of data that is reviewed.
The best way to lessen this burden is to automate portions of the billing cycle. For example, invoices are generated and delivered on time by automation. It can also ensure some invoices are not overlooked.
Collections automation
Chasing down past due invoices takes time and precious resources from an accounting team. Past due invoices hurt a business’s cash flow. They can easily be overlooked if other accounting duties are in the way, but it’s great if you can automate your collections processes.
Streamline payments
Send past due notices on a schedule and give customers a payment gateway that allows them to submit payments online without interacting with accounting personnel easily. Payment gateways offer secure payment methods to process credit cards, ACH, and electronic check payments.
Payment automation reduces the number of incoming calls coming into an office. High call volume is a driver to a burdened accounting team. Payment gateways also help businesses protect sensitive customer information efficiently. Manual record keeping is time-consuming and adds an extra burden to an accounting team.
Better reporting
Accounting systems that do not provide access to easy reporting create burdens for accounting teams. Some accounting systems provide raw data that is hard to manipulate into meaningful analysis, which helps accounts receivables managers set up an impactful collections plan.
Automation systems have reporting features that run reports on a predefined schedule. Accounting employees eliminate wasted time manipulating raw data in excel reports. Often, these employees must have advanced excel knowledge for this. Businesses can define the parameters for accounting reports to deliver the detailed analysis needed.
Final thoughts
Accounting teams manage a large volume of data daily. As sales increase, this data also increases, creating pressure on accounting employees, which leads to errors and potential late payments. Accounting automation tools can lighten the workload on accounting teams and help various business processes run smoothly.
Ingrid Maldine is a business writer, editor and management consultant with extensive experience writing and consulting for both start-ups and long established companies. She has ten years management and leadership experience gained at BSkyB in London and Viva Travel Guides in Quito, Ecuador, giving her a depth of insight into innovation in international business. With an MBA from the University of Hull and many years of experience running her own business consultancy, Ingrid’s background allows her to connect with a diverse range of clients, including cutting edge technology and web-based start-ups but also multinationals in need of assistance. Ingrid has played a defining role in shaping organizational strategy for a wide range of different organizations, including for-profit, NGOs and charities. Ingrid has also served on the Board of Directors for the South American Explorers Club in Quito, Ecuador.
