Modern technological innovations have successfully unlocked mind-boggling ways to run businesses across industries. Manufacturing industries were the first to leverage the power of automation, which is now no longer reserved for manufacturing but has extended to almost every industry. With automation, there has been a significant evolution in the finance industry. Finance professionals are adopting digital solutions in every way possible. A few cursory facts, however, state that accounting automation processes are yet to go a long way. In a recent IMA (Institute of Management Accountants) and Deloitte survey, 75.7% of respondents stated that their business accounting processes are either fully manual or need considerable manual intervention.[1]. Accounting Automation
The main challenge was the slow adoption of the available automated accounting software. It may initially feel challenging for small businesses to cope with automated accounting processes. However, digitising the finance functions has proven more approachable when split into a step-by-step process.[2] Leveraging emerging technologies to enable accountants to conduct strategic planning, analysis, and execution can save hours consumed in maintaining toilsome books and creating reports.
Here’s how accounting automation is a game changer
Amplify your time management, productivity, and data security
Repetitive transactional accounting tasks like recording transactions, making journal entries and reconciling bank accounts consume all the time. Cut down all your time spent on data entry and reconciliation with accounting automation. You save time exploring and pave new paths for better management.
The beauty of automation is that it leaves no room for errors. You can be sure of no real risk of mishandling your data once it is recorded. Plus, this allows you to access and update your records anytime with real-time visibility.
Benefit from real-time information
An automated accounting solution can procure information from multiple financial sources. Be it your bank statements, card payment details, or past client invoices. Easy access to up-to-date financial data helps you build a better base for future projections and critical business decisions.
Strategic cost-reduction at the forefront
A survey by CPA.com shows that 68% of clients would opt for strategic consulting from their CPA firm if the price were not an issue.[3] As a startup, we understand how you pay professionals who manage your finances. Switching to accounting automation empowers you to process more records in less time. It helps you stay more focused on growth.
If you are looking to explore an accounting automation software that suits your business requirements well, this guide will help you with all the necessary steps. When you seek a solution that offers A-Z accounting solutions, OPEN tops the list.
With OPEN, you’d never have to get into the chaos of accounting chores. It is an all-in-one automated accounting software topped with advanced business banking solutions such as expense, payroll, and tax management.
Power of accounting automation multiplied with powerful integrations
Powerful technological integrations enable your business to integrate your existing systems and applications with new ones. With this, you get real-time access to data from multiple sources and streamline processes to automate tasks, eliminating tedious tasks.
If your business already uses automated accounting software, OPEN provides an easy integration to top it up with these powerful features. Suiting how your business currently functions, it upskills your employee’s efficiency, enhancing business outcomes while accurately keeping up with the financial lifecycle.
Explore amazing automated accounting now
