The Magic of Workflow Automation in Accounting

The mantra of any successful business is how efficient and optimised its business operations are. Depending upon the process, whether it’s HR, production or marketing, operational efficiency has to be continuously optimised for enhanced productivity. One of the key business processes for improving a business’s bottom line is the Finance team or the Accounting department. They are responsible for managing a huge load of financial data, analysing and generating revenue reports and offering strategic advice on regulatory compliance.

But in the current era, the accounting department is facing challenges that have impacted its progress. Though there has been an exponential increase in financial transactions volume, the accountants are still stuck up on mundane and low-value tasks. Hence, businesses across the globe are on the lookout for labour-solving solutions and adopting new strategies to improve efficiency. The best method in the market is to leverage technological advances like workflow automation for accounting to enable continuous improvement of the finance function.

With software handling the grunt work, such as copying data from one sheet to the other, identifying discrepancies and removing repetitive data, workflow automation allows the accountants to focus on the efficient aspects of their work, including analysis, strategy, and human interactions.

So how has the magic of automation evolved the role of accountants at the workplace? Let’s understand:

Time saved

The most tangible benefit of automation has to be the amount of time it saves. For example, during financial closings, if the whole team utilises the tools correctly, there won’t be any need to check and copy data across systems. With the workflow making it essential to input the necessary information from the very beginning, you would save time on cross-checking the data.

Enhanced Productivity

The obvious result of having more time is the ability to produce more in the same period. Workflow automation opens up more time for you to attract more clients and guide them towards their financial goals.

Accurate Data Entries

When handled manually, there’s always a chance of mistakes while entering the data. But with workflow automation, you can not only create thousands of entries in seconds but remove the risk of data being mishandled. For example, scanning software such as Canon IRISPowerscan can capture data from any document and integrate it automatically into the desired business applications.

Quick Data Retrieval

The days of physical storage where a room is full of hundreds of files are over. Retrieving information from this mountain required every document to be accurately classified and placed, which was not possible every time. Workflow automation is designed to make documents and items easy to categorise, name or store safely. This ensures quick retrieval of any critical detail whenever required.

Cloud Access

The integration of cloud technology with accounting automation has been one of the biggest factors for its success. Earlier, accountants had to be present physically while surrounded by papers and a huge load of data. It is now possible to take, store or retrieve important accounting software, processes and files wherever you go.

Real-time Integrations

The more a company’s business processes are digitised, the better they’re able to use the solutions in sequence. Along with an accounting automation platform, it’s possible to integrate other workflows such as payroll, revenue tracker, spend management software, etc. With this, you’ll always have up-to-date and accurate data across all platforms.

Workflow automation platforms can help evolve the accounting field into the next level, by saving time, avoiding costly errors, and keeping all important documents at your fingertips. Used well, accounting automation should simply remove all of the tedious and frustrating parts of the job, leaving room for better management accounting, strategy, and good communication.