Even before the tumult of COVID-19, companies had been moving away from their manual, labor-intensive processes toward new, efficient automated systems. The pandemic has only underscored the need for reliable and streamlined systems as teams began working from home and financials dipped in the wrong direction.
While outsourcing and automation are not new concepts, they are trends that are growing more relevant as of late. With stay at home orders in flux, adopting accounting automation services is a smart move to remain resilient among the unknown.
If you’re on the fence about automating accounting and advisory services, here are four reasons to dive in.
1. Manual, paper-based accounting services are killing your profits.
Labor-intensive work is ripe for errors and fraud. It’s important to get away from manual data entry in multiple systems and slow reporting. With the ever-changing business environment, digital transformation is a top priority in the middle-market sector today. There is a need to use tools and technologies such as macros/scripts, workflow enhancement, software robots, and artificial intelligence to perform a set of activities more efficiently.
Digitally transforming your technology and processes by moving to an automated system will help to speed up the accounting function and ensure reliability of data.
2. You need to focus on the company’s future.
Many companies are more effective in operational areas of their business and the accounting and finance function is often viewed as a necessary evil. CEOs may want to keep a close eye on finances to control costs, but they can no longer be involved in every aspect of the business. This is especially true for startups and small businesses where a lack of capacity and lack of financial expertise hinders rather than helps accounting functions. Implementing automation enables business leaders to focus on an organization’s strategic goals and future growth.
3. Your current accounting system is not being optimized.
For many established companies that have an existing cloud-based accounting software system, often the technology isn’t being used properly. This is usually uncovered when a company undergoes a new leadership change and uncovers outdated on-premise financial processes. Re-deploying the software with implementation specialists can uncover enhanced controls and truly maximize your investment.
If you’re new to the process and ready to embark on your automation journey, partnering with accountants that specialize in financial automation solutions will help you define the correct strategy on how to initiate, scale and evolve an automation program specific to your company’s needs.
4. You’re not getting what you need from your existing accountants.
Companies start off thinking they only need monthly financial reporting, but quickly realize they need more help with financial analysis, taxation and forecasting. You may need to augment your team with outsourced accountants who can help you understand your current and future financial position.
Finding the right accountant helps business leaders develop key performance indicators to effectively manage their company’s people, process and tools – the key ingredients to driving a successful business.
If you’re ready to deploy enhanced technologies, refine processes and focus on the future of your business and its strategic goals, there are solutions that can be customized just for your organization.
This article was originally published in the St. Louis Business Journal