The Benefits of Automating Accounting
It’s no surprise that automating accounting saves time. Research, as well as our own experiences, shows that accounting teams can save 50% or more time by automating the routine tasks that previously occupied their time.
But all this extra time doesn’t mean accountants don’t have work to do. It means they have more meaningful work to do, which ultimately benefits both the company and the accounting staff.
What are the benefits of automating accounting?
Accounting automation software can provide accountants and accounting teams with more time to focus on strategic activities that can help improve their companies. Below is a summary of some of the creative ways that accountants and accounting teams can use the time that’s been given back to them (thanks to automated software) to continually add value to their companies.
1. Analyzing Financial Data
Automated software can help streamline routine accounting tasks, such as data entry and reconciliation. This frees accountants to spend more time analyzing financial data and identifying trends that can inform strategic decision-making.
How Flexi Helps: Flexi’s suite of accounting automation apps provides the ability to automate routine tasks such as journal entries, allocations, bank reconciliation, T&E expense management, payment approvals and more. This automation gives your accountants the time to do what they were hired to do: strategize and provide insights into the data in order to make informed, data-driven business decisions for your company.
2. Improving Internal Controls
Automated software can help strengthen internal controls by reducing the risk of errors and fraud. Accountants can use the time saved by automation to review and improve internal controls, which can help prevent financial losses and reputational damage.
How Flexi Helps: FlexiWorkflow provides the ability to create multiple layers of management approvals that can be automated – all based on your business rules. This automation leverages built-in business logic to improve speed and accuracy of the approval process, significantly reducing the risk that questionable activity goes undetected from key stakeholders.
3. Developing New Processes and Systems
Accountants can use the time saved by automation to develop new processes and systems that can improve efficiency and effectiveness. For example, they may develop new workflows for financial reporting, or implement new systems for tracking expenses and managing cash flow.
How Flexi Helps: Flexi provides a powerful workflow engine giving your team the ability to automate routine tasks such as purchasing and AP, period-end process automation, or vendor management- saving valuable time, reducing errors, and greatly improving productivity.
4. Enhancing Communication with Stakeholders
Accountants can use the time saved by automation to enhance communication with stakeholders, including management, investors, and auditors. They may prepare more detailed and insightful financial reports or provide more frequent updates on financial performance.
How Flexi Helps: Flexi’s powerful financial report writer provides the ability to automatically generate, format, and distribute financial reports, with confidence that the right people receive the right data. This software also keeps your audits and compliance documentation running smoothly with the ability to drill down into any transaction, including a visual map of all workflows and approvals (aka an auditor’s dream!).
5. Investing in Professional Development
Accountants can use the time saved by automation to invest in their own professional development. They may pursue additional training or certifications, attend industry conferences or webinars, or participate in networking events.
Overall, the time saved by automated software can provide accountants and accounting teams with valuable opportunities to add value to their companies in a variety of ways. Request a demo and explore how Flexi’s accounting software can help.