Automation has been on the rise for a number of years and has now become a business priority. Despite what you might think, it isn’t just AI and robots, but actually a very useful and beneficial method of streamlining businesses. A lot of business owners are unaware of the fact that accountants can offer a lot of assistance in this area; streamlining and automating processes in order to improve business efficiency. The following will give you further insight into the benefits.
Automation reduces the time spent on repetitive tasks and the risk of human error
Expenses, for example, is an area of business that is notoriously labour-intensive. It’s both time-consuming for staff to submit and for finance departments to process, and due to this high amount of labour, it is extremely prone to human error. The same can be said for invoicing and purchase orders.
With a streamlined and automated workflow, the whole process is connected through a single system from beginning to end, therefore making it much quicker and more efficient. It will also be cheaper – less time wasting and risk of input errors – and staff can spend more of their time on the important, high-value tasks.
Automation gives you accurate, real-time reporting
Knowing your numbers is crucial for business success, however it is both time-consuming and expensive to have consistent staff monitoring of all the data flowing through your accounts.
With automation, you have the ability to see your overall business performance, whenever it is needed. Real-time financial reports allow for accurate budgeting and forecasting of cash flow, while also helping to make effective business decisions.
Automation results in better credit control
Late payments are one of the biggest causes of stress within a business, not to mention the huge negative impact it has on cash flow. Using credit control software greatly reduces the frequency of late payments. Automation of this process makes it easier and faster for a business to chase payments, therefore increasing the likelihood of invoices being paid on time. You can save an average of 15 hours per week on credit control management by using automation!
Automation increases both client and staff satisfaction
Contrary to popular belief, automation does not take away from human interaction, and in fact does the opposite. Streamlining business processes means that staff have more time and energy to better serve customers and clients. They have more ability to respond to needs and nurture stronger client relationships.
As well as this, automation also leads to better employee engagement. They will no longer have to concern themselves with as much paperwork and tedious manual tasks, so will be free to focus on higher level and more rewarding work. Satisfied and engaged staff will better contribute to the growing of the business, so this is an important factor of using automation.
Automation improves productivity
As stated above, staff – and the business as a whole – work more efficiently with automation in place to streamline tasks. As well as this, employees can be better trained and developed on the job, as they have more time to focus solely on their job; improving their skills and productivity in doing so.
In summary: Save time and money with automation
Too often, business owners spend too much time working in the business rather than on it. By implementing automation, employees can be relieved from these menial tasks and focus on what will directly grow and improve the business.
The bottom line is, automation can help you save a lot of time and money. This is done by eliminating errors, reducing staffing and credit control costs, and simply improving the productivity of the business.
If you’re looking to get help streamlining your business, don’t hesitate to get in touch!
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