Four Ways to Automate Your Bookkeeping Process
Bookkeeping is a manually laborious process for many organizations. That is because they either were too small to purchase larger and higher-priced automated accounting software services, or otherwise, had unique needs not addressed by off-the-shelf solutions. Even if they did or could purchase those off-the-shelf solutions, they were too onerous to use or did not address their specific needs. While it may not be the sexiest department in a company, balancing a company’s books is crucial, especially with increases in regulation and cyber theft. In addition, the Great Resignation means more employees leave sooner (and are harder to replace), depleting organizations of their institutional knowledge. That is why bookkeeping automation is absolutely a must!
As companies look to automate more processes and lean into technology as a differentiator, the finance departments, thankfully, have tools to ease their employees' tasks, while reducing costs and improving results. The rise of automated software has addressed manual processes, and accounting is no different. Bookkeepers, accountants, and other financial services professionals now have a robust toolkit to help them succeed. Companies should look to automated bookkeeping software to help speed up reconciliations, avoid mistakes, and free up their employees to focus on more meaningful work.
Here are four specific ways how your bookkeeping process can join the AI revolution -
- Automated Invoice Processing: Companies no longer need to manage onerous and error-prone manual invoice processing. Automated systems give companies peace of mind that their invoices are going out when they need to, with all the right information and payment dates. In addition to reducing errors, it allows accounting employees to focus on more strategic and relationship-building work. It also creates a greater sense of purpose, knowing that they contribute to the larger business strategy.
- Automate Payments: Companies looking to maintain their positive reputation and good standing with employees, freelancers, and vendors must ensure their payments are on schedule. All parties have become more vocal when companies fail to pay on time, which can create avoidable hassles. The last thing a company wants is to have a disgruntled vendor complain on social media that they have not received payment. Plus, maintaining a tight payment schedule demonstrates to external parties that the company is in good shape.
- Automated Invoicing: The flip side of automated payments is the ability to invoice your clients without any human intervention. Small and medium-sized businesses, likely to operate on more razor-thin cash margins, cannot afford to send invoices later than possible due to overworked or forgetful accounting departments. An automated system that sends all invoices on the first of the month at the exact right amount makes it all the more likely payments will be on time.
- Automated Fraud Detection: As cybersecurity risks increase and companies struggle to manually respond to fraud claims from customers or identify fraud happening to them, having a solution that immediately detects and ameliorates fraud is a lifesaver. It is too important to leave it to a human who depends on their experience to determine when and where fraud happened. With hackers and other malicious actors continually updating their playbooks, companies will be fighting a lost cause unless they use all the technological solutions they are provided with.
Thanks to Cratoflow’s no-code accounting automation platform, all of the above automations are possible. It is truly the best of both worlds, where companies can hand off the repeatable and monotonous (but important tasks) to automation while maintaining 100% visibility into every action. Not only does it save companies costs (crucial in an inflationary market), but it also prunes errors and processes invoices, payments, and other financial actions quicker.
Of course, employees have historically worried about technology and its ability to replace human capital. But automated bookkeeping software is additive, not a replacement, for your accounting staff. It handles repetitive tasks so employees can tackle larger problems and help plot a profitable strategy for your business. Cratoflow is an accounting team’s secret weapon, due to the sheer amount of tasks it automates at a highly affordable price. Talk to us today to automate your accounting department tomorrow.