How Automation Can Support Your Accounting Team

Automation: Actively Strengthening Your Accounting Team

As the adage goes, “Work smarter, not harder.”

When it comes to integrating automation in your accounting operations, streamlining the way you work can make the above saying a welcomed reality for your internal team. Becoming more efficient in what you do best should also be a bonus externally, as you can feasibly produce more impactful results for clients in a shorter turnaround time.

The takeaway: Accounting automation can help teams do their job better, leading to enhanced employee morale and results.

Many of your colleagues agreed as of 2023. In a report that surveyed more than 1,000 accounting firm professionals, 89% said that automation of the accounting process makes their firm more efficient and profitable

Another 85% of survey participants indicated that automation improves the quality of data they can offer, while more than 60% said they could not offer the services they do without automation.

Continue reading below to find out further ways in which maximizing accounting software automation, as provided by Paymerang, can benefit you in a monumental way moving forward.

How Will Automation Affect Accounting?

While the belief exists that, over time, the influence of accounting automation will take jobs away from qualified workers in the financial space, the reality is that because of automation, not in spite of it, accounting professionals are more able to focus their attention on higher-value activities in the workplace than ever before.

Simply put: By programming the most routine, time-consuming tasks each day, automation actually empowers professionals, enabling them to think critically and make educated decisions based on the useful data that is now provided to them in real time.  

Automation of your accounting process fundamentally reduces the need for manual data entry, lessening the chance for human error. As a result, automation in accounting has additionally been shown to increase accuracy, save time, and contribute to expanded service offerings.

Here are some supplemental ways accounting automation can help reform your team’s collaborative efforts, contributing to future growth and expansion:

Unlock a Unified Accounting Ecosystem

Automation technology can host all your financial data in one place, making it available to every individual on your team with approved access, whether they are in the office or working remotely.

Accounting software automation creates a cohesive network. It establishes a reliable hub of information where team members can view holistic insights at a moment’s notice, and storing vendor data with a trusted AP automation partner reduces the amount of data housed within your systems, reducing the risk of data breaches.

Accounting automation bridges potential workflow gaps, helping to ensure data is accurate, organized, and always accessible.

Maintain Accuracy, Transparency, and Consistency Within Your Accounting Department

AP automation software, such as the software Paymerang has to offer, can also assign specific roles for team members and track all changes made in the system.

These safeguards help avoid performing redundant tasks and encourage effective team collaboration, first and foremost.

They also help make sure that everyone on your team is doing things the same way. Because every action is documented, you can trace exactly who did what and when they did it. Access to this level of detail can aid in training accounting professionals on your team, pinpointing mistakes and detecting anomalies with greater success.

Automation vs Manual Accounting

Automation resolves many of the pain points associated with traditional or manual accounting. Traditional accounting typically means:

• heavy time commitments
• risk of human errors
• overall lack of security depending on how records are stored

With automation, your team can rely on more accurate results, delivered quicker and more securely. Automation also provides data consistency and organization

Is Automating Accounting Processes Worth It?

Automation in accounting can truly be a transformational asset.

Gains in profitability are greatly impacted by elevated productivity, made possible by the incorporation of the rising industry technology as we know it today accounting automation. At Paymerang, we pride ourselves on providing “finance automation for the modern enterprise,” with a complete portfolio of products like invoice automation, receivables automation, and payment automation.

Revolutionize your processes with our streamlined invoice and payment platform, saving time and focusing more on what will help you succeed in the future of finance.