In this article, we will explain in detail the seven procedures that should be automated with a basic knowledge of accounting automation.
There is typically a lot of paperwork associated with business purchases of goods and services, including purchase orders, contracts, and other documents. Automation of purchase orders can assist in ensuring that nothing is lost and that all necessary paperwork for a procurement process is delivered to the correct location.
Without the time and expenses involved in having several stakeholders manually evaluate and process documentation, automating purchasing activities can give you the security and protection of multi-step AP processes.
2. Travel and Mileage Compensation
Simply filing, processing, and confirming small operations expenses like travel and mileage reimbursements can take an organisation hundreds of hours each year. Not only is this procedure unnecessary, but it also has a negative impact on productivity throughout the entire company.
With automation, workers may go for business travels knowing that their travel has been pre-approved and their reimbursement is ready. With accounting, there is no room for argument or waiting weeks after the trip to receive reimbursement for expenses.
3. Expense Reports
The submission of expenditure reports is one area of accounting that has significantly changed for many businesses during the last 10 to 15 years. These reports were traditionally delivered on foot to an organization's accounting department in the form of handwritten reports or printed-out spreadsheets from Microsoft Excel with stapled receipts.
Undoubtedly, many businesses still manage the submission of expenditure reports in this manner.
However, it has also become possible in recent years for employees to automatically complete and send expense reports. Better yet, since some software can interface with payment networks, gathering and storing transactional data, they might not even need to send receipts.
Automated expense approval software frees the entire business from routine administrative tasks in addition to saving the accounting department time.
4. Accounts Payable
While most businesses view accounts payable as a necessary evil, the AP department actually has a significant degree of control over the entire firm. Without effective AP procedures that adhere to best standards, businesses risk losing the trust of crucial suppliers, accruing costly fees, or simply failing to get crucial products or services when they're needed.
Automation can assist businesses in determining when to place supply orders, send out payments, and keep track of invoices.
5. Sales Order Process
By automating every step of their sales order process, businesses can guarantee that nothing is left to chance and that orders are delivered on time, with everything included, and at the correct cost.
Why is payroll handled each paid month by an operations manager or a human resources worker? With increased resources needed to ensure everyone is paid on time, this may turn into a nightmare for businesses.
According to one accountant, automation makes payroll less of a headache. "As an advocate of automation, I love services and features that allow me to put things on autopilot so that things like payroll can be completed, handled digitally, and ensure you won't miss any important filings like a 941 or a DE9," the accountant writes. Any business that spends time manually handling employee payroll on a regular basis should automate it.
7. Month-to-Month Closes
The monthly closing procedure can cause businesses a great deal of worry and anxiety.
According to a recent Docuware poll, only 39% of respondents were satisfied with their closure process, and only 28% of respondents trusted their month-end close numbers. The survey found that 90% of respondents felt pressure to finish their monthly financials more quickly. Automating the monthly close procedure can calm frayed emotions and give businesses more precise statistics.
Automate your accounting with Upbooks, which offers a technological era for resolving queries and offering consistent types of assistance. Create estimates and invoices, record expenses, receipts & payments, bills and purchases, Banking/Journal vouchers, and financial reports.