Currently, many companies continue to use manual processes, which, in some cases, is counterproductive and generates various difficulties. They are generally slower processes, documents tend to get lost, they are inefficient processes and you do not have much control.
Why is process automation important?
In the first place, the importance of automating accounting processes in the company is based on the fact that it allows implementing Digital Transformation in the department and having new technologies to facilitate and optimize team time.
In addition, the accounting department continually reports several problems with manual processes: high costs of processing each document, lack of visibility, loss of documents, errors in payment, lack of traceability, document falsification, lack of control, among others.
But what are the benefits of an automated process?
More productivity in the company
The automation of the accounts allows to lower the fixed costs of the process and obtain gains in productivity quickly. Automation saves time on tedious operational tasks such as document entry, filing, searching, etc. In this way, the entire process is accelerated and becomes a more productive one.
Visibility to negotiate
In this uncertain environment in which we live, the company needs to know its financial situation at all times and have access to real-time information on all its processes.
The automation of the accounts allows to have this constant visibility and at the moment. In this way, instant access to data allows better strategic decisions to be made because information is available in real time.
Having an automated process in your company allows you to continue the activity remotely without losing efficiency or productivity. We can access quality information and data at all times from any place and device. The lockdown was the perfect example to demonstrate how important automation is; those who had this type of system were able to continue their activity by working from home.
All companies, but especially the smaller ones, must manage their internal processes well to increase security against unforeseen events. The automation of the accounts provides information and avoids the loss of documents and reduces errors in data registration, among others, when entering and paying invoices.
Fewer delays and litigation
Having the accounts automated facilitates the control of suppliers and the generation of quality relationships with them. In this way, the team does not spend hours trying to solve payment problems or locate lost documents, etc. It is estimated that 41% of an accountant’s time is spent managing supplier calls, with payment being delayed in 31% of cases. With account automation, the risks of late payments and other errors can be drastically reduced.
Best management quality of the company
Thanks to automation, you can access relevant information (performance indicators) that allows you to manage and better control the entire process, as well as human resources; all in real time. In addition, all kinds of information and statistical data of the process are obtained, achieving a competitive advantage over the competition and being able to spend more time on tasks with greater added value, better serve the customer and concentrate on the product offer.
Among all the risks that a company faces, document fraud is among the most frequent. In 2018, according to the firm Euler Hermes, 70% of companies were victims of a document fraud attempt; And these kinds of problems are also costly. The automation of the accounts allows a higher quality control of the entire process through the software and detects any anomaly in the documents.
Also Read: Industrial Automation Trends