Keep Your Company Ahead of Automation Advances in Accounting
Over recent years, automation has become an increasingly substantial force in the accounting field. Technology can assist with numerous tasks that were once challenging for people to manage, ranging from sorting large quantities of numerical data to spotting patterns that may indicate issues.
When it comes to automation, it’s wise to keep an eye on emerging trends and upcoming technological advances. This ensures you can quickly embrace innovations that can increase efficiency and accuracy, as well as prepare your team well before the implementation of a new solution, ensuring they are poised to reach higher levels of success.
If you want to keep your company ahead of automation advances in accounting, here are a few trends to monitor.
Robotic Process Automation
While the term may sound complex, the concept behind robotic process automation (RPA) is fairly simple. The technology involves using software to complete specific tasks in a predetermined manner, such as copying data from one spreadsheet to another.
RPA is poised to substantially change how certain accounting procedures are managed. For example, reconciliations can be automated, increasing accuracy and shortening the time required to complete the task. Contacts and payment terms can be auto-executed at the prescribed moment, ensuring processing delays are no longer an issue. Transactions can also be initiated at an ideal time, regardless of whether it’s during the day or the middle of the night.
Is RPA likely to replace some accounting jobs? It is more likely to become a function that takes over smaller tasks, meaning a change in day-to-day accounting responsibilities. This creates more time to handle duties that truly need a personal touch, particularly those that require creative-thinking and problem-solving skills. There will be additional room for innovation, as your accounting team can spend less time bogged down by tedious but necessary tasks.
Ultimately, RPA has a significant amount of potential, so it’s an emerging trend worth embracing early on.
Virtual CFO Services
Smaller business may not have the financial resources to make hiring a C-level professional to join their team. As automation becomes more robust, virtual CFO services will likely become increasingly available.
These solutions use finance software to integrate a range of services, including payroll, billing, financing and financial statements. This allows business owners to access critical financial data with ease from a simple portal, ensuring their needs are covered at a lower cost and removing the burden from their plates.
Ultimately, automation could significantly improve the accounting landscape, and likely won’t lead to the mass job losses some accountants fear are on the horizon. By monitoring these trends, you can be ready to embrace beneficial technologies as they become available, allowing you to reap the benefits of automation as soon as possible.
If you are looking for more tips on how you can keep your accounting team ahead of the curve, the professionals at VincentBenjamin can help. Contact us to speak with one of our knowledgeable staff members today and see how our technical expertise can benefit you.