Automation is a hot topic now a day, lots of people talking about automation. At present, we are leaving in best ever era till time, where technology is available.
Modern software unlocks the full potential of accountancy practices, like wise, automation in the process of accountancy practices also increase efficiency and capabilities of performing work.
Process automation takes the most manual elements of an accountancy practices’ work day and does them with easy follow up steps or automatically, without involvement of senior person or partners. These systems do the number crunching, transaction tracking and ready task for review of senior person or partners.
Being accountancy practices, you no longer waiting period to review of task and need to build complex process for review. Key formulae are built-in, and you can create reports in just a few clicks. The purpose is to simplify things that were previously overly complex, and to make the accounting process smoother overall, with accuracy.
Today, process automation in accountancy practices, removes the least efficient aspects of an accountants’ work and leaves more time for analysis, strategy, and human interactions.
Benefits of Process Automation
1. Unlock the precious resource of time:
Benefit of process automation is the amount of time it saves.
For accountants, the biggest time-saver comes during fulfillment of deadline dates. If your team has been using process automation correctly, there shouldn’t actually be time taking review for you, you have to only check and confirms the reports.
2. Higher productivity:
An obvious result of the time savings above is the ability to produce more in the same period.
Process automation opens more time for you to do what you’re really there for – to partner with and guide clients towards financial health. And you can now do this more frequently, for more clients.
3. Reduce Training Time
When new employees join team, it will reduce onboarding training time and start working on live project very quickly.
With the help of process automation (with SOPs), new employees will be guided on each stage, they fall tailor made process automation and start working on task.
4. Client satisfaction
Client service is the most important driver category of client satisfaction in accountancy practices as like in many other industries and markets.
No one can better deal with a client to explore their business strategy, tax planning, future growth – but process automation can create space for you to do so by utilising saved time.
5. Reduced errors
The work done by the bots is more accurate than human. Even though setting up and making a bot that functions properly requires a lot of effort and testing with data, once set up, it is always more accurate than its human peers.
6. Increased cost saving
As you all know, the above benefits come with an added advantage of cost-saving. Most of accountancy practices needs to recruit semi-skilled or non-accountant employee to process repetitive task, once the process has been automated, it will reduce recurring salary cost.
Which task to be consider for automation?
Once accountancy practices decided to carry out process automation, next step is to which task to be consider as part of automation. Being accountancy practices, needs to consider that which task are repetitive in nature, which task are consuming more time and efforts, which task benefit in cost effective? which task are easily automate? etc. Following task to be automate.
1. Document or information chase up
This task is really headache task for majority of accountancy practices to chase up client for any documents or information to complete any task, like chasing up client for personal details, UTR number etc. on client on boarding, VAT preparation documents, query answers etc. Being practice manager of chartered accountancy firm, practice manager has to focus on whether client has provided all require information or documents on or before time, to keep client details up to date and filling returns, accounts on or before time. There are few accountancy practice software are available, with the help of those software accountancy practice can automate this task. But, important task is to update accountancy practice software up to date. Practice manager can be free from headache task and can focus more on productive task.
2. Expenses automation
Previously, the accountants had to go through hundreds and thousands of bills to track expenses, and this was indeed a never-ending daunting task. Now a days, accountancy practices are using different software based Apps, which converts bills in to recorded data entry. Such recorded data entry is integrates to bookkeeping software like XERO, QuickBooks, Sage One, Free Agent and more, and it completed data entry of bills, mainly it element manual data entry work of human. Such software based Apps, also recognize data uploaded once, and it appears again when same bill is uploaded to Apps. Most of the available services sync easily with all top accounting software, reducing the accountant’s hurdles in data entries.
A usual reconciliation process involves reviewing multiple data from the bank account statements to accounting software to cross-check correctness of closing bank balance. With the process automation, bank account can be synchronize with bank, it is called bank feed, which automatically upload or record every banking transaction on daily basis. This will save time of bank data entry. There many software available, which will automatically reconcile bank receipts or payments with invoices or bills automatically. With proper implementation of process automation, all these will be done by the software, which will compare any discrepancies in the invoices automatically in just a matter of seconds or minutes.
Traditional bookkeeping involved manually entering each value in the account statement into a spreadsheet or accounting software. With modern software, it is much easier with integration of bookkeeping software with Apps based software and with bank’s API integrations. The data from bank statements are fetched automatically and reconcile with bills and invoice and rest truncations accounted in accounting software. With this automation readily available, all the accountants need to do organizing and categorizing it correctly.
How we can help with process automation?
At, Accounts Bytes – an accounting and tax outsourcing company, we help accountancy practices in England, UK with automating different level task of accountancy practices. Due to placing process automation, accountancy practices can focus more on meeting with client, business strategy and marketing and client relationship.
- Understanding accountancy practice
- Analyse in which are process needs to be automate
- Design process automation plan and approval
- Implementing designed process automation plan
- Review of process automation
- On-going services for bookkeeping, management accounts, year-end accounts and tax returns.
- Achieving accountancy practice goal