The benefits of automation for accountants and SMEs

With all the tech advances changing the way businesses and industries operate and progress, the need for cloud-based software and solutions has increased. But there’s no need to feel threatened by the introduction and increase of AI or digital platforms into your workflow.

In fact, automating a business’s accounting processes helps to reduce the load placed on accounting professionals and streamline business procedures with ease.

Here are six other ways that automation benefits accountants and small business enterprises (SMEs):

Reduced labour costs

While many fear that automation exists to replace manual work, that’s not the case. Automating business and accounting processes allows for the reduction of tasks and workload on employees – especially when it comes to tedious, repetitive, and menial tasks so employees can focus their energy on high-level or high-skill work and projects. Automation assists accountants in handling tedious invoicing tasks, filing receipts, and data capturing so they can focus on business-critical functions instead. For SMEs, it assists with the consolidation of information into a single user-friendly and easily accessible and navigable environment so SME employees can focus on their customers and new business prospects. This helps cut the labour costs of time and outsourcing extra hands needed to do the more tedious or menial tasks.

Allows for in-depth account analysis

Automation offers real-time insights that could result in long-term savings and help businesses avoid cash flow mismanagement. This offers accountants the chance to efficiently trial balances and have more time towards advising customers, sharing valuable insights, and guiding business owners to healthier balance sheets. Having this information consolidated on one cloud-based automated platform allows business owners to seamlessly pinpoint where their business may be running at a loss and where they could cut costs or save.

Fast and accurate expense tracking

Automation of routine and data-heavy processes removes human error and leads to a business that has fewer incidental expense costs. Accountants benefit by having transactional data easily stored, organised, and backed up on a cloud-based server as opposed to filing cabinets of paper receipts. SME business owners can easily back up any paper trail data by scanning or photographing them to be logged onto the organised automated system. Digitising invoice data also allows SMEs to easily identify where they may be experiencing wasted expenditure and places to save in the business.

Promotes financial intelligence

Since automation works quickly in managing business and financial data, SMEs and accountants can access information on this data in a quick, accurate, and organised way. Automated solutions allow accountants to regain control over processes with real-time billing and coding, accurately captured data, and a clear and concise overview of business costs. The risk of human error is reduced when it comes to processing this data and allows SMEs to improve accuracy, efficiency, and productivity across their workforces.

It makes remote working possible – and with ease

The last two years saw the dawn of a predominantly remote working world – whether businesses were prepared for it or not. Over time, many companies started seeing the value in remote work as they noted increased productivity, a happier workforce, and savings on office costs and expenditures. Accounting firms can conduct virtual customer meetings through automation and video conferencing tech and share cloud-based data during these meetings conveniently which eliminate the need for an office space. SMEs can save and redirect some business expenses that would go toward a physical office space and invest it toward new business prospects and upskilling their workforce for an automated and remote structure.

Improved collaboration and employee morale

A hybrid work ecosystem and automation help to balance workflow more efficiently. Businesses can shift more tedious or time-consuming tasks onto automated systems, freeing up more time for workforces to prioritise new business prospects or work on more skills-based tasks that challenge and fuel their job satisfaction. Automation streamlines business communication and communications between accountants and their SME customers, and makes tracking and evaluating business resources and transactions easier. Better job satisfaction also promotes a healthier company culture – SME employees who feel stimulated and satisfied in their roles are more likely to create a successful business and enjoyable company environment.

These are just some ways in which automation benefits accountants and SMEs, and it’s just the beginning. Consider automating your business by exploring the cloud-based payroll processing solutions offered by Sage.

To strengthen your business, find out more about Sage products and services here.