Ready for Accounting Automation? Steps to Start the Process
Digitization is an evolution of business processes and models that is transforming how we operate. One key concept of digitization is the automation of back-office tasks, including accounting and bookkeeping processes. But when accounting is only a small part of your business, how do you start the process that leads to accounting automation?
Here's a quick guide to give you some direction.
Structure a framework for the changeover. Start with a solid mindset of what you want to accomplish, then take a strategic approach to the change with stakeholders all on the same page. Understand what's happening currently and determine where there are the best opportunities to maximize value from automation.
Set intelligent goals. It's very easy to simply toss money at the digitization process, but having end goals in mind helps you spend that money intelligently. Accounting automation allows you to finish routine activities while still receiving human interaction for exceptions to the routine.
Prepare for a shift in roles. Though some employees may be reluctant about automation due to job security issues, it's anticipated that AI will create half a million more jobs than it eliminates within the next two years. Consider how you'll shift current personnel into new opportunities.
Use conflicts to develop a more comprehensive strategy. When a manager or employee brings up issues with automating the accounting system, use it as an opportunity to take a deeper dive into that person's job and concerns. This allows you to catch many potential problems before your automated system goes live.
Find the right balance between employees and automation. Generally speaking, computers handle data processing very well, but they can't get the right figures without a worker feeding it the correct information. When problems arise, it's people and their ability to think creatively that will solve the exceptions to normal operations.
By starting the process to automate your accounting processes, you can quickly free up time, effort and money to use in other places your business needs it, such as equipment, marketing or similar investments that help grow your business. If you need help to start the automation of your business' accounting or need someone to oversee your ongoing automation to ensure accuracy, the accounting professionals at AccountRely can help. Please feel free to contact us today to get started.