Automation of accounting workflow can save time, reduce errors and streamline recurring tasks – but before diving in make sure that you know the best tools available to automate and what to expect from your software provider.
Start by creating a matrix of your current processes, rating each according to complexity and significance. Next, prioritize those which would work well with automation software such as BlackLine, Expensify or Link My Books.
Reusable Templates
Use of premade workflow templates can save your team time, ensure consistent process, and cut out back-and-forth between team members. Furthermore, this approach keeps teams on task to meet client document deadlines on time.
To determine which processes to automate, begin by identifying where your most frequent errors arise. Use a matrix to rank tasks by complexity and time taken. Focus your attention and effort first on automating candidates in the top left quadrant; those needing human judgment or decision-making should not be automated since their return won’t justify your effort.
Make sure that the automation tool you choose contains a robust CRM that supports client communication and document sharing, along with time tracking to highlight which tasks are eating away at productivity in your firm. And if a task proves challenging, look for solutions with easy-to-use flow builders to address common challenges.
Automated Emails
Emailing clients or chasing them for documents can quickly add up, draining your team of time they should spend doing work with higher value. By automating such low-value tasks, your staff can focus on activities that grow the business while keeping customers satisfied.
Start by searching for a workflow automation tool compatible with the apps your team relies on and create a workflow to use that tool to streamline common accounting processes – for instance client onboarding could make an ideal candidate as it includes repetitive tasks like sending new client details and collecting documents.
Before automating, ensure your process is well documented, detailing how software will be utilized. This will reduce confusion and context-switching during transition; additionally, choose a vendor with excellent customer support who can guide your accounting team towards success.
Automated Documents
Automation software can be an invaluable asset when performing any document-based accounting task that requires multiple signoffs from different departments, like purchase orders or expense reports. Automating these processes frees financial minds up for more value-add tasks.
Make client communication and document request processing simpler with workflow templates. These premade checklists and standard operating procedures (SOPs) will help your firm remain consistent while decreasing context-switching to save both time and resources.
When choosing an accounting workflow tool, make sure it aligns with your firm’s goals and provides the appropriate combination of features. When selecting a platform, pay close attention to its scalability, user-friendliness, integration capabilities and customer support – an option which fulfills these criteria will make an excellent addition for any firm. Furthermore, take care when introducing any new accounting tools gradually over time so your team becomes comfortable using them and ensures it fulfills their requirements.
Integrations
Automated integrations provide the means for connecting accounting tools to other business software and apps to streamline workflow, allowing teams across departments like sales, marketing and HR to move work seamlessly between them. If an opportunity closes in Salesforce for instance, automation could create a client invoice directly in your accounting system reducing error rates while increasing throughput thereby increasing overall profitability and ultimately driving up overall profit.
Automation success hinges on prioritizing tasks with high value, including those that demand accuracy and accountability, while remembering that automation tools exist only to augment rather than replace human roles – for instance using them to perform repetitive and low-value tasks can eliminate costly mistakes like accidentally adding an extra zero when filing client taxes.
Opt for an automation tool with guided implementation options, resources and ample free support content – and be sure to test any proposed automation tools prior to introducing them across your firm.