Automation in Accounting and Finance
Your team is already good with numbers. What if they could be great with help from automation?
Find Freedom Through
Finance Automation Processes
Your accounting and finance teams are vital to your business as they crunch numbers and coordinate currencies that decide the future of your company. You can put those brilliant minds to their best use by transforming their manual every-day tasks into a trusted accounting and finance automation process. Transform your order-to-cash, procure-to-pay, record-to-report, bookkeeping, expenses, accounts payable and receivable, invoicing, tax compliance, and payroll processes with powerful automation to empower your accounting and finance teams.
Finance and Accounting Automation Tools
Automation tools can simplify your accounting by automatically generating invoices and sending them to customers. Automation can also reconcile your invoices with related data (such as sales and deliveries), plus your customers can receive payment reminders without your personnel lifting a finger.
With money on your staff’s minds, compensation can be calculated and paid automatically down to the exact decimal with the help of accounting automation tools. Pay your teams automatically, correctly, and on time – every time – for every role and at every level. Automated payroll = peace of mind.
Managing business expenses is, well, expensive. With a finance automation process in place, every receipt and expense report can be handled and matched automatically for streamlined reviews, approvals, and reimbursements. When you add automation to expense management, you subtract annoyances and aggravations.
Calculating tax costs and requirements across every transaction and international jurisdiction can feel nightmarish for even the savviest finance professional. By turning over taxes and reporting to your finance automation process, you free up your team to focus on planning and strategy while your tax obligations are taken care of.
Excel may be excellent, but accounting automation tools can remove the manual efforts of scanning spreadsheets, double-checking data entry, and generating reports from your team. Automation can literally keep the books for your business while allowing your accounting and finance teams to come up for air and collaborate on improving your company.
Just as you like to get paid, you must also pay for products and services to keep building your business. Accounting automation tools in your AP process ensure that invoices are received, tracked, reviewed, approved, paid, and recorded in a streamlined flow that frees you up to focus on other priorities.
Enterprise Benefits of Finance and Accounting Automation Software
While your company’s finances are handled by a specific department or team, financial success or failure is felt throughout your entire enterprise. Thus, it’s no surprise that choosing the best accounting automation software for your business is a crucial decision. Let’s look at the benefits you can experience when you make the right choice for automation in accounting and finance.
Accounting is a business area where fraud is a common occurrence that leads to lasting consequences for both your company and the personnel involved. Automation helps you and your teams to lower the likelihood of fraud by enforcing standardized systems that leave little room for straying off the path.
For your accounting and finance teams, time often literally is money as they strive each day to save costs for your company. Accounting and finance automation processes can step in to save your team from repeatedly performing the same mundane tasks by doing them faster, more accurately, and more efficiently.
When your human resources are freed up from tasks that tend to be boring or repetitive, their ability to be inspired and to innovate increase. These are the benefits your business should welcome as happy employees lead to higher staff retention, lower attrition rates, and better company culture – all as a result of automated accounting and finance processes.
One decimal in the wrong spot or one set of numbers accidentally transposed can lead to immense costs and confusion your enterprise can’t afford. By automating review and accuracy checks in your accounting and finance workflows, you ensure that errors can be caught while your team feels empowered to set their minds to more creative projects.
Do More with Your Data
As processes become more automated, your business will be more apt to capture and generate useful data that can drive your enterprise forward. See trends, forecast for the future, and take effective action thanks to the visibility you can gain from automating your accounting and finance departments.
Get to Know MHC
Find out how you can combine and configure MHC’s solutions to automate your most critical processes and empower teams to meet their goals.
Bring in the Tide with
Finance & Accounting Automation
You’ll find that automation, much like the rising tide that raises all ships, has positive impacts across your organization as well as within each department and team. And the best part about integrating automation with your existing systems is that, just like different ships, the same tide works spectacularly for every finance and accounting business area.
Your AP team may right now be receiving invoices in all varieties of formats (PDFs, Excel or Word documents, paper) through all kinds of channels (email, snail mail, fax). Rather than having human team members comb through and spend time organizing each type of invoice from each inlet, use accounting automation to automatically receive invoices, extract their information, 3-way match the data with related or supporting documents, and route each one for timely payment.
Accounts Receivable and Auditing
Growth is good, but increasing volumes of customers – and their orders – can quickly overwhelm your accounts receivable and auditing teams. It’s crucial for your customer invoices to be sent out on time so that you can receive their payments on time as well. Trust accounting automation with your customer invoicing and cash applications to trigger invoice generation and sends, capture remittance info from physical checks and virtual payment systems, and reconcile incoming payments with your open customer invoices.
Your team members work on procure-to-pay processes in a number of ways to reduce costs and fulfill requirements for their colleagues. This includes onboarding suppliers and vendors, working with unique vendor portals and systems, finding competitive pricing, researching the current markets, and reviewing contractual agreements for compliance. Finance and accounting automation can transform every aspect of your procure-to-pay process into streamlined workflows that provide your team with oversight and control to ensure they’re delivering the very best products and services to your company at the very best costs available.
Order to Cash
Providing products or services to customers takes a lot more than a simple exchange of this for that. Your team prepares quotes, compares and adjusts prices, validates orders to their corresponding shipments, and even onboards new customers to provide a superb experience. That last part is the most important, yet it can be negatively impacted if there are errors or delays in any other aspect of your order to cash process. Enter automation for finance and accounting, and your customers can receive timely quotes with the right pricing as well as their order on or before the day they expected it.
Record to Report
At the end of the business day, every transaction must be accounted for (pun intended) to provide accurate financial close and reporting to the powers that be. As with the other departments within accounting and finance, your team can’t work in a silo to accomplish what they need to do: their process includes gathering data from multiple colleagues, teams, and systems to place it all into a cohesive result that adds up correctly. Your finance team can turn to automation to record every transaction from every journal into a consolidated and reconciled masterpiece. Additionally, in the interest of analysis and improving upon business performance, finance automation can help dissect your company’s financial data in ways that make sense from the C-suite to the latest new hire at your business.