Have you been wondering why your accounting processes are lacking pace? Maybe, you are still working with the traditional processes with spreadsheets and paper documents. When you operate in a digitized infrastructure, make sure to deploy a finance automation tool. Popular software such as Monite can significantly streamline your financial operations. This way, you can make the processes more accurate and faster, optimizing your productivity.
Finance automation involves the replacement of human efforts to manage finance-related tasks like expense management, book-keeping, and bank reconciliation, among others. Just like any industry, an automated approach in your business can largely streamline processes. The mechanism involves the deployment of tools like AI, blockchain, OCR, and robotic process automation.
What finance functions can you automate?
You can choose an appropriate tool to automate any financial function. These include:
- Accounts payable
For any business, it is important to stay abreast with their accounts payable processes. This ensures that they can smoothly run their operations. You need to record and process the transactions in a timely manner. When you use a finance automation software, it would reduce the hurdles like processing paper documents and human errors. Your financial team would have only a single access point to deal with the financial tasks. The process significantly improves transparency and visibility. Besides, it pacifies the process of approvals.
The intelligent systems also upload the invoices and track the purchase orders. Some of these tools are also capable of processing TDS payments.
- Accounts receivable
Just like accounts payable, you can also automate your accounts receivable. This way, you can ensure that you receive your payments from clients on time. Here, you would have to replace the purchase orders with sales orders.
You can seamlessly track your sales bills and validate them with the receipts that your customers provide you with. An automated software for accounts receivable would also dispatch email reminders to customers and follow up with them. When you manually track your bills, the process might take several days. With a dedicated finance automation software, you can accomplish the task in a few minutes. These tools can also create tax-compliant invoices in a few seconds for your vendors.
- Payroll management
It doesn’t matter whether you have just launched a start-up or have been running a business successfully for decades. At the end of the month, your employees would expect timely payments. HR and finance teams habitually struggle to ensure the efficiency of payroll management. The traditional means turn out to be utterly time-consuming.
A dedicated payroll automation tool enables businesses to carry out end-to-end payroll processing. You would have a unified dashboard to carry out these activities. Also, you can automate salary disbursal and payments of dues like ESI, PT, TDS, and other overheads. Moreover, you can use it as a self-service platform by working on the tax deductions as per the selected regime. Your employees can generate their pay slips from these tools too.
Reduce human errors with a finance automation software
When you have your staff involved in the accounts department, human errors are likely to occur. Even trained and experienced professionals can commit such errors. Now, you must realize that errors in the accounting or finance departments can be disastrous. Even if you accidentally add a single digit to the salary of an employee, it would result in a loss on your end.
The prime reason why global businesses are embracing finance automation tools is that, these sophisticated systems can reduce human errors. When you don’t have any manual data entry process, the automated software would scan the invoices to obtain the figures. No wonder, why leading businesses are vouching for the best finance automation tools to ensure better accuracy.
Get a cloud-based and easy-to-use finance automation tool
The best finance automation tools operate on cloud systems. With intuitive user interfaces, they are easy to use. This explains why you should embrace one of these smart systems that can streamline your accounting operations. With many developers coming up with such tools of late, it makes sense to choose the right finance automation software. A customized and feature-packed finance automation software can significantly save your operational costs and bolster your productivity. check out the reviews of the finance automation software before you get it for your business.