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New Study Shows Accountants Love Automation
In some industries, automation is a scary concept. Employees often worry that they’ll be replaced by robots, automated systems, or artificial intelligence. Because of this fear, companies might hesitate to introduce new automated processes even if they don’t intend to cut back on the workforce. But you don’t need to worry about employees reacting negatively to accounts payable automation.
According to a recent study, 96 percent of accountants are positive about using automation. The survey group consisted of 700 accountants around the globe, showing that positivity about automation isn’t confined to a small group or a specific location. In the accounting profession at least, automation is seen as a useful tool. And there are plenty of reasons why.
Increased Efficiency
Accounting automation improves the entire workflow process. In an AP department, for example, it helps streamline processing from the moment invoices first arrive. Instead of dealing with manual data entry, you just have to scan paper invoices into the system. And electronic invoices enter the system automatically.
Processing invoices happens much more quickly as well. You can program the system to automatically move invoices through the entire process. No need to interfere until it’s time to make approvals or handle exceptions. And the automation system makes both tasks quick and easy. No more backlogs or missing invoices.
Time Saving
Automation’s speed is one of its biggest advantages. In an AP department, a study by Aberdeen Group found that automation can take invoice processing time down from 20.8 to 3.8 days. Just think of all the time and money that would save in labor costs!
Instead of spending all their time crunching numbers and slogging through a backlog of paper-based information, accountants helped by automation have time to focus on other tasks. They’ll be able to work more quickly so clients and vendors aren’t kept waiting. Plus, faster processing also means no more late fees.
Secure Processing
Sometimes people worry that digitizing the accounting process will make it harder to keep information secure. But if you choose a trustworthy business process automation company, there’s no need to panic. Automation is actually more secure than paper-based processing because you can customize security protocols and more easily track where information is going.
On top of that, automation helps eliminate human error. Data capture technology means there’s no risk that an accountant will transfer numbers wrong by accident. And automation also guards against deliberate fraud both inside and outside a company.
Better Records
It’s possible to keep good records without automation. But managing paper files is a time-consuming process. And trying to keep digital records without help from document management software isn’t much better. Automation will make it easier to capture data, store and backup information, and find the files you’re looking for. And that has the added advantage of simplifying audits.
If you’re ready to take advantage of automation, contact us today. We’ll schedule a free demo of our software and answer any questions you have.