There’s no corner of the business world that technology hasn’t touched in some way. And while talk of AI is everywhere, automation itself is nothing new. We’ve always wanted tools and technology that make our jobs easier, faster, and more productive. Accounting process automation can help streamline your workflow, easing the burden of repetitive admin tasks so you can get more done with less work.
With a tech partner like CDP, you can gain access to customized process automation tools designed to fit your unique workflow. No more headaches, massive admin burden, or convoluted changes to your operations – you can create a digitized and automated system that works for you, not the other way around.
Breaking Down Accounting Process Automation: What Does it Mean?
Accounting Process Automation (APA) takes traditional, manual accounting tasks and, thanks to specialized software tools, turns them into reflexive, hands-off processes. Rule-based, repetitive, time-consuming work can become a software function, letting accountants focus on more valuable tasks and see greater results from their efforts.
Benefits of Process Automation for Accounting Teams
There are a lot of routine tasks and functions that an accounting team needs to manage. Much of the day-to-day work that goes into maintaining accounts, generating reports, organizing invoices, and processing payroll can be simplified with automation.
It’s clear that this will save time, but what else can it do? Automating accounting processes can improve data accuracy by removing the risks of human error. It can simplify demanding administrative work, crunch numbers, compare forms, and give you easy access to the information you need when you need it.
Organizations can leverage automation capabilities to see better productivity and smoother workflows, saving essential time and money when it comes to managing the finances that keep them on track.
How CDP’s Solutions Support the Automation of Accounting Processes
Automation isn’t here to replace accountants. Rather, it can be a valuable ally in their paperwork-heavy endeavors. Accounting relies on accurate, complete, well-maintained data, and that means a lot of detail-oriented work. CDP empowers our clients with adaptive tools like Laserfiche to optimize documentation and take the guesswork out of paperwork.
Automation tools can simplify, streamline, and passively perform a number of tasks that enable accounting teams to see more results from their labor.
Accounts Payable and Receivable
Take some of the brainpower out of managing money flow. Accounts payable process automation can capture, approve, and pay invoices thanks to pre-programmed systems tailored to your process. Automate overdue invoice notices, easily match banking statements to ledger accounts, and more with the touch of a button—all while cutting costs and saving time.
Payroll Management
Organize, store, process, and access the accounting information you need by using automation in your electronic records management.
Software tools can automatically calculate wages, taxes, and deductions. Set up recurring direct deposits, collect important tax information, and remove the repetitive workload of weekly, monthly, and yearly payroll efforts.
Financial Reporting
Accounting process automation can make it easy to get the reports you need without wasting valuable work hours. Quickly generate income statements and balance sheets. Manage your cash flow by automating spending and budget comparisons for the visibility you need to keep your organization moving.
Automated Compliance
Those in the education, government, and financial sectors are guided by a multitude of regulations. APA systems can automatically file documents according to standard protocols and maintain audit trails, so you can stay compliant and efficient without second thoughts.
Expense Reporting
Keep your expenses organized and eliminate the risk of data entry errors. Easily collect and analyze expenses by allowing employees to submit expense reports via digital Webforms.
Don’t waste time copying down physical receipts: software tools can scan, digitize, and organize receipt data in your accounting system so you can keep your cash flow in check.
How to Automate Accounting Processes with CDP
CDP helps organizations and their teams make use of powerful, customized automation tools. Discover personalized software solutions for all of your process challenges and take advantage of all the digitization and automation have to offer.
Get in touch today to schedule a demo and see how we can equip your organization with tools to automate, optimize, and improve the way you work.
