Technology is constantly evolving, and it’s important to acknowledge that its benefits aren’t only felt at the consumer and producer levels. Business process automation (BPA) is a game-changing technology that's disrupting several industries. BPA can be applied to procedures or sets of procedures, meaning it isn’t too complicated to deploy and can benefit small- to medium-sized businesses (SMBs).
Many accounting companies already deploy BPA in some form. Here are some ways it can help yours:
With automation, your employees will no longer be forced to spend so much time on tedious and manual work, leaving them with more time doing more engaging tasks. As automation frees your employees from less satisfying tasks, it allows them on to concentrate on more strategic and complex projects – increasing job satisfaction.
In addition, BPA not only increases job satisfaction, but also improves productivity. By automating repetitive tasks, your employees can maximize output while minimizing wastage in terms of time, money, and other valuable resources. For instance, when your company receives supplier invoices, BPA can do the menial task of filling out supplier and transaction details while all your approval managers have to do is a quick double-check that the entries are correct and simply verify it with a click of the mouse.
Long-term business success depends upon the development and deployment of a winning strategy, and it’s important to constantly monitor, evaluate, and adjust that strategy.
BPA allows you to instruct your system to automatically generate metrics from real-time data. Applying BPA onto finance, billing, collections, and sales will give you a better picture of how your company is doing at any given time.
Consistency is one of the criteria for a business process to be an ideal candidate for automation. It can be impractical to automate a business process that requires a human touch, one that couldn’t be consistently applied in the first place.
With BPA, you can ensure that accounting processes are standardized and consistent whether you’re dealing with the tenth invoice or hundredth. If there are abnormalities like invoice exceptions, you can program your BPA solution to alert specific managers, so they can address the issue quickly.
The biggest draw of BPA for accounting firms is that it is a surefire way to improve ROI, and this is best felt with how BPA improves operational workflows.
Automation helps businesses save time and money. With BPA, you can close more quickly, avoid late fees, and reduce turnaround time. This means less time waiting to be paid money you are owed, and less risk of being caught by payment deadline penalties.
Lastly, automation lets you gather huge amounts of data about your business and its processes. This means you get valuable information that will empower you to create accurate forecasts, spend your cash wisely, and manage capital projects efficiently.
Automation allows employees to apply the skills they were hired for. This is because automation cuts out the most tedious and mundane tasks that employees do every day, like data entry and invoicing, so they can focus on more important and meaningful tasks, resulting in increased job satisfaction.
What’s more, happy staff coupled with good leadership typically translates to satisfied customers. Satisfied customers are more likely to give good information and cooperate well with your employees, while happy staff are more likely to develop loyalty to your company and become more valuable members of your organization.
Don’t let your technological investments go to waste; maximize them with business process automation. We’ll help you assess your system for processes that can be automated to help you make smart decisions. Give us a call today to learn more.