We’ve come a long way in accounting and bookkeeping. Some go as far as saying that the last innovation in accounting was the creation of the double-entry bookkeeping – and that was over 500 years ago! Now is the age of automation, and, accounting is one of the forefront industries.
Accounting automation focuses on the entire accounting lifecycle, not just one part of financial management. This means that the entire accounting process, the capturing, manipulating, and interpreting of transactional data, is done by software, with less dependence on manual transactional entries by people.
Now that we understand the different types of automation, let’s answer the question, when will accounting be automated?
Automation in Accounting
In Accounting Today, Therese Tucker describes robotic process automation (RPA) as a system to manage transactional data flowing from a myriad of information technology (IT) systems and applications. RPA reduces the time spent performing repetitive tasks and linking it to data analytics and artificial intelligence to perform other work. These technologies mostly automate high-volume, repeatable tasks and mimic human actions, such as IT process automation (ITPA) and robotic process automation (RPA). This opens up the possibility that machines have the potential to augment (and perhaps replace) the work of humans in tasks.
At several large companies like NBCUniversal, automation is fully underway in the accounting and finance departments assisting accountants and financiers in their analysis of the company. Most of the automation in finance is deployed in cash applications and invoice creation for international orders to cash. Bob Kurpershoek, Director of Finance at NBCUniversal says: “The volume is high, and the process is quite standardized. A combination of these two makes the return on investment of putting a robot in place very positive.”
It’s Time to Prepare Now
Companies are lining up to get their hands on new technologies that will impact their bottom dollar. Capgemini, a global leader in consulting, technology services, and digital transformation, labeled automating the back office as one of the ‘quick-wins’ to automation. A quick win means it’s not only easy to implement, but also has a high benefit upside.
Based on a survey of more than 400 business owners of small to mid-sized consulting firms by Acountex and CPATrendlines, IT budgets are up from 75 percent of those surveyed. These companies are spending their money on audit and risk support, sales tax, and accounting software systems.
When Will Accounting Be Automated?
Accounting is being automated right now. Software like Accounting Seed is leading the way in delivering accurate, streamlined financial management and access to real-time data to make better decisions faster. Does this eliminate the human factor? Will accountants be replaced by robots? Not at all. Automated accounting software simply helps businesses and financial professionals to do their job more efficiently. Automating repetitive accounting processes gives accountants the freedom to focus on being the critical advisors that help steer the organization to new heights.
Automation and Connectivity
Accounting Seed is powered by Salesforce. This means that our product works seamlessly with the Salesforce platform. In fact, with 300 reviews, Accounting Seed is the top-rated accounting solution on the Salesforce AppExchange. Being able to integrate with the Salesforce CRM gives Accounting Seed the power to connect to any of Salesforce’s Ready Apps. This enables our product to seamlessly draw data from any type of business solution your company may need with our easy click, no code integration.
Studying the money spending habits of leading companies in 2019, it’s apparent that the best way to go about preparing your company for the future is to invest in automation. Automated financial management is becoming more and more prominent as a way for companies to enhance their strategic positioning.
Take a look at the big picture. Through faster, more in-depth accounting you empower your entire organization.
Accounting Seed helps your business reach new heights through the use of our innovative, transformative software. Whether it’s the power of our flexible API, the capability of our automated reporting feature, or the instant access to our cloud-based software, we want our users to realize the benefits of working with an automated accounting solution.