When was the last time you used a handheld calculator? Even if the old-school calculator is still quite at home in many small businesses, most entrepreneurs recognise there are more efficient ways to manage their finances than punching in figures one finger at a time. What they often overlook is how many other administrative and manual processes can be simplified and automated to save time and money.
No time to waste
Many entrepreneurs waste valuable time and resources on administrative tasks such as managing payroll and sending and following up on invoices. Finance process automation uses specialised software or virtual accounting services to automate tasks that would normally fall under a junior administrator or accountant such as reconciling accounts, journal entries, and preparing financial statements, to name a few. Business automation services can eliminate such repetitive, time-consuming tasks that are easy but gulp up time and resources.
Often those businesses that do use computerised systems continue working inefficiently by using multiple software systems that do not integrate with each other or outdated legacy server-based software that is not compatible with more efficient cloud technology. Automation can help entrepreneurs to overcome these and other challenges to build more efficient and profitable businesses.
Who needs business automation?
You may be a little sentimental about that old-school calculator you bought in 1993. Perhaps you feel a little more in control with it on your desk, ready to recheck that quote or invoice. Business automation may sound like a complex and expensive process that is only necessary for big companies operating complicated businesses. While technology undoubtedly helps to simplify difficult tasks, one of the biggest advantages of business automation is that it focuses on the very simplest of tasks that must be done in every business regardless of its size and complexity.
For example, startups that are still in their first few years of operation and rely on very small teams can use accounting software like Xero to create processes that fit their current needs and procurement policies. A business that is generating a few million rand in annual revenue and employs less than 10 people can benefit from custom, purpose-built solutions as it seeks to unlock scalability.
Established businesses – which may employ bigger teams and are already generating revenues in the tens of millions – can use automation services to streamline their operations or create centralised systems for growing operations in different locations. More mature businesses can also gain efficiency by automating manual processes that have become too cumbersome as the business has expanded. In such cases, automation offers a comprehensive technology solution that covers all aspects of the business process.
Small tasks, big difference
Automating day-to-day processes can improve efficiency in business operations, improve data integrity, and provide business owners with better insight into their finances. When everyday tasks are automated, it ensures greater consistency in teams and reduces the chances of errors and gaps. Standardisation of both input and output means that errors are automatically flagged and corrected, and cleaner data can be tracked from start to finish with confidence. Since financial and tax-related data has to be entered from a variety of functions in a business, it is important click here to continue reading…
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