As the world becomes increasingly digital, the role of accountants is evolving rapidly.
With the constant pressure to manage complex financial data, adhere to ever-changing regulations, and deliver insights that drive business decisions, the workload can be overwhelming.
Thankfully, automation is transforming how accountants work, offering tools that not only streamline processes but also enhance accuracy and efficiency.
Here are five ways automation can make your job as an accountant easier.
1. Streamlining Data Entry
Manual data entry is one of the most time-consuming tasks in accounting. It’s not just tedious—it’s also prone to errors.
Even a small mistake can have significant consequences, requiring additional time to identify and correct.
Automation eliminates these risks by automatically capturing and inputting data from various sources, such as invoices, receipts, and bank statements.
For example, UniFi Automated Data Capture can read and convert scanned documents into digital data, ensuring that information is accurately entered into accounting systems. Another example is the UniFi Email Extraction Bot, which extracts and processes data from emails, automating invoice creation and reducing manual work.
This frees up valuable time, allowing you to focus on more strategic tasks.
2. Enhancing Financial Reporting
Generating financial reports is essential for providing insights into a company’s financial health.
However, creating these reports manually can be a daunting task, especially when dealing with large volumes of data.
Automation simplifies this process by automatically pulling data from different systems and compiling it into comprehensive reports.
You can easily generate balance sheets, income statements, and cash flow statements with just a few clicks.
An automated reporting feature such as UniFi BI also allows for real-time data analysis, enabling you to deliver up-to-date financial information to stakeholders whenever needed.
3. Improving Compliance and Reducing Risk
Accounting is heavily regulated, with strict guidelines that must be followed to ensure compliance with laws and standards such as SOX and GAAP. Keeping up with these regulations can be challenging, especially when they change frequently.
Automated compliance features such as the UniFi Compliance App help ensure that your processes align with the latest regulatory requirements.
Automated systems can track changes in tax laws, financial reporting standards, and other regulations, ensuring that your company remains compliant.
Additionally, automation reduces the risk of human error, which can lead to costly compliance issues and potential fines.
4. Simplifying Tax Preparation
Tax preparation is often viewed as one of the most stressful aspects of accounting. It requires meticulous attention to detail and a thorough understanding of complex tax codes.
Automation, as in the case of UniFi’s HMRC-Recognised Making Tax Digital App, takes much of the stress out of tax preparation by automatically calculating taxes, filling out forms, and tracking deductions.
Tax software can integrate with your accounting systems to pull relevant data and ensure that your tax filings are accurate and timely.
This not only saves time but also minimises the risk of errors that could trigger audits or penalties.
5. Enabling Better Decision-Making
Accountants are expected to provide strategic insights that drive decision-making.
Automation empowers accountants to do just that by providing real-time access to financial data and advanced analytics platforms. An excellent example here is the UniFi Business Intelligence feature.
With automated dashboards and reporting systems, you can easily monitor key performance indicators (KPIs), identify trends, and forecast future financial performance.
This enables you to deliver actionable insights to management, helping them make informed decisions that drive business growth.
6. Intelligent Invoice Processing
Automated invoice processing systems can revolutionise accounts payable workflows.
These systems can:
- Extract key information from invoices automatically
- Match invoices to purchase orders and receipts
- Route invoices for approval based on predefined rules
- Schedule payments to optimise cash flow
By automating these processes, you can reduce processing time, minimise errors, and even capture early payment discounts more consistently.
Conclusion
Automation is revolutionising the accounting profession by making everyday tasks faster, easier, and more accurate.
By embracing automation, accountants can free up time to focus on more strategic responsibilities, such as advising clients and driving business decisions.
As technology continues to advance, the opportunities for accountants to leverage automation will only increase, making it an essential tool for staying competitive in the modern business landscape.
Whether you’re just starting out in your accounting career or you’re a seasoned professional, embracing automation can significantly enhance your efficiency and effectiveness.
Want to see UniFi in action? Book a free demo now!