May 25, 2022 9:30:00 AM

Automation in finance: 3 ways your accountancy firm could benefit

Posted by Allan Hendry

From simple accountancy tasks like data entry to complex jobs like tax returns, there are a number of processes robotics can handle.

But what exactly are the benefits? After all, your team are likely experienced at delivering a whole range of services at a high standard. Why would you need automation, too?

Well, you can benefit from better services, improved compliance, and happier customers for a start. Indeed, automation isn’t about replacing your accountants, but rather about enhancing the services they provide. This will make your firm more efficient, and provide you with the time and room to grow.

So, with that in mind, let’s take a look at automation in finance and the three ways your accountancy firm could benefit.

1. Faster delivery for happier customers

Seventy percent of SMEs wouldn’t recommend their accountant, according to a recent survey. But, perhaps more shockingly, 53 percent said this was because their accountant was behind on technology.

That said, many accountancy companies are already employing automation, and it’s no surprise. From accounts payable to financial analysis, its possibilities are endless.

And, because automation assists your workforce, your team can achieve more in less time. This results in you providing services faster, which in turn makes for happier customers.

2. More time for higher-value tasks

Did you know that you can now automate as much as 60 percent of accounts payable? Now, think of the hours your firm spends on these mundane tasks each month.

When you automate routine processes, you free up your team’s time. And this has a couple of major benefits:

More resources for complex problems.

When they’re no longer wasting their skills on low-value tasks, your accountants can move into more advisory roles and benefit customers with their expertise.

It will also give them more time for learning and development, ensuring that your firm stays on top of industry trends. Since 57 percent of SMEs listed lack of industry knowledge as a reason not to recommend their accountant, this is crucial.

Better employee engagement.

Workers who repeatedly execute manual tasks can experience issues with their mental health. Stress, fatigue and depression are unfortunately all too common conditions among these employees.

By automating the tedious processes, you’ll enable your accountants to do the job that they trained for. This will result in a more engaged workforce and higher employee retention, too.

3. Better risk management and compliance

While automation can help you provide better services at a faster rate, this isn’t your only obligation. As you well know, your firm must adhere to regulations to ensure your clients’ finances are above board. And while AML and KYC are absolutely necessary, they’re also very time consuming.

But, did you know that you can automate many of the processes associated with these regulations? While some of the more complex tasks will demand the attention of a professional, many of the more basic processes will benefit from automation.

And this isn’t the only way automation can aid your firm’s compliance. Manual processes are often rife with human error. Automating these tasks, therefore, will mean greater accuracy, too.

Become more efficient with automation

Your accountants’ knowledge makes them your biggest asset. And yet, too often they waste their time on low-value tasks.

By automating your more routine processes, you can deliver services faster to customers, improve compliance, and empower your staff to focus on the more complex problems.

This will ensure you’re as efficient as possible, freeing up the time and resources necessary for your firm to grow.

To find out how your company can benefit from automation, contact us today.

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