Automation software is radically transforming accounting and finance departments. A recent Wall Street Journal article highlights companies like Verizon, GameStop, Pilot Travel and others who have automated accounting processes that once required hundreds of people. This has resulted in streamlined workflows, increased efficiency and a stronger bottom line.
Automation software, or “robots” as they’re called in the WSJ article, automates invoice processing and countless other tasks that are manual, prone to errors and traditionally paper- based.
It saves thousands of workforce hours, slashes expenses, improves efficiency and reduces strain on an overextended workforce.
Small and midsized companies can benefit too
While the Wall Street Journal article focuses on automation robots in large firms, small and midsized companies can now experience the same benefits of automation software to improve their operations, including:
- Reduced costs
- Streamlined and automated workflows
- Improved efficiency
- Enhanced productivity
- Accelerated processing speeds
- Reallocation of employees to more crucial, revenue-generating roles
Invoice automation software is tailored to meet your business processes and can be integrated with your line-of-business or ERP software to maximize efficiency. Processes that used to be manual are taken over by cutting-edge software. Instead of being slow, inefficient and costly, your critical business processes are completed in less time and more efficiently.
Digital documents, information and tasks are automatically transmitted from one person to another for a streamlined system. Outsourcing your mailroom and having a trusted document scanning partner receive and digitize your invoices for automated workflow further maximizes efficiency and reduces costs.
Use savings to generate revenue
An additional benefit of robot accounting is freeing up your valuable employees. Instead of being occupied with tasks that can be done by software, capable team members can be reallocated to crucial spots that are hard to fill, boosting productivity, improving morale and accomplishing more with the same number of employees.
For example, you can reallocate funds formerly spent on accounting to areas like marketing, data analysis and metric testing, to generate profits and create income streams. The money you currently spend can be reallocated and invested in departments and projects that generate more profit.
Learn about the benefits of AP processing automation with the free guide Complete Guide to Payables Automation.