Automation is a rapidly growing tech industry with applications for all sectors, and accounting is no exception. Almost half of accountants surveyed recently say that they intend to automate certain processes, especially those that are time-consuming and prone to human error. And almost 60% of those who’ve implemented it claims it has increased productivity, efficiency and earn more business .
So what is automation? What are its applications in accounting? And more importantly, how can it help you to grow your firm and earn more business?
What Is Automation?
Automation is a general term encompassing various emerging technologies. Some examples are:
- Artificial intelligence (AI).
- Machine learning (ML).
- Robotic process automation (RPA).
Automation is key for traditional accounting firms who wish to grow their business and expand to offer accounting advisory services.
What Accounting Processes Can Be Automated?
While not all processes can be automated, and some firms actually like to maintain a human touch on certain aspects of their services, automating can streamline and improve many processes wholly or in part, such as:
- Accounts payable.
- Expense reports.
There are a number of software platforms that help accounting firms transition to automation, such as PathQuest BI. Some of the features you should expect to be able to leverage from such accounting business intelligence software are:
- Accounting data analytics.
- Financial performance analytics.
- Secure accounting services.
- Customizable performance dashboards.
- Smart KPIs.
- Visibility with a unified console or accounting dashboard.
Each firm will need to decide which solutions best fit their plan to grow and expand their business at scale.
How Accountants Can Use Automated Accounting to Earn More Business?
There are basically two aspects of automation that help an accounting firm earn more business: 1) the benefits of automation itself and 2) what you can do with automation.
The Benefits of Automation
Automation is a cost-effective solution that helps accounting firms to operate more efficiently by:
- Streamlining tedious and time-consuming tasks.
- Reducing human error.
- Ensuring consistency and compliance.
Automating time-consuming, tedious tasks frees you and your team up to do more important things, like reaching your business goals and client relations. The result will be more productive staff members and consistency in services provided, which translates to improved customer satisfaction. That, in turn, will earn you more business, growing and expanding your clientele.
How You Can Use Automation to Grow Your Business
By using an accounting business intelligence software like PathQuest BI, you can create opportunities to attract new customers. For example, you can:
- Establish customized smart KPIs. Create a few examples of smart KPIs and demonstrate how they can help specific companies achieve strategic milestones and goals.
- Create uniquely customized performance dashboards. Set up customized performance dashboards designed to cater to the needs of specific industries. Then, showcase these examples to prospective clients to demonstrate their capabilities. For example, present a dashboard that reports on helpful financial metrics useful to the manufacturing sector. Include these dashboards when pitching your services to companies within that industry.
- Present examples of visibility and centralized control. Demonstrate how your firm can use an automated accounting solution to provide visibility and actionable insights across a client’s entire financial landscape. With a click of a button, the client will be able to see how much money is being spent and what it’s being spent on. They can also observe how money is coming in, which departments are generating the most revenue, and how adverse conditions, such as weather or current events, impact sales revenue—and all in real-time.
As these examples show, having more time and focusing the efforts of your resources may allow you to expand from traditional accounting services to accounting advisory services. Leveraging accounting business intelligence software will attract clients whose executives, management staff, and other decision-makers rely on real-time data for policy-making and strategic planning.
PathQuest™ BI has the experience, combined with professional tools and expertise, to assist SMBs and other organizations in transitioning to automation. Being able to streamline repetitive processes while freeing up your team for client interaction and goal-oriented strategies will effectively earn more business, improve your bottom line, and increase customer satisfaction. The visibility of an accounting dashboard and analytics reports puts control of your organization’s growth in your hands.
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