Automating and simplifying everyday accounting tasks is an easy way for small and medium businesses to improve their workflow.
Reducing overheads is widely accepted as an effective way to increase profits.
But when your business is rapidly growing, it can be difficult to keep a handle on rising administration and staffing costs, while still maintaining an effective workflow.
One of the most laborious tasks for any business is processing supplier invoices and the associated paperwork. If you think about it a business has to pay someone to pay their invoices – and as you succeed, this task will only become more and more time consuming.
However, there are ways to reduce admin costs while increasing productivity and profits and according to business solution experts, Document Data Group, automation could be the key.
“Four years ago we were experiencing a rapid growth period and at the time the one member of staff who was processing all supplier invoices was struggling to keep up with the growth,” said managing director, David Forsyth.”We had to look at employing a new member of staff which at the time was a hard financial decision to make. Instead we developed a finance automation system and the results were overwhelming.
“The manual processing of supplier invoices which took that one member of staff some 25 hours a week was cut down to three hours over night. This freed up time for her to keep on top of our cash flow and other tasks.
“Four years on we still have that same one member of staff processing 650 supplier invoices per month and the turnover of the business has shown growth of over 200 per cent.”
He added: “We believe we have saved in the region of £80K conservatively over the previous four years by implementing this tool.”
Here, we look at how and why finance automation could help your business.
It saves time
Whether it’s manually keying in data, chasing payments or simply filing paperwork into cabinets, your accounts department has lots of daily processes to complete. And valuable time can be lost when it comes to searching for information and correcting human error.
But by utilising advanced technology to complete everyday ‘mundane’ tasks, such as data input, finance automation can save time and resources.
Handling and approving data, then capturing and archiving, can all be automated with the right electronic system, freeing up your staff’s time for other tasks.
And it can also save money
Controlling processes and cash flow through automation can lead to faster access to payment information – helping your business get paid on time.
And if you manually process more than 250 supplier invoices per month, finance automation software could allow your company to become more efficient without having to hire new accounts staff.
Staff can spend their new found time on more important tasks
Let’s face it – repetitive admin is the bane of an office worker’s life.
But automation in your accounts department could reduce the need to spend time on tiresome tasks, improving job satisfaction and cutting down on routine processes, as well as staff turnover.
For more information on how finance automation can help your business, and to book an appointment with one of Document Data Group’s expert advisors.