3 Accounting tasks that can be fully automated

Posted on by marketiu
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As businesses continue to grow and expand, handling accounting tasks manually can prove to be challenging and time-consuming. However, thanks to advancements in technology, certain accounting tasks can now be completed with ease through automation. We’ve asked our colleagues who handle Robotic Process Automation implementation to share the top three accounting tasks that can be fully automated and have the most impact on business efficiency – let’s dive in!

1. Invoice Processing

Invoice processing can be tedious, with numerous repetitive tasks that require significant manual input. From data entry to invoice matching, the process can take up a lot of time and lead to errors. With automation, this task can be easily handled through Optical Character Recognition (OCR) technology, which automates data entry from invoices, enabling quick processing. It also offers the capability to match invoices to purchase orders automatically. The best part? Even small businesses can implement this accounting automation, saving time and minimizing human errors while improving the accuracy of their invoice processing.

2. Bank Reconciliation

Manually reconciling bank statements can be a time-consuming task, especially when dealing with complex transactions. An error can result in discrepancies between accounts that need investigation and correction. Automated bank reconciliation software replicates manual bank reconciliation processes, enabling businesses to reconcile transactions with bank statements automatically. It also provides end-to-end visibility into the reconciliation process in real-time, allowing for prompt resolution of discrepancies.

3. Payroll Processing

Payroll is a complex process every business needs to go through every month. As it involves numerous calculations and regulatory compliance, it can be a pretty time-consuming task. Manual entry and verification of payroll data can also lead to errors in tax payments, benefits, and employee pay. Automated payroll systems help to streamline payroll processes, from tracking employee hours to direct deposit of paychecks. They also offer tax compliance capabilities, ensuring that the business complies with all relevant tax laws and regulations.   Automation is a valuable tool that can be leveraged to minimize human error and reduce the resources and costs allocated for accounting tasks. Invoice processing, bank reconciliation, and payroll processing are just three accounting task examples that can be fully automated with the help of our Robotic Process Automation team – and even though it doesn’t sound like much, automating just a few of your accounting processes can make a huge impact on your team efficiency and productivity, as it streamlines your business processes, free up resources, and concentrate on core operations to drive growth.  
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