Gone are the days when accounting was done solely on paper. The rise of technology has brought about different innovations in the accounting industry, one of them being accounting automation, which, once implemented, can save a considerable amount of time and resources. As a business owner, you probably want to know if accounting automation applies to your industry and business size and what efforts are necessary to implement it. This article will explore all of these aspects, as well as clarify the meaning of accounting automation and the benefits it provides.
What is accounting automation?Accounting automation is the use of computer programs or software applications to perform accounting tasks. These tasks include bookkeeping, invoicing, financial reporting, and financial analysis. Typically, an accounting automation system requires an initial setup that will allow the system to work seamlessly.
What are the benefits of accounting automation?
Real-time financial information
Less human errors
Saves time & resources
Higher data security