Use automated workflows where possible

Accounting processes require many controls. For example, specially authorized people can approve transactions and sign off on payments. These types of controls ensure a business can pass audits and prevents fraud. 

Although accounting controls are necessary, they cause a burden in accounting environments. Automate approvals with an automation tool to lighten the load. For example, accounts payable check runs can receive quicker approvals at the click of a button with accounts payable automation.

Streamline billing

Billing is one of the more cumbersome parts of the accounting function that causes a heavy workload for accounting workers. Billing has steps that can lead to manual processes. Auditing is necessary for accuracy to be consistent on invoices. Manual auditing creates a burden for accounting employees because of the amount of data that is reviewed. 

The best way to lessen this burden is to automate portions of the billing cycle. For example, invoices are generated and delivered on time by automation. It can also ensure some invoices are not overlooked.

Collections automation

Chasing down past due invoices takes time and precious resources from an accounting team. Past due invoices have a negative impact on a business’s cash flow. They can easily be overlooked if other accounting duties are in the way, but it’s great if you can automate your collections processes. 

Streamline payments

Send past due notices on a schedule and give customers a payment gateway that allows them to easily submit payments online without the need to interact with accounting personnel. Payment gateways offer secure payment methods to process credit cards, ACH, and electronic check payments.

Payment automation reduces the number of incoming calls coming into an office. High call volume is a driver to a burdened accounting team. Payment gateways also help businesses protect sensitive customer information efficiently. Manual record keeping is time-consuming and adds an extra burden to an accounting team.

Better reporting

Accounting systems that do not provide access to easy reporting create burdens for accounting teams. Some accounting systems provide raw data that is hard to manipulate into meaningful analysis, which helps accounts receivables managers set up an impactful collections plan. 

Automation systems have reporting features that run reports on a predefined schedule. Accounting employees eliminate wasted time manipulating raw data in excel reports. Often, these employees must have advanced excel knowledge for this. Businesses can define the parameters for accounting reports to deliver the exact analysis needed. 

Final thoughts

Accounting teams manage a large volume of data daily. As sales increase, this data also increases, creating pressure on accounting employees, which leads to errors. Accounting automation tools can lighten the load on accounting teams. 

The post 5 Tips for Lightening the Workload of an Accounting Department appeared first on Jay Tripp Consulting.