“Time is money, automate or die, anything that can automate will be automated.” Heard these expressions before? Our digital world is forcing us to run faster and faster and we will not escape digitalization and automation – no matter how hard we fight. So stop fighting and see the benefits of automation instead. Make it difficult (and sometimes boring) easy and use your time in the best way instead. Because yes, time is money and you throw a lot in the trash without the support of automation.
Automated accounting is more than just digital receipts
What then is the point of automated accounting? Why should you care? We can start by noting that it is not just about digital receipts or that you can handle financial administration smoothly in a cloud-based system. These are definitely parts of an automated accounting process, but they are just parts. It is easy to simplify individual business events, but in order to get the full value of digital accounting, you have to take care of the entire financial process and your internal work methods.
How difficult can it be then? If you want a “quick-fix” you can be up and running quite quickly and it doesn’t have to be very difficult at all, depending on your size and activities. There are many systems and apps that support digital receipts, invoices and more. But if you want to be able to scale up your business and fully digitize the accounting, you have to do the homework, otherwise it will rarely be as simple as you had imagined. Not so cheap either …
What does automated accounting mean?
In short, automation means that systems manage as much as possible by automation and at the same time minimize the risk of errors. It’s fast, easy and digital. In practice, this means that all events, incomes, expenses, expenses, salaries, reports and more are handled by the system’s set rules as efficiently as possible. In addition, all digital accounting documents are automatically created in the system. This process works in different ways depending on the system supplier. One is not more right than the other, but rather it is about what your particular business needs of structure and control.
If it is important for you to maintain complete control over the economy and use figures as a basis for decision, then you should choose a system that gives you the opportunity for attestation rights, access control and real-time updating of your figures. If you want to be at the forefront, you should choose a partner who also supports you with accounting specialists who know your company, industry and the regulations that affect your business. It gives you a better control of the situation while giving you time for something more fun. Like developing your business for example.
It sounds simple and in the perfect world, everything like this works smoothly. But of course, it requires that you have done the preparation carefully, so that it is right from the start.
5 success factors for digitizing and automating accounting
To be able to maximize the business benefit with digital and automated accounting, it is good to understand how much time and resources you actually spend on administration today, what opportunities you have to make it more efficient and what you can do with the time that is released and the reports you get through. Where are you today and what is the end goal – your dream scenario. What can you automate and what is needed to make it possible? What information do you want from the system and at what intervals? The question battery can be made far, very far. But here you get 5 quick tips that will take you well on the road and create the best conditions for successfully digitizing your finance function.
Streamline. If possible, collect everything in one system, and yes it also means wages.
Reduce friction. Integrate with the bank, you must be able to keep track of transactions and payments without having to log in in several places.
Integrate more. If you still need more systems, be prepared to invest in integrations between them. Small manual intermediates can quickly become time-consuming and annoying in the long run.
Make it easy. Choose a system that creates a basis for automation and makes everyday life a little easier for colleagues on finances. Remember, time is money!
Avoid surprises. Do the homework, invest time for implementation, get help with the implementation itself and make sure you get good ongoing support from someone who is in control of your company. It prevents risks in the long run. It is rarely enough to just import a file from the previous accounting firm and then hope for the best. Do it right from the start!
Human + machine = business value
Minimizing the laying on of invoices, expenses and accounting is not the future, it is the present. We can already create a basis for automation and in real time – with minimal effort from us humans. It is fantastic. But it is when we combine man and machine in the best way that magic is created.
Machines are becoming “smarter” every day, but so far they usually do what we humans tell them to do. It is we who set the rules for the most part. Therefore, we should not underestimate the expertise that we humans possess in the automated environment we now live in, especially when it comes to analysis, economics and accounting. The heroes of the economy are those who know what the numbers actually mean and how they should be used to increase business value. The experts are the ones who keep track of the regulations and monitor the system so that it is not just right from the start, but right all the time.
Automating is cruel – we should automate more. But we should also take the help of the data experts who make sure that we can then create the reports we need, do the analyzes and draw the conclusions needed to take the business to the next level. So business value and magic are created only when man and machine find that perfect sink