Accounting is one of the few sectors that haven’t undergone a digital transformation for a long time. However, albeit slowly, this has started to change.
Accounting is one of the few sectors that haven’t undergone a digital transformation for a long time. However, albeit slowly, this has started to change, with the financial services sector, including accounting, to be adapting to technological change by evolving its practices to comply with data-driven shifts and keeping up with current business needs. Accounting, therefore, has already entered the era of digital transformation, automating manual accounting tasks, positively affecting the businesses they serve.
Efficiency is improved
It is an undeniable fact that manual processes are often burdensome, time-consuming, and mundane, hence, inefficient. By automating repetitive processes such as vendor bills entry, invoice generation, and customer payments processing saves employees valuable time which they can spend doing more important and beneficial tasks for the company.
Labor costs are reduced
By enhancing efficiency through automation, hiring needs are reduced while the company’s employees are much happier not having to spend hours on monotonous tasks. This significantly improves their productivity, maintaining in this way employee retention while maximizing productivity and, effectively, the company’s growth and profitability.
Data quality is enhanced
Manual data entry and the reliance on spreadsheets in accounting tasks is most certainly a prone to errors process, such us throwing off account balances and generating false financial statements. Automating accounting processes improves data quality and ensures the accuracy of financial records as well as that of operational and statistical data.
Risk mitigation is accomplished
By automating accounts payable, you guarantee a secure way to compare invoice details to purchase orders and make sure that the pricing, unit quantity, and totals match. Overall, by automatically scheduling approved invoices for payment, simplifies this process, mitigating in this way risk.
NetSuite can offer indispensable help to the automation journey of a company’s accounting department in several useful ways. NetSuite, for example, can transform your general ledger to a dynamic business asset by consistently recording expenses and applying them to the respective cost centers, offering automated revenue recognition in terms of each contract commitment and eliminating the dependence on manual data journal entries. It also assists in the automation of three-way matching and approval workflows, as well as the automatic creation of vendor bills from purchase orders and the scheduled payment of recurring charges and fees. What is more, you become able to automate accounts receivable processes such as the instant creation of invoices that ensures the absence of duplicate data entries. NetSuite has also got a rating engine that supports multiple pricing scenarios, promotion pricing, and fixed fee to help you automate your subscription billing. At the same time, it automates processes for single and multiple payments as well as providing a single consolidated invoice of a combination of multiple ones. Notably, NetSuite offers the best automation methods for transaction management, for instance, bank reconciliation, transaction matching, intercompany transactions, and financial consolidation.
For investing in the right horizontal and vertical solutions that will help you automate your accounting processes and face the challenges of your industry, NetU is a proud partner of Oracle NetSuite, and has provided the right solution to a plethora of businesses in Cyprus and Greece. For more information, do not hesitate to contact a NetU expert who will gladly assist you in any matter.