20 Sep Shifting From Manual Processes to Automation with Cloud ERP
Like most organizations using entry-level accounting software, you probably dedicate more time than you would like to manual processes. Entry-level accounting software can’t give you a single view of shared accounts, customers, and vendors across entities. Instead, your finance team jumps from one instance of entry-level accounting software to another. They manually track areas such as intercompany eliminations, revenue recognition, and allocations and accruals for expenses. Unsurprisingly, this invites errors and leads to even more time spent making corrections. In this guide, we discuss shifting from manual processes to automation with Cloud ERP.
Managers have little visibility into their team’s workflow. All of this causes the workload to pile up, forcing finance teams to cut into their weekends to get it all done while preventing leaders from making informed decisions based on up-to-date financial data. And, if that’s not enough, it’s costing your business.
Modern, cloud-based accounting and ERP software can change that. By automating repetitive tasks such as purchase order workflows, vendor payments, and bank reconciliations, your finance team can shift its focus toward strategy and helping the company meet its broader goals. Another piece of good news is that automating and centralizing information in your accounting solution can simplify your audits.
How can you tell if it’s time for a change? Let’s find out.
Accounts Payable is a relatively straightforward process. An invoice is received, checked to ensure it is legitimate and the bill is accurate—perhaps using two- or three-way match—then routed for approvals and payment. The invoice is then marked as paid and archived should it need to be retrieved.
If you’re using entry-level accounting software, invoice capture is a manual process. With entry-level accounting software, you create a new bill and then input all the needed information. Entry-level software organizes the data so you can see which vendors have been paid, the vendor detail, and an AP aging report. It does not automate the process from when the invoice comes in until the invoice is archived.