Automation has been used in accounting since at least the first adding machine. But now that automation is driven by advanced algorithms and intelligent machine learning, it's impacting accounting more than ever before.
Most offices rely on some form of automation to expedite accounting and ensure accuracy. However, the recent trends in finance and accounting automation suggest it's evolving beyond a tool and into a mission-critical asset. The capabilities currently coming online promise to have a positive impact on accounting for a long time to come:
Automation Built Deep into Data
Previously, automated tools were available but not necessarily accessible or intuitive. Using them to the fullest took a lot of time and input. Modern tools are available at more touch-points and incorporate more data, allowing automation to enhance the productivity and efficiency of every financial process. Accountants will quickly get used to having sophisticated analytics tools at their disposal at all times.
Security Becoming a Top Priority
Every enterprise is worried about protecting data, particularly the finance and accounting data that is perpetually under attack. Companies are realizing that taking a piecemeal approach and securing data silos one at a time is doomed to fail. The only way to avoid a data disaster is to be systematic and comprehensive, which means automation is a key resource. And as the stewards of a company's data and owners of the financial systems of record, finance and accounting will take the lead on data security.
Continuous Accounting Arriving
Accounting has always been a cyclical process, but that cycle lacks the speed and precision that decision makers now require. Automation erases the lag time and allows for "continuous accounting." Essentially, the close cycle is eliminated in favor of an approach where transactions are processed instantly, and audits are ongoing. Rather than contend with confusion and delays, accountants will get used to speed and certainty.
Accounting Going Strategic
The strategic value of financial data has climbed as automation has made faster and deeper analysis possible. Accounting is now seen less as an administrative obligation and more as a strategic opportunity. Increasingly, a business' success depends on finding and using financial insights that the competition can't. As a result, the companies that embrace and implement automation effectively are the ones that will rise above others.
The most exciting trend in automation is not that it's getting faster, stronger, or smarter. It's that all those improvements are happening while automation is also becoming more accessible and economical. It's not a tool available only to elite enterprises. It's something that's available and advantageous to all businesses.
Sage Intacct is a tool that incorporates next-generation automation with user-friendly tools and deep financial functions. It's the all-encompassing solution that improves accounting while making it easier as well. If you're ready to implement the tools of the future today, contact AcctTwo.