By Ilya Kisel, COO and co-founder of Synder
Let’s face it: Automation isn’t just knocking at the door of the accounting industry, it’s kicked it wide open and made itself right at home. Tedious routine tasks are gone for those who embrace it, or at least a big chunk of the manual workload you have to deal with daily, monthly or quarterly. Now, instead of drowning in spreadsheets, you’ve got time to dig into the good stuff – helping your clients crush their business goals.
As a co-founder of Synder, an accounting automation solution, and through my work with accountants and bookkeepers, I’ve seen firsthand how automation solutions can slash time spent on repetitive tasks. We’re talking about cutting those mind-numbing chores in half.
A ShareFile survey reveals many accountants believe that a lack of automation is holding them back from delivering their best work. In fact, a staggering 96% of respondents say automation is essential to their profession, viewing it not as a threat but as a powerful tool for growth.
Well, “reshape” might sound like a pretty bold claim when we refer to what automation is doing in accounting today. Of course, automation does change the way firms work – no question about that. But let’s get one thing straight: It’s not taking the place of skilled professionals. Anything but that. In my own experience working with firms of all sizes, automation actually empowers accountants to do what they do best – giving them back enough time to strategize, advise clients and strengthen those all-important relationships.
So, let’s check what automation is really doing, how it’s impacting the way firms operate, and what it means for the future.
Automation does reduce errors and double-checks
Automation brings much-needed optimization to data entry, an area often plagued by human errors. We all know that manual data entry is a minefield for typos in financial data records and omissions, particularly with high volumes of transactions. This is where solid tech algorithms, OCR and machine learning come to the forefront. Automated syncing of ongoing transactions reduces the possibility of those tiny mistakes that cause big headaches. It’s all about working wiser, not harder, with errors at a bare minimum.
Automation does save time by streamlining financial data recording
Public accountants are facing more complex demands – they’re being asked to provide strategic tax-saving advice too. With that kind of pressure, the old-school ways just don’t cut it anymore. From what I’ve seen, automation can greatly reduce time spent on manual routine tasks. As mentioned earlier, modern accounting tools can pull data from multiple sources in minutes, automatically logging transactions into the right ledgers. This allows accountants to focus on other tasks without getting stuck in time-consuming details.
Automation does scale workflows to serve more clients
Instead of your team getting bogged down with boring things like double-checking records and ensuring timely data entry, automation can handle it all seamlessly, freeing up the time to manage more clients and deliver higher-value services. With automated processes ensuring accuracy and speed, you can confidently scale your practice without the hassle of increasing headcount.
Automation does enhance the advisory process
Accountants today are shifting from being reactive to proactive. Clients no longer want to know the numbers – they want to know what they mean and what to do with them. Automation lets accountants gain access to real-time financial data. So now they can give timely, actionable advice and become strategic partners, not just compliance experts. It’s a whole new level of value the clients are coming to expect.
Automation does boost team efficiency
Here’s the natural outcome of everything above – team efficiency skyrockets. The impact of automation depends largely on the type of automation solution you implement. It can automate the workflow with data sync in the background, simplify routine and centralize communication.
It eliminates the need for manual follow-ups, keeps track of tasks in real time, and streamlines operations so no one is stuck digging through emails or chasing down scattered documents. All organized and flowing smoothly, automation results in a significantly more effective team.
Wrapping up
There’s no doubt – automation has already become a powerful ally for accounting firms. It really can act as a strategic partner that enhances your team’s efficiency and precision. But here’s the catch – unlocking its full potential means identifying your specific bottlenecks. Skip that, and you may end up with several tools that aren’t moving the needles in their workflow.
To make automation work for your firm, start by pinpointing the challenges you face. Just like diagnosing a problem before prescribing a fix, automating the right processes ensures you’re choosing the right tools that take your productivity to the next level.
