How Can Automation Improve Accounting Workflows? - Huntersure

How Can Automation Improve Accounting Workflows?

Posted on: June 8, 2021 by Huntersure LLC.

Accounting might not typically be considered a customer service position, but in many ways, it is. Accountants rely on clients’ business, and to keep that business, they have to keep clients happy. Maintaining this balance is all about minimizing errors and improving workflow — two problems that automation seeks to address. Can automation actually improve accounting workflows? Experts say yes, and it could even lessen accountant professional liability. These benefits of automation in accounting offer promising prospects for the financial sector.

Minimize Instances of Human Error

The most obvious benefit of automation is its potential to minimize human error. In the context of accounting, a single error can have devastating effects and lead to some very unhappy clients. Automation minimizes opportunities for such errors to occur by seamlessly integrating with your existing systems and eliminating the workload that previously would’ve been done manually. Rather than complete invoices by hand, automated software can produce them and send them to clients — less work and fewer chances to make mistakes.

Streamline Financial Management

The example mentioned above is just one way that automation helps to streamline the overall accounting process. Invoices are just one component that can be handled. Other processes that automation can take over include:

  • Sales processing
  • Payment collection
  • Data creation
  • Synchronizing accounts
  • Archiving transactions

In each of these instances, automation offers the opportunity to reduce human error and save massive amounts of time. While you may have previously conducted each of these tasks manually, software and processing tools can help you get it done in less time with higher accuracy.

Minimize Payroll Expenses and Taxes

Many businesses are subject each year to the unnecessary payroll fines imposed by the IRS. Though these fines are completely preventable, they continue to plague businesses and cause considerable stress. There are many mistakes that can incur these fees, including:

  • Misclassifying employees and contractors
  • Calculating overtime wages incorrectly
  • Failing to adhere to employment regulations

Automation minimizes the opportunity for these fees by detecting details that a human accountant may miss. Accountant professional liability still exists in the event that an error occurs, but automating payroll makes such errors less likely.

Improve Overall Customer Satisfaction

At the end of the day, it is every accountant’s goal to complete accurate, efficient work that is helpful and satisfying to their clients. Accountants are precise and detail-oriented, but even the most skillful professional is susceptible to mistakes and accountant professional liability. Automation can minimize opportunities for these mistakes and ultimately improve overall customer satisfaction. Regardless of automation, your clients need coverage and protection against liability so that they can continue to make customers happy. Help your clients save money, enjoy peace of mind, and prevent liability with the right accounting insurance policy.

About Huntersure

Huntersure LLC is a full-service Managing General Agency that has provided insurance program administration for professional liability products to our partners across the United States since 2007. We specialize in providing insurance solutions for businesses of all sizes. Our program features can cover small firms (grossing $2.5 million annually) to large corporations (grossing $25 million annually or more). We make doing business with us easy with our breadth and depth of knowledge of E&O insurance, our proprietary underwriting system that allows for responsive quoting, binding and policy issuance and tailored products to meet the needs of your insureds. Give us a call at (855) 585-6255 to learn more.

Posted in: Accounting