Advancements in technology have benefited accountants and bookkeepers greatly through automation. In data-intensive industries, automating your entry-related tasks is the key to working faster and smarter. Automating tasks prevents you from exhausting your energy and allows you to focus your energy in the areas that require your undivided attention. Still not sure what automation is and why it is important? Here’s your chance to take-in some valuable information that will help you become more efficient in your work through the power of automation.
Return on Time Invested (ROTI)
Whether you’re an accountant or bookkeeper, time is essential because for most people time equals money; and without proper management of your time, you will lose money. In order to properly manage your time, you must first divide your daily activities into low ROTI and high ROTI. Low ROTI activities will consist of tedious tasks such as checking e-mails, manual invoicing, and data-entry. On the other hand, high ROTI activities will consist of meeting clients, servicing, and building important relationships. Low ROTI activities only provide marginal growth to your business, while high ROTI activities provide you with the bulk of your sales and profit.
Save Time in Your Day
With only 24 hours in a day, it is crucial that you spend as little time possible on low ROTI activities. So how does automation help increase your ROTI? Automation helps you streamline all your low ROTI activities so they can be completed in a matter of minutes. This allows you to focus your time and energy into high ROTI activities that are more important to the direct operations of your business; saving you time and money.
Completing repetitive tasks for hours throughout the day will increase your chances of human error, especially when doing manual entry. When doing the same task over and over, you begin to lose alertness which could result in some serious repercussions like spelling errors or misrepresentation of financial data. As an accountant or bookkeeper, you know how costly it can be for your clients if they get taxed more than they should because of a simple error in your entry. Automating as many business processes as possible will help you overcome inefficiency and create an efficient workflow for your business.
Implementing automation into your business creates workflow standardization. This means that you know what to expect and when to expect it. When your workflow is standardized, your processes become consistent and will not deviate in any nature. For example, automating your payables and receivables will take one less worry off your hands since you will know when and how much you will be making payments or getting paid every month; automation software makes and receives payments for you, so you don’t have to. Inconsistencies can continuously cause problems to your business and even trickle all the way down to your bottom line; which you should avoid at all costs.
Automation allows you to complete tasks quickly and early so that you can get out of the office and conduct more important business. Not only that, but automation also allows you to complete these tasks on-the-move from anywhere and anytime. You can send out your e-mails before you even step foot in the office or collect payments from clients during a meeting; automation makes you mobile and being mobile gives you options.
These are just some of the reasons why you should be automating as many tasks as possible. Automation is the new way of working that allows you to be faster and smarter, all while reducing your stress and energy needed. Give yourself a competitive edge. There is no reason you should not be utilizing automation in your business or practice.