Definition
Accounting automation involves using technology to streamline everyday, monthly, and quarterly accounting tasks with the power of AI tools, machine learning, and integrations with other business applications, including ERP and CRM software. The examples of such automation might be tools that handle entering financial data into the general ledger, creating and tracking invoices, reconciling bank accounts, and generating accurate financial reports.
Why it matters
Accounting automation fundamentally transforms the way businesses manage financial processes, offering several key benefits:
- Automation enhances efficiency. Companies significantly reduce the time spent on manual work by automating routine tasks like data entry, invoicing, and bank reconciliation.
- Automation improves accuracy & data quality. Manual processes are prone to human error, which can lead to mistakes in financial records. Automation minimizes these errors by using software to handle repetitive tasks consistently and accurately, ensuring that financial data is more reliable​.
- Automation provides real-time insights. With automated systems, businesses can access up-to-date financial information quickly, enabling more accurate forecasting.
- Automation provides compliance and security. Such systems can ensure compliance with regulatory requirements by maintaining accurate records and generating necessary reports. Plus, they offer enhanced security measures, such as data encryption and regular backups, to protect sensitive financial information.
Focus on Growth, Let Synder Handle the Accounting
Let Synder handle your sales, fees, and tax records with seamless automation, syncing directly to QuickBooks, Xero, or Sage Intacct.
- Streamline sales management
- Gather analytics from all sales channels
- Be GAAP-compliant and avoid penalties
- Optimize payment processes
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