BlackLine: The Unified Cloud for Finance and Accounting Automation

However, financial reporting and analysis lacked in speed and accuracy making forecasting and strategic decisions challenging and untimely. As time goes on, both of these trends will likely increase, and the need for the office of finance to remain compliant will grow in tandem. But keeping up with this increased regulation is difficult with manual processes. For some organizations, the only way to keep track of new regulations put in place is by manually searching through a government database and cross-referencing your work with the latest regulatory guidance. Not only is this approach inefficient, but the chances of missing a regulation that leads to issuing a misstatement are high.

Software solutions can compile data from multiple sources quickly, thus helping you prepare well-rounded reports. One of the key functions of finance teams is to manage payrolls and payouts. Payroll analysts spend hours going through employee tax records and rates to create accurate reports. It also ensures the accuracy of payroll reports, leading to reduced disputes and higher employee satisfaction. Accounting automation involves the use of software to automate important finance operations. Accounting operations like accounts reconciliation, updating financial data, and preparing financial statements can be completed without human interaction using accounting software.

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He has also led commercial growth of deep tech company Hypatos that reached a 7 digit annual recurring revenue and a 9 digit valuation from 0 within 2 years. Cem’s work in Hypatos was covered accounting automation by leading technology publications like TechCrunch and Business Insider. He graduated from Bogazici University as a computer engineer and holds an MBA from Columbia Business School.

Adoption was swift, and within a few years millions of companies were running some form of accounting software. When it comes to invoicing your customers, there are a lot of manual steps involved. Generating the invoice, validating it before it goes out, posting receivables, and reporting—the list goes on and on. Utilize RPA and remove the manual work with your invoicing https://www.bookstime.com/ processes and procedures and experience 3x increased productivity. Accessing and managing credit is a crucial, time-consuming aspect of your business, and it needs to run smoothly. Utilizing business automation to help you develop reports, conduct assessments, and perform credit checks can streamline these processes, all while making sure you’re getting paid on time.

Operational Efficiency

Finance and accounting organizations that implemented automation through Cadency have seen up to a 90% reduction in the number of accounts that need to be reconciled. An accountant who once spent their day managing their close task list or reconciling accounts can now take care of those things with an automated solution. Working alongside automation, accountants’ time is better spent on higher-value tasks such as data analytics and forecasting. To automate your accounts, explore accounting software with automation features, integrate with AI-based tools, and identify repetitive tasks for automation.

• Businesses can gain many benefits by using technology to automate accounting tasks.
• Payroll is among the most tedious, and highly automatable, parts of bookkeeping.
• Eliminate manual data entry and data silos between CRM, ERP, and CPQ systems and facilitate a bidirectional data flow between departments.
• Instead, you will want to continuously analyze the results that you achieve while considering how to improve even further.
• Since the late 1970s, programmers have been building increasingly powerful software to take on accounting tasks, from VisiCalc, the first-ever spreadsheet software, to Peachtree, the first accounting software for PCs.