The kind of clean compliance, swift productivity, efficient costs and accurate data delivery that top tier companies expect to unlock massive growth used to only be possible by hiring teams of dozens of bookkeepers and accountants - making starting and scaling a new company successfully incredibly risky and challenging.
Clean books, clear financial operations, and productive accounting systems are essential for operators to build high-performing, best in class businesses. They’re also one of the most fundamental aspects of a company that investors expect to see, and have a profound impact on venture capitalists’ decisions of whether to invest.
Accounting, which steers the financial operations and success of a company, is largely a process-driven trade. By combining technological innovation with robotic process automation, new technology has democratized access to the financial operations excellence that large, rocket ship companies have come to expect - for all businesses, especially for those in complex industries.
Automation, when programmed by a knowledgeable CPA, can be used in accounting to replace many of the manual steps that bog down companies, while facilitating faster work.
This type of technology, when combined with a thin layer of service, is a powerful solution for focused businesses to access the level of financial support essential to grow.
So, how do automations work in accounting?
Financial operations and accounting are notoriously difficult to change and filled with legacy-driven systems, technologies and processes. As businesses moves more quickly than ever, they must transition to finops systems that reflect the new way we work to excel.
Systems automations, or RPA, are charged by AI, robotics, and machine learning; and are promising and effective tools to streamline financial operations and optimize for business efficiency.
How do AI and machine learning help democratize access to big-business finops?
Automations liberate operators, entrepreneurs, and accountants from messy, boring tasks that take a long time and open up business leaders to focus on more strategic, high leverage work. Once implemented, technology that leverages systems automations and optical reading enables professionals to do work that is more analytical and meaningful, instead of being blocked doing data entry.
For instance, before automations, completing moving payments between vendors and services would have required multiple CPA’s between different departments and companies, with information spread out among spreadsheets and subledgers. This menial, time consuming work can now be ameliorated into a 1-2 minute approval, via automation.
Automation can save hours of work a year, and help early stage companies save on time and headcount by automating tedious processes.