Struggling to keep up the pace under an ever-increasing workload? Discover how automation and outsourcing can help you out.
Automation and outsourcing: when and how to lighten your workload
Intelligent and automated approach to payment management
Check out the features of Bankfeed.
Accountants often find themselves juggling multiple tasks at the same time: from data entry and monitoring to complex financial analysis. The increasing workload can pose a significant challenge, leading to exhaustion, decreased efficiency, and lower job satisfaction. Therefore, before responsibilities pile up and deadlines loom, it is time to review alternative solutions.
We will discuss the main signs when you should start thinking about streamlining processes with the help of additional technological (automation) or human (outsourcing) resources. These apply to the entire company and, in turn, affect accountants’ work.
When to consider automation and outsourcing
Recognizing the right moment to embark on the automation and outsourcing journey is essential for optimizing business operations and achieving sustained growth. Here are the main indicators that signal the strategic need to consider alternative solutions:
- Seasonal peaks. During periods characterized by high demand or seasonal fluctuations, automation tools and outsourcing enable you to efficiently manage workload variations without needing permanent staffing adjustments.
- Focus on core competencies. When non-core tasks consume significant time and attention, automation tools and outsourcing empower your organization to refocus on core competencies and strategic priorities.
- Technological advancements. In the face of rapid technological advances, outsourcing ensures access to the specialized skills and knowledge required to stay current and competitive without requiring extensive internal retraining. Meanwhile, automation tools allow for speeding up the work by using up-to-date technologies based on global best practices.
- Cost pressures. In instances where budget constraints make hiring additional employees financially challenging, outsourcing offers a cost-effective alternative, allowing you to control expenses while obtaining essential services.
- Global expansion. When expanding into new markets or regions, outsourcing can provide invaluable local expertise and cultural knowledge, facilitating a smoother transition into unfamiliar territories.
The benefits of automation
While both automation and outsourcing help you manage processes more efficiently, we suggest prioritizing automation when possible. Here’s why:
- Enhanced efficiency. Automation tools excel at repetitive, rule-based tasks, performing them quickly and consistently without needing breaks or rest. This efficiency can lead to faster task completion.
- Focus on innovation. By utilizing tools to automate routine tasks, your existing team can dedicate more time and energy to strategic innovation and value-added activities.
- Accuracy and consistency. Automation ensures high accuracy and consistency in tasks, reducing the likelihood of human errors. It is essential for processes that require precision, such as payment reconciliation with invoices.
- Instant deployment. You can start using the tools right away, avoiding the lengthy process of recruiting, onboarding, and training new employees.
- 24/7 availability. The automation tools work round the clock, providing real-time access to financial data, while employees typically work within regular business hours.
All of the above apply to Bankfeed, which can be incorporated into your existing Microsoft Dynamics 365 Business Central ERP in minutes. It automates the routine payment management process, helping to ensure real-time information on customer debts, preventing mistakes in the payment reconciliation process and enabling accountants to focus on other value-added tasks.