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Mar 31, 2022

What is Accounting Automation and What are the benefits of it?

Ankit Virani



An Accounting Evaluation ~ Accounting Automation

You must have seen or heard this term, 'Accounting Automation', right?

Let us explain today what Accounting automation is and what you have to do with it to benefit from it.

What Is Accounting Automation?

Accounting automation is a trending and hot topic in accounting industries right now. This drift in accounting will ease the jobs of accountants. Accounting automation gives chance to accountants to show their potential with minimum effort. It does not steal the jobs of accounts!

In layman's terms, accounting automation is a process that is done by software. The software automates tasks associated with accounting, financing, reconciliation, and updating/creating statements with minimum interference of somebody. 

Automated accounting systems revamp the traditional record-keeping and accounting practice. Of course, for any business that currently uses employee time to manually add, update, verify, and operate financial documents, this saves both time and money.

Opting for such softwares can eliminate the possibilities of costly employee errors. Let’s have more insights on this.

Accounting automation, in an essence, is the use of digital software-enabled automation to aid in the accounting process. Many accounting staff will relate to the frustrations of dealing with repetitive administrative tasks that swallow down hours of an accountant's time.

They can become more potent at what they do and hence have more effective accounting practices and departments if they use software that can automate these lengthy processes.

Earned Benefits of Accounting Automation:

Accounting automation software is growing in popularity as a result of its incredible accounting automation tools, ease of use, and ability to make one's life easier.  Here are some major benefits not to miss: 

1). Increases Productivity: Accounting teams can devote more time to more high-priority cases by eliminating repetitive low-impact work. The hard earned knowledge of accountants can be channelized by devoting their time to to high-value tasks like strategy, systems development, consulting, and business planning.

2). Access it Anywhere: All of the necessary software, processes, and files are now accessible from anywhere. Yes, because of the Cloud! You do not have to worry about the time when you need to check a document or process a document quickly, unlike before when you had to be at your work desk or have paper files on the table.

3). Less Human, Fewer Errors!: There is more likelihood of leaks and factual errors as humans are exposed to more information. Human interpretation is reduced and precision is increased when accounting applications and business solutions are used.

4). Saves Valuable Time: You can save a lot of time and effort by automating the accounting process. You'll have more time to concentrate on other critical jobs. The financial closing process is extremely time-consuming for accountants, but if you use accounting automation software correctly, you will be left with nothing to reconcile.

5). Robust Security: Data security is also a benefit of digital systems, especially those with a proven track record. The perception of digital tools as being less secure than traditional filing systems is widespread. Data security can be improved with accounting systems that provide automation if the right tools are in place. As all data is in one place and on the cloud, there is no fear of data thrift.

How is Suvit Different in Accounting Automation?

Suvit is a technologically advanced accounting automation software that can scan a 25-line bank statement entry in Tally in 50 seconds and with 100 percent accuracy. Whether it's bank statements or sales and purchase entries, Suvit can help you convert them into Tally entries in minutes irrespective of the file formats Excel, PDF, or Scanned PDF.

Suvit eliminates manual data entries so you can save precious time that will help you focus on gaining new customers by automated accounting system existing client processes. Apart from this, it also enables transparent communication channels between Tax experts and taxpayers. One can easily access data from anywhere and at any time in case of emergencies. 

For a free demo or any concerns regarding Suvit, Get in touch with us!.

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