Productivity in Key Finance and Accounting Processes
Automating accounts receivable (A/R) should be an immediate priority for finance and accounting executives as they develop a focus on productivity, not just efficiency. In the past, having to do more with less could be addressed by performing processes or steps more economically. However, that is not the right approach today. Instead of doing the same things faster or using fewer resources, the objective should be to avoid having to do steps or whole processes, using tools to automate operations that technology can do better than humans. An A/R automation system not only streamlines task execution, it also can improve departmental productivity, including by accelerating the close. And automation confers greater control to reduce risk and promote financial resilience.
Today, digital technology can be a game changer, boosting productivity by eliminating the need for humans to do the work, either by having software do the work for them or by redesigning processes to eliminate the need to do the work in the first place. It can reduce friction across the invoice-to-cash process, promoting better customer relations. Technology is the key to having accurate, reliable and auditable financial statements sooner with less effort. A/R automation is part of a digital finance methodology that we call continuous accounting, which is designed to address today’s need for greater productivity.