Contractors Hot Line is part of the Catalyst Communications Network publication family.
Contractors Hot Line is part of the Catalyst Communications Network publication family.
(Sponsored Content) – Accounting automation can mean many things.
You often get hit with a lot of buzzwords like RPA (robotic press automation) and AI (artificial intelligence) because it’s everywhere. As a business, you must go to several places to get a sense of what it really is.
In short, accounting automation is the use of software and technologies to automate finance and accounting functions. It is usually addressed in the context of a digital transformation, almost always reduces or eliminates manual tasks, while simultaneously increasing efficiencies, improving accuracy and enhancing security.
If you’re wondering what Speedchain has to do with this topic, it’s a good question. In fact, you may not know about us at all or you may gather from www.speedchain.com that Speedchain is a commercial card offering and platform that helps your team optimize spend on every project.
Speedchain is a Fintech company. Our platform delivers a range of financial solutions, from advanced spend management and streamlined job cost tracking to card issuing. We were purpose-built to help your team maximize profit and thus have a slightly different take on how to deliver these solutions to the enterprise or the institution.
For now, we’ll focus on expense management, how we contribute to digital transformation and ultimately, how we think about digital transformation for your business.
The convergence of new technologies and dramatic shifts in customer expectations have required businesses to adapt to rapidly evolving technological advancements. Nailing the fundamentals still matters, but it’s no longer enough to remain competitive. This necessitates a change in the way businesses operate.
Luckily, there is no shortage of options to help your business build a competitive advantage today.
Most products look to revolutionize back-office operations by streamlining repetitive tasks, enhancing accuracy and enabling better decision-making processes. In traditional accounting practices, data entry, reconciliations and reporting consume significant time and resources, leaving little room for strategic analysis.
One critical aspect of accounting automation is its role in enhancing accuracy. Human error is inevitable in manual processes, leading to discrepancies and potential financial inaccuracies. Automating routine tasks significantly reduces the likelihood of errors. Moreover, accounting automation accelerates the speed of financial processes. Tasks that once took days or weeks to complete can now be executed within hours or even minutes. For example, Speedchain can quickly capture, categorize and code transactions to job codes and work breakdown structures, drastically reducing processing times. This increased efficiency enhances productivity and enables faster decision-making as financial information becomes readily available in real-time.
Our approach to building Speedchain’s payments platform is one of business-led design and practical application, delivering insights that are actionable immediately for every finance team. These insights can be implemented via the ability to instantly create tailored spending authorizations specifically aligned with your policies.
By automating repetitive tasks, finance teams can allocate more time and resources to strategic activities, ultimately driving business growth and success. As organizations continue to embrace digital transformation, accounting automation will become increasingly essential for enhancing operational efficiency and maintaining competitiveness in the evolving business landscape.
When thinking about accounting automation, don’t just think about the back office. Think about Speedchain and how we can collaborate with you to deliver on your digital transformation goals without a heavy lift for both teams in the field and finance.