Today is an impressive time for accountants to learn about and envision the impact of the growing tech presence in the CPA space. It may seem like too much, but the numbers are in.
Let’s talk statistics
- Technology poses the threat of replacing 94% of accountants and auditors.
- 94% of accountants have adopted cloud accounting.
- 60% of small business owners feel they aren’t knowledgeable when it comes to accounting.
- Accounts payable desktop automation can save a business $16 or more per invoice.
- The newest reports show a $71,550 median salary for accounting workers.
With these statistics in mind, to deliver on new client demands, having the right web automation software and on-the-money data are musts. This data gives you near real-time financials so you can:
- Move into other services like cash flow or tax planning
- Show clients the business impact of their financial data
- Charge a premium for the high-value services you’re providing
Imagine if you could advise your restaurant customers on the best online ordering and delivery methods based on national and regional data.
You could transform their businesses by applying data analytics and tech. This goes on top of all the internal enhancements your firm could make by incorporating machine learning (ML), workflow technology, and smart data.
Data validation and transaction identification are time-consuming, robbing you of otherwise valuable hours. Yet, there is task automation software. For those who are still software resistant and have no clue how web automation tools work, let’s talk about automating web applications in accounting and in general.
Generally speaking, developers write algorithms to tell machines how to look at multiple data points, find the similarities and apply probability to collect the data. Probabilistic modeling is one of the critical layers of intelligence applied to client data, which aids in identifying the process.
Probabilistic models are more thriving when the information they’re looking for has occurred many times in a firm’s historical data. You need a lot of data for this to happen. Fortunately, more prominent CPA (Certified Public Accountant) firms (like the Big Four) have more than enough data to provide solid grounds for probability.
Unlike RPA (Robotic Process Automation) that works with the entire company’s applications, web automation is excellent for organizations just starting out automating web applications.
It is scaled down to a single user and assists people with tedious tasks during their daily activities. For example, web automation can scrape data, automate Excel processes, transfer files or generate reports. For more information, check out our previous article on ‘RDA versus RPA: what’s right for you?‘
Benefits of web automation
Customer experience improvement. Web automation helps you provide front-line customer service and address customer needs faster, providing personalized service while the software completes the tasks on demand. The result is a higher level of service and significant customer experience.
Operational performance improvement. You are gaining the support you need with web automation, resulting in increased processing speed and greater output and productivity for individual users.
Processing quality improvement. You get significant levels of accuracy, process adherence, and compliance for requested tasks. Eventually, processing quality is higher for minimal costs associated with error rates and reducing risk exposure for compliance requirements.
Web automation use cases in accounting
Web automation using WinTask takes the most manual elements of an accountant’s workday and does them automatically, often instantly. Also known as computerized accounting software, they do the number crunching and transaction tracking for you.
Let’s look at the core use cases for web automation in the accounting industry.
- Time saver. Most users turn to automation to take slow, dull tasks off their plates, giving you extra time for more valuable (and more interesting) work.
- Improve productivity. Deliver more in the same period. For external accountants, this likely means less billable hours – which may be scary. The same goes for staff accountants who think that they will lose their jobs. But in fact, automation opens more time for partnering with and guide clients towards financial health. And you can now do this more often, for more clients.
- Data accuracy. Humans are great, but we make mistakes, and that’s okay. The more papers and data you process, the more likely you will slip errors in without noticing. On the other hand, the software is designed to repeat tasks endlessly in precisely the same way. So mistakes are far less frequent.
- Retrieve information with no hassle. Accounting automation tools are digital. This means that any documents or data you need are available to you anytime, anywhere — no need to look through old books.
- Secure file storage. We’re all a little worried about data leaks and hacks these days. However, digital file storage is far safer than moving stacks of paper from one place to another. You won’t have to email scans to people anymore; they can log in and see themselves. Secure file uploads are a huge success.
- Work remotely. During the top of the COVID crisis in early 2020, we were shocked to hear from companies that accountants couldn’t help because they couldn’t go to the office. Using web automation, finance teams and external accountants can access the correct files and dashboards from anywhere. Undoubtedly, remote-friendly work is now a necessity.
Conclusion
Automated processes may seem a bit terrifying. You’ve heard about the upcoming robot takeover, where jobs will be replaced, and experience won’t matter anymore. But the automation tools don’t replace accountants. Your employees will have more time to use that experience they’ve developed to guide and contribute strategic insights.
Today, they spend hours every month only copy and pasting or updating spreadsheets. Tomorrow, they could be changing your finance structure or finding creative ways to save the company time and money.
Most importantly, those hand-operated tasks aren’t making anybody happy. They cost the company money, and they drive accountants crazy. The use cases for web automation in accounting that we talked about earlier show why the software was created. It’s time to use it and work more effectively.