Here are ten potential automation workflow ideas for accounting tasks:
- Invoice processing: Automate the creation and distribution of invoices to customers, and the tracking of payments.
- Bank reconciliation: Automate the process of matching transactions recorded in a company’s accounting system with those reported by the bank.
- Fixed asset management: Automate the tracking and maintenance of fixed assets, such as equipment and property.
- Accounts payable: Automate the process of paying bills and vendors, including the tracking of expenses and the creation of payment schedules.
- Accounts receivable: Automate the process of collecting payments from customers, including the generation of invoices and the tracking of outstanding balances.
- Budgeting: Automate the creation and tracking of budgets, including the comparison of actual performance to budgeted amounts.
- Payroll: Automate the process of calculating and distributing employee pay, including the tracking of time worked and benefits.
- Tax preparation: Automate the preparation and filing of tax returns, including the calculation of tax liability and the submission of tax documents.
- Financial reporting: Automate the creation of financial statements and other reports, such as profit and loss statements and balance sheets.
- Auditing: Automate the process of reviewing and verifying financial records, including the identification of discrepancies and errors.