7 Accounting Tasks You Can Automate Today to Free Up Time for Strategic Planning

In today's fast-paced business environment, accountants and small business owners need to focus on strategic planning rather than getting bogged down by repetitive tasks. Accounting workflow automation is the key to achieving this balance. Let's explore seven accounting tasks you can automate today to free up valuable time for higher-level thinking and planning.

1. Bank Statement Reconciliation

Manual reconciliation of bank statements is time-consuming and error-prone. Automating this process can save hours each month and improve accuracy.

• Use tools like Rapid Statement to convert PDF bank statements to spreadsheet formats quickly
• Implement bank feeds in your accounting software for real-time transaction updates

2. Expense Management

Automating expense management can streamline the entire process from submission to reimbursement.

• Implement expense management software like Expensify or Concur
• Use OCR technology to automatically capture receipt data
• Set up automatic approval workflows based on predefined rules

3. Accounts Payable

Automate your accounts payable process to reduce manual data entry and improve vendor relationships.

• Use AI-powered invoice processing tools to extract data from invoices
• Implement electronic payment systems for faster, more secure transactions
• Set up automatic reminders for due dates and early payment discounts

4. Financial Reporting

Generating regular financial reports can be time-consuming. Automation can provide real-time insights and save countless hours.

• Use cloud-based accounting software with built-in reporting features
• Implement dashboard tools like Tableau or Power BI for visual financial analysis
• Set up automated report generation and distribution schedules

5. Payroll Processing

Payroll automation can reduce errors, ensure compliance, and free up significant time.

• Implement cloud-based payroll software like Gusto or ADP
• Set up automatic tax calculations and filings
• Use time tracking integrations for accurate hourly wage calculations

6. Cash Flow Forecasting

Accurate cash flow forecasting is crucial for business success. Automation can provide more accurate and timely predictions.

• Use AI-powered forecasting tools like Float or Fluidly
• Implement automatic data import from your accounting software and bank feeds
• Set up scenario modeling for better strategic planning

7. Audit Trail Documentation

Maintaining a comprehensive audit trail is essential for compliance and can be time-consuming if done manually.

• Use accounting software with built-in audit trail features
• Implement document management systems for automatic version control and access logging
• Set up automated backups and archiving of financial data and documentation

By automating these seven accounting tasks, you can significantly reduce the time spent on routine activities and focus more on strategic planning and analysis. Remember, the key to successful automation is choosing the right tools for your specific needs and ensuring proper integration with your existing systems.

As you embark on your automation journey, consider starting with the most time-consuming tasks first. For many accountants and small business owners, bank statement reconciliation is a great place to begin. Tools like Rapid Statement can quickly convert your PDF bank statements into usable spreadsheet formats, saving hours of manual data entry and reducing errors.

Embracing accounting workflow automation is not just about saving time; it's about empowering yourself and your team to make more informed decisions and drive your business forward. Start automating today and unlock your potential for strategic growth.

Stop letting PDF bank statements slow you down. Join thousands of users who have transformed their workflows with Rapid Statement. Sign up for our free plan today and experience the fastest way to convert PDF bank statements to CSV, Excel & more.