As an accountant I have lots of conversations with business owners across various industries on a daily basis. And I’ve noticed that the topic of automation is coming up more frequently and, also, that many are scared or unsure about the technology. But is there any reason you should be afraid of automation?
Why people are scared of automation
Automation can scare people off if they haven’t used it before. And I guess that is understandable as the misconception is that technology will come in and replace jobs and therefore make people redundant. Additionally, people might also feel that they are losing control or that automating parts of their business makes them disconnected to this area.
The way I see it is that technology will never replace a human. AI is never going to have the same impact on a client as your interaction with them does. Instead, if used wisely, automation can complement your existing business processes and make your tasks smoother and more manageable.
The benefits of automation
If you’re just starting to introduce automation into your business it’s best to start with the mundane repetitive tasks. It shouldn’t be seen as a way of replacing someone’s job, it just means that the boring tasks can be left to AI whilst your team members put their efforts into tasks that require knowledge and skills. This means your employees will become much more productive and probably enjoy their job more too.
When your team members are assigned tasks which require skill it will increase morale. They’ll feel that their role is much more meaningful and it will encourage them to work harder which will boost efficiency.
And if you are the one usually carrying out these tedious tasks, it’s even better! That now frees up your time to concentrate on your area of expertise and focus on growing your business.
Repetitive tasks often lead to mistakes. When left to automation there’s less chance of this happening, as we are eliminating the risk of human error. Let’s face it, we all make mistakes - especially when tasks are repetitive and boring.
Things you can automise in your business
Here are a few examples of things you can automate in your business:
Automating accounting tasks that involve expense reports, invoice processing, and purchase orders will save time, help with cash flow, forecasting, financial reporting, and decision-making.
Invoicing. Create and edit invoices that your preferred software system emails out. The software will also monitor whether or not the invoices have been paid and issue reminders on your behalf.
Expenses. Tools that automate the processing of expenses. They can scan receipts to capture relevant information, which can then be uploaded directly into accounting software packages in a user-friendly format, allowing instant reconciliation. The tools enable automatic codification of expenses and can produce real-time expense reports.
Payroll. Running a payroll can be a time-consuming task. Automated payroll software can take the pain out of payroll, by automatically calculating wages and managing deductions such as tax, NI contributions, and pensions.
Getting the right balance
It’s important not to forget that automation can’t do everything, and that it is there to leverage automation for efficiency within your business and you need to implement your automation with a client centric approach.
Think about what your client would want and how they will be affected. Invest time into training the right people to use automation effectively. Automation is nothing without the right people controlling it.
Getting the balance of automation right is essential for it to be successful.
The human touch
Finally, have you ever spoken to a bot online and got really frustrated that they haven’t got the answers you’re looking for? I know I have! Using a bot to respond to chat’s is OK in the short term if it gives clients the answers they’re looking for. But if your client has an ongoing issue, or a question that can’t be answered by AI, they’d much rather be able to pick up the phone and speak to someone who has empathy and understanding of their situation.
AI is never going to show feelings or emotions and can therefore not completely understand you or your clients needs. Communication is key to client relationships, so I recommend keeping this in mind when introducing automation.
At Pinnacle Advisory Services we use automation to integrate various software which is helpful for our clients and help us streamline our processes. We use automation to our advantage to ensure we’re as efficient as possible. However, we are always here at the end of the phone to answer any questions you may have.
If you’d like a video call with a real human being about your business finances, then book a call with us today.
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