So you’ve automated the accounting department, and your processes have become more streamlined and no longer require hours of manual work to complete. A question that might arise is: what do you do with your accounting staff now?
There are several areas you might consider branching out to with your accounting staff now that they are freed from completing hours of manual data entry and paper-based processes. Here are 4 ideas:
- Supply chain management: Are you getting the best deals and service possible for your products? Are there more cost-effective alternatives that you have yet to explore because there simply hasn’t been time? Assign a newly freed-up accounting staff member to examine your current supply chain and determine whether any changes should be made
- Vendor management: When was the last time your accounting staff took a thorough look at the terms of your vendor agreements? Are you getting the best terms for the products you use or can you negotiate a more beneficial arrangement?
- Invoice management: Your accounting staff is used to keying in the information from invoices, but have they ever assessed the line-item details? Do you really know what you’re paying for? Now that your employees no longer have to spend hours retyping invoice data, give them the opportunity to examine your invoices and determine whether you’re inadvertently paying for duplicate services. You might find that you can consolidate vendors and save a significant amount of money.
- Prompt payment discounts: Most of your vendors likely offer a discount for paying your invoices early. Over the course of a year, these discounts can add up to a significant savings for your organization. Assign an accounting employee to ensure your invoices are paid promptly and make sure you are receiving the discounts your vendors have promised.
Freeing up your accounting staff from manual data entry creates a huge opportunity for your employees to shine in areas that will make a significant impact on your company. No longer limited to punching in the same monotonous information day in and day out, your staff can be empowered to make better use of their time. Not only does this lead to better outcomes for your organization, but it has the potential to improve morale and job satisfaction within the department.