Did you know that when ATM machines were first introduced more than 50 years ago, many stated that it would be the end of bank tellers? This fear of robots or more precisely, automation, was common among many – yet time has shown that reality is quite the opposite. Automation technology has actually helped to advance modern industry.
With the rapid changing pace of technology, automation is becoming more common. In fact, automation has allowed industries to evolve in ways unheard of a few decades ago. It has been heavily embraced in accounting, banking, manufacturing, and more.
What is Automation?
Automation is the “technique of using an apparatus, systems or processes to operate automatically”. Some of the most popular automation platforms come in the form of software. These powerful tools work with other systems or software such as CRM platforms, and have certain functions to operate autonomously. As the technology evolves, manual tasks are increasingly being replaced and carried out by these platforms.
In fact, 50% of tasks in accounting are able to be automated with the latest e-invoicing automation software. As a business owner, it is important to stay up to date on the latest tools that can improve your business, while providing powerful features that can optimize your operations. A great case for the power of automation can be seen through accounts receivable automation.
What is Accounts Receivable Automation?
Accounts receivable automation is the process of configuring your accounts receivable processes to function autonomously. There are many modern tools available to business owners that can automate the accounts receivable process, such as cloud-based e-invoicing software.
This technology not only modernizes your business but also adds real benefits through its powerful features, such as automatically sending out invoices, reminders, and other communications. These features allow business owners to work more efficiently, without the need for time consuming tasks. Savvy businesses are rapidly adopting these productivity-enhancing solutions since it allows them to focus on higher-grossing aspects of their business.
The Case for Automation
Automation systems improve the way your business functions by completing time consuming tasks. This allows you to focus more time on higher grossing activities and reduces administrative busy work. Automation solutions can reduce human error, as seen in bookkeeping. These solutions can communicate with other systems to provide your team with real time data, positively impacting operations.
Researchers have stated that 25% of jobs in the US are at “high risk” of being automated, since 70% or more of their tasks could be done by machines. It may sound concerning but what is not often considered with such statistics is that as technology evolves, new jobs are also created in the process. A great example is the video game industry, which according to Forbes is estimated to make $300 billion by 2025.
Automation will always be a part of our current society yet time itself has proven that with automation also comes innovation. Innovation leads to new industries which always require more humans to perform more jobs. These innovations come in the form of solutions that can improve your business, with features that can save you time and money. As a modern business owner, it is essential that you automate aspects of your business to stay current with crucial business trends.
Overdue invoices negatively affect cash flow. 82% of businesses fail due to cash flow issues. Biller Genie is a cloud-based solution that automates accounts receivable from bill presentment, to follow up, and collection – without changing your current process. The Genie does all the heavy lifting for you with no new software to learn, it easily integrates with your accounting system, and you get to keep your existing payment processor. As a result, our average subscriber sees a reduction in outstanding balances by 40% and gets paid up to 15 days faster. We wish to take away the headaches involved in accounts receivable. Click here to learn more.