Modernize Your Finance Department: Automate the Routine, Lead the Strategy
In a large number of corporate finance departments the workday does not start with strategic analysis but with spreadsheets. Teams spend hours manually copying the details of invoices into ERP systems, matching bank statements to the internal ledgers and looking for missing receipts on employee expense reports.
If your accounting staff are spending eighty per cent of their week working as human data routers, they will have very little time remaining for analysing performance or for preparing the high-level reporting materials needed by executive leadership. In order to move beyond this manual routine it is necessary to automate the daily operational tasks which hinder productivity.
1. Automated Bank Verification
Vendor and employee bank account fraud is one of the costliest and most preventable risks a business faces, and bank details rarely stay static. Routing and account changes get requested throughout the life of a vendor relationship, and most companies still have no fast, reliable way to confirm a change is legitimate before money moves.
Fast Accounting’s bank verification agent closes that gap. Send us a request for a new or updated account, and we extract the data, validate it against the bank’s owner-of-record, and return a confidence score. No more chasing down contacts across time zones to verify a change by phone. With coverage across the United States, Europe, India, Mexico, and more, it’s the most comprehensive cash-distribution assurance available today.
2. Streamlining Expense Reports
Reviewing employee expenses for policy compliance and receipt accuracy is essential, and it’s one of the most time-consuming, low-value tasks in accounting. Someone still has to check every entry against policy and match every receipt by hand.
Fast Accounting’s approval agent does both automatically, surfacing only the exceptions that actually need a human, for management to review or an employee to correct. The result: significant time back for accounting and AP, and a measurable lift in policy compliance across the board.
3. Smart ERP Data Entry
In addition to verification and the management of expenses, automated accounting takes on the tedious task of general data entry. Today’s systems make use of intelligent document processing to extract vendor names, tax IDs, invoice numbers, and line items directly from the documents that come in and input them straight into your ERP system.
It gets rid of any mistakes caused by manual data entry while at the same time automatically applying your internal approval rules before any transaction is sent for payment.
Shifting from Processing to Strategy
It isn’t about replacing your finance team when you automate these repetitive tasks; it’s about bringing out their true value.
Once your team no longer has to key in invoices or hunt down missing receipts, all their attention can be directed elsewhere. They then have the spare capacity to carry out cash flow forecasts, assess vendor pricing models, and produce clean, audit-ready reporting packages for the headquarters in Tokyo and the regional executives.
By switching from manual to automated processing, you provide your accounting department with the mental space and time needed to advance your business.
If you would like to find out how Fast Accounting US can automate your bank verification, expense management, and ERP processes, please fill in the contact form below to ask for a tailored demonstration.
Let’s Build What’s Next Together
If these strategies sparked ideas for your own business, we would love to help you execute them. Take the first step toward effortless, real-time accounting by sharing your information below. We will reach out shortly to schedule a brief strategy session.
