According to some industry estimates, accountants spend up to 40% of their time working on non-billable tasks. While some of this work can still help your firm grow, it can also represent an opportunity to increase profits and clientele without adding to your headcount.
Automating some of your firm’s tedious and routine tasks like payroll processing, accounts receivable, and forecasting can free up valuable time that your employees can then spend on your highest-value work. As a professional services automation software, coAmplifi enables you to automate these tasks and more so you can run a tighter ship.
Benefits of Accounting Automation
Aside from freeing up valuable time, accounting automation software can benefit your firm in the following ways:
- Increased data accuracy: Manually completing any task comes with a risk of human error, such as forgetting a decimal point or misplacing a number. Automation software helps ensure data accuracy and consistency, which is important for your work quality and reputation.
- Quicker turnaround time: Saving time means that your firm can turn projects around faster and with more accuracy, which can help make your firm more competitive.
- Reduced costs: Automation can process more records in less time at a lower cost, saving you money.
- Improved productivity: With more time spent on tasks that bring your firm the most value, your team’s overall productivity will improve, enabling team members to take on more projects without burning out.
- Easier forecasting: Automation can help with decision-making by tracking and analyzing historical data and trends so you can accurately forecast cash flow and resource needs.
Tasks Your Firm Can Automate With coAmplifi
coAmplifi was designed with accountants in mind. The point of the software is to make your life as easy as possible so you can focus on the work that matters most. Here are a few automation features offered through coAmplifi that can help you reduce mundane (but necessary) tasks.
Time Tracking
coAmplfi’s timecard feature allows your firm to automate time tracking, scheduling, workload predictions, and documentation by linking directly to each employee’s calendar. Billable hours are then transferred over to the billing module automatically for submission to your accounts receivable team for client payment, eliminating multiple human steps in the process.
Client Billing
Once received, billable tasks and time are attributed to a pre-bill that can be reviewed and adjusted as needed rather than starting from scratch. You can easily correct the time worked and add write-offs before submitting them to your accounts receivable team for payment.
This automation feature helps speed up the time it takes for your firm to be paid for completed work. It also reduces errors associated with manual processes.
Project Management
The nature of accounting means juggling multiple projects at once. Instead of manually staying on top of individual deadlines and missed assignments, you can receive alerts when a deadline is in jeopardy or an assignment has been missed so potential quality issues can be caught early.
coAmplifi’s project management feature also helps employees stay on top of their own work and deadlines with task reminders and real-time progress bars that can be seen by anyone in your firm. This increases accountability and a sense of ownership over their work while also keeping expectations clear.
Business Data Collection
Since coAmplifi is an all-in-one solution that combines time tracking, communication tools, calendars, and project management, data from all of these features is automatically tracked and analyzed together to give you comprehensive insights into your business.
A few business analytic measurements coAmplifi tracks include:
- Productivity (quantified as a numerical value based on time spent on tasks)
- Cost of productivity
- Meeting time rates
- Employee retention and turnover
- Year-over-year comparisons
- Recruitment costs
- Profitability
- Time spent on specific tasks per role
These metrics are calculated in real time, so you’re always viewing the most up-to-date numbers for better decision making.
Work-Life Balance Reminders
Burnout is a major challenge in the accounting industry, with 99% of accounts reporting high levels of chronic stress. This can lead to increased mistakes, higher turnover, and greater recruitment costs.
coAmplifi helps accounting firms boost work-life balance by reminding employees of the importance of taking breaks. Employees receive alerts reminding them to take their scheduled meal breaks. They’re also notified when it’s time to start and stop work for the day and when they’re about to work overtime. This is especially important for accountants who work remotely and may not realize they’re working late.
Increase Billable Hours With coAmplifi
Automation in accounting can save you time, money, and costly mistakes. It can also help improve your firm’s productivity and reputation and allow your employees to do more of the work they enjoy.
coAmplifi has the tools you need to automate routine tasks and manage your workforce all in one platform. Learn why other accounting firms are using coAmplifi. Request a free demo!
