As we move towards a more technology-driven world, it's important for business owners to adopt a "work smarter, not harder" mentality. One way to achieve this is through workflow automation with ERP software like NetSuite.
Workflow automation involves the use of software tools to streamline business tasks and processes. By automating repetitive tasks such as data entry, account payables/receivables, reconciliation, and reporting, businesses can free up time to focus on more value-added activities such as analysis and strategic decision-making.
There are several benefits to workflow automation for businesses when it comes to accounting and bookkeeping tasks, among other areas.
First, it can help improve accuracy and reduce errors. Automated systems can catch mistakes quicker than humans, and can also help ensure consistency across all areas. With that, it even makes forecasting easier and quicker, knowing that the data is accurate.
Businesses can only be prepared for the future if they know what to expect. Forecasting uses historical data and other inputs to predict future sales, revenue, expenses, and other figures. The accuracy level of forecasting improves with an ERP system because they're based on more accurate and comprehensive data that is easily pulled together from the same place.
Second, workflow automation can help increase efficiency and productivity. By reducing the amount of time spent on manual tasks, businesses can complete work quicker and with fewer resources.
Many of the basic tasks that get done within a business, the ones that tend to end up taking the most time, can be automated through NetSuite to free up valuable time for employees.
Finally, automation can also improve communication and collaboration among team members. Automated systems can provide real-time updates and notifications, allowing team members across various areas of a business to work together more seamlessly and efficiently.
Examples could include having a sales department that can easily communicate with a warehouse to know accurate inventory levels or a warehouse that can relay those inventory numbers to an accounting department for reporting and purchasing. Having clear communication across departments of a business is key to being successful.
Where To Start
To get started with workflow automation, businesses should begin by identifying areas of their workflow that can be automated. This may involve working with an outsourced service provider to provide guidance and the support needed to move to automate areas of a business.
Overall, adopting a work smarter mentality through workflow automation can help businesses improve accuracy, increase efficiency and productivity, and improve collaboration and communication among team members. By investing in the right technology tools, companies can stay ahead of the curve in a rapidly changing business environment.