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3 steps for transforming your accounts production process

14th Jun 2024
Brought to you by
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Wolters Kluwer provides software to tax and accounting professionals.

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Have you found this content useful? Use the button above to save it to your profile.

It’s no secret that accounts production is a time consuming and manual process. That’s why we need to transform it. But how? 

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Manual processes are being transformed due to more efficient systems, with automation playing a significant role in businesses’ development. Automation tools are changing the way teams work, the role that they play in an organisation, and how efficiently they operate.  

Accountants work in a high-pressured environment and efficiency is key. In addition to data analysis, the corporate finance team is responsible for adhering to all compliance requirements. Fulfilling accounts production commitments is one of the central pillars of compliance, however, constant changes in legislation and accounting guidelines make fulfilling compliance tasks onerous and inefficient. 

The good news? Accounts production is being revolutionised by automation. Through streamlining processes and eradicating tedious tasks, accountants can save time and money while remaining compliant.  

Here, we look at three steps you can take to revolutionise and transform your current accounts production process through automation.  

1. Evaluate your current process 

Before diving into choosing your software provider, it's crucial to understand your current accounts production processes.  

Map out each step involved, identifying bottlenecks, repetitive tasks, and areas prone to error. This evaluation helps pinpoint where automation can have the most significant impact. 

  • Conduct a thorough audit of your existing workflow. 

  • Engage your team to get insights into pain points and inefficiencies. 

  • Prioritise processes that are time-consuming and prone to errors for automation. 

2. Choose your automation tools 

Not all automation tools are created equal. Selecting the right software that aligns with your team's needs and compliance requirements is essential. Look for tools that offer comprehensive solutions for data entry, report generation, and compliance checks. 

  • Research and compare automation tools tailored for accounts production

  • Opt for software that integrates seamlessly with your existing systems. 

  • Ensure the tool you choose has robust compliance features to keep up with regulatory changes. 

3. Implement and monitor your new systems 

Once you've selected the appropriate tools, it's time to implement them. Start with a pilot program to ensure the software integrates well with your existing processes and addresses the identified pain points.  

Continuous monitoring and feedback are vital to ensure the system works efficiently and evolves with your needs. 

  • Roll out the software in phases, starting with the most critical processes. 

  • Train your team thoroughly to ensure they are comfortable using the new tools. 

  • Set up metrics to monitor the performance and impact of the automation. 

Automating your accounts production processes can revolutionise your team's efficiency and accuracy, allowing them to focus on strategy and the client experience. 

Interested in how Wolters Kluwer can automate your accounts production process?

Learn more about our Accounts Production solution.