Artificial intelligence, automation, blockchain.
It’s fun to think about these tech trends, but let’s not forget that there are plenty of off-the-shelf technologies waiting to be implemented by accounting departments for massive productivity increases.
A recent survey cited in the article finds that:
- 55% of companies have neglected to implement basic automation technology such as OCR or online invoice approvals for accounts payable.
- Another 43% on the accounts receivable side are failing to send invoices electronically or set up customers with self-service portals.
- Only 53% have a tool for automatic journal entry creation.
- Only 31% have automated revenue recognition.
What’s crazy about those stats is that there are plenty of software vendors ready to sell you solutions today that will give you easy wins.
The lesson is clear — it’s time to gather the low hanging fruit! And don’t get distracted by shiny objects.
As usual, keep on scrolling for my collection of the best cloud accounting links I clicked on this past week.