But it Doesn't Mean that Robots are Taking Over Accounting Departments
Does streamlining accounting processes mean that finance departments are being taken over by robots? The point was made in a Wall Street Journal blog post about the trend of large corporate finance departments using accounting software to perform bookkeeping and accounting tasks.
"Businesses use these programs to save time and staffing costs. Since 2004, the median number of full-time employees in the finance department at big companies has declined 40% to about 71 people for every $1 billion of revenue, down from 119, according to Hackett Group, a consulting firm."
Also mentioned: "Big companies employ 44% fewer full-time information-technology workers and 20% fewer human resources workers than they did a decade ago, at least in part because automation has cut the number of employees needed in these department too."
Processes ripe for automation
Here at SBS, we've known for some time that the trend is not limited to large corporate finance departments – our customers are mostly mid-sized and multiple location companies. They've been streamlining their accounting processes by:
- Utilizing the paperless office
- Automating the disbursement process
- Implementing electronic approvals processes
…to name just a few of the time- and money-saving approaches.
Streamlining accounting processes increases productivity and reduces the chance of errors made by humans. It also frees those humans to do higher level tasks such as financial analysis of company trends.
Far as we know, no robots have reported for work at any of our or customers' companies. Don't fear the robots. Embrace the productivity and budget-enhancing benefits of a streamlined accounting process.