Accounting Blog for Business

Is this the first time that you have encountered the term “Decision Fatigue”? Don’t worry, you are not alone. A lot of people does not even know that this term exists.

Decision fatigue is the impaired ability to make decisions after a long session of decision making. Seems like a minor hurdle right? Not so. It seems like taking a rest in between making important decisions is the obvious brain fatigue treatment, but that’s not the case.

When talking about rationalizing processes and streamlining business operations, it’s easy to overlook the finance and accounting department. Nevertheless, transforming your finance and accounting department into a lean, efficient, and highly productive unit is crucial to your organization.

Here are four steps that you can take to increase your finance and accounting team’s efficiency.

There’s no doubt about it - robotic accounting is the future of the accounting industry. The technology is already within our reach. Accenture estimates that 80% of the finance and accounting tasks to be automated in the next few years.

With these innovation coming in faster than they can count, some accountants, even those among the best, are afraid for their jobs. The misconception is that robotic process automation in accounting will make their tasks obsolete. While their reaction is not surprising, experts say that automated accounting is something that accountants, bookkeepers, and auditors should all welcome with open arms.

To help you understand the issue better, here are some key facts that you need to understand and why you should consider integrating robotic accounting into your process:

Business reports that are riddled with inaccuracies may result in poor judgment among key decision-makers, and thus, future engagements may do more harm to the business than good. For these reasons, the importance of transparency in financial reporting cannot be understated: your reports should accurately capture your current business financial performance.

Every decision you make, no matter how big or small, should be in line with your business development strategies. This is even more true for strategic decisions. Strategic decisions are complex and long-term decisions that are made only by the top executives of your company. These decisions should not be done without sufficient information as they shape the path that your company is taking.

Cash flow forecast is an important tool in any corporate treasurer’s arsenal. By optimising its cash forecasting procedure and liquidity management, a company can make better use of its cash resources.