The evolution of accounting.
Accounting dates to over 7 millennia back to ancient Mesopotamia and Babylon. This shows how the need for financial management has endured the test of time. The tools used to balance books have evolved with the times.
Today accountants face increasing complexities in global transactions, talent acquisition, tools, expanded rates, and new challenges.
Automation is crucial to cope with these challenges that include workload and ever-increasing expectations for speed and transparency.
Spreadsheets, which is a traditional tool, offer suffer from errors and functionality gaps, necessitating automation and new technology training.
The internet has increased data complexity and global transactions, demanding more agile accounting capabilities.
Finance departments play a crucial role in cross-functional strategic direction, demanding real-time data for informed decisions.
Accounting apps and virtual services are changing how businesses interact with finances, urging technological flexibility. Thomson Reuters “Accountancy in 2028” survey found out that 95% of the accountants surveyed said their roles were likely to change due to technology, three tasks that would be automated by 2028 are likely to be bookkeeping, data collection and tax returns.
Automated Reconciliation technology streamlines data monitoring, minimizes risk, and enhances decision-making. It ensures a comprehensive audit trail ensuring transparency at every stage.
How does Churpy take part in the evolution of automation?
Churpy Incorporated offers a product called Churpy automated reconciliation and it offers the following benefits:
1. User Centric Design.
2. AI Powered Rules Engine.
3. Real-time Analytics.
4. Customize Modules.
5. High-Capacity invoice load.
6. ERP Integrations- it comes integrated to the major ERPs such as SAP ECC, SAP Business One, Microsoft Dynamics 365, Oracles E-Business Suite, Quickbooks.
These benefits offer scalability, reporting capabilities, increasing customer satisfaction and efficiency.
Effective accountancy function can transform a business, helping it achieve its goals from hiring and procurement to supply chain and sustainability.
Automation can drive effectiveness, and transform businesses, offering growth, cost savings, and regulatory compliance.
Churpy Inc specializes in automation of reconciliation process with our product Churpy Reconciliation, which helps your company automate the end-to-end payments reconciliation.
Book a demo with us and learn more on how we can help you automate your payment option and scale better heights.