With a document automation tool like Templafy, you can stop wasting time on repetitive, manual tasks and start focusing on more important work.

Document automation software is a game changer for accounting. Before, you probably had invoices, expense reports, tax return files, and other financial documents spread around in sheets, documents, and emails. Content that you needed to regularly update manually with new dates, branding, and legal terms. 

Not anymore.

Document automation enables accountants to streamline workflows, reduce repetitive tasks, and get proper sleep knowing that the numbers add up. But what is document automation for accounting, how is it used, and how can you get started using it? Let’s crunch the numbers and take a deep dive into the tool!

What is document automation for accounting?

Document automation is software used by accountants to automate processes for building, editing and managing accounting documents. With automatically updated templates to build from and APIs pulling in data from CRM systems, the tool helps accountants save time on manual, repetitive tasks such as filling in mandatory information like dates, legal disclaimers, and company information. 

A document automation tool like Templafy consists of three main components:

• The Library: Here, pre-designed digital assets are collected, managed and presented to the user. This saves time that would otherwise be spent searching around in different applications to find the material needed.
• The Builder: This is where the magic happens. Users can quickly drag-and-drop assets from the Library to craft compelling documents and presentations in no time.
• The Validator: Finding and fixing errors, ensuring branding is consistent with company guidelines, and making sure all details are up to date can take a lot of time. The Validator does this automatically, instantly.

Which tasks can accountants use document automation for?

Document automation can make accountants more effective in every part of their workflow. It’s your financial assistant that’s with you at every step of building, editing, and managing all types of accounting documents needed for bookkeeping, financial reporting, payroll processing, and tax preparation.

Let’s take a closer look at how document management software for accountants can save time when producing a financial report, tax statement, or similar document:

1. Choose a template: First, you’ll need a template. Normally, you’d probably find a standard template or choose a similar document you previously made. This may be blank or outdated, so you would have to fill it in or update it manually. Document automation software knows what you need and will provide you with a pre-made company-approved template to build from.
2. Building the document: Accounting automation software pulls in mandatory information automatically, and by answering a few gating questions, fills in the blanks as well. Now, you just have to put in the specifics, and there’s no need to spend time on visualizing financials according to your company branding guidelines – you simply go to the library and pick pre-built accounting assets that you easily drag-and-drop into the document.
3. Connect to other systems: Document automation tools talk to other systems. This makes accounting way easier, as you don’t have to search around and collect the data you need from CRM, accounting, or other systems. Automation management tools can connect to these systems with an API and pull in the data automatically, saving you time and repetitive clicks.
4. Double-check: A typo in a blog post could be embarrassing – in a financial statement, on the other hand, it could be critical. That’s why every accounting document should be double or triple-checked before it’s sent out into the world. Many document management tools for accounting can validate your document and alert you or correct typos automatically.
5. Track the delivery: Once you have built and validated your document, you can save it to your accounting system or where it best belongs. You can also use the document automation tool to send it off right away to get real-time insights into how the recipient engages with the document.

Why is document automation important in accounting?

Typos in financial records, tax reports, contracts or income statements can be disastrous. It can lead to regulatory penalties, tax implications or a damaged reputation. For listed companies, a wrongly placed zero can even move stock markets. That’s why it’s imperative to implement safety measures to ensure that every accounting document is validated before being sent out in the world.

If you use accounting automation software, the tool will be running silently in the background, constantly on the lookout for any wrongly inputted data, typos, or other inaccuracies. If it finds anything, it will notify you of the error, and either fix it or make sure you fix it before the document is finalized. This enables you to focus on your work knowing that any mistake will be discovered.

How can a document automation tool enable more sales?

Documents are more important in the age of virtual and hybrid selling, and cross functional alignment is important for sales enablement in any streamlined organization. 

By providing salespeople with a document automation tool and productivity tools, you can enable the team to work more effectively as time can be spent on opportunities, prospects, and negotiations instead of logo variations, aspect ratios, and color palettes. 

Sales reps will have more time for core sales work as the high data accuracy of the doc auto tool will save time that would otherwise be spent fact-checking and aligning. This can improve productivity and ultimately lead to better sales outcomes.

How does document management for accountants save time?

Comparison: Templafy vs. HotDocs

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