MYND Business Process Automation - The Complete Guide 2023

Business process automation, also known as BPA is an AI technology adopted by businesses to streamline and optimise processes in order to improve efficiency and productivity. By automating manual and repetitive tasks, organisations enjoy the freedom to direct employees towards higher value tasks, speed up operations, increase accuracy, and reduce overhead costs significantly. A few examples of manual and repetitive tasks are data entry, approval, notification, invoice, etc. Business process automation can be customised for different departments within the organization, like finance, accounting, human resources, marketing, customer service, distribution, supply chain management, vendor management, and more. The renowned automated software developers like MYND also create business process automation software to suit the unique needs of an enterprise.

 The benefits of automating bookkeeping and accounting service- 

  1. By using advanced tools, an organisation can save itself the hassle of maintaining innumerable spreadsheets, records, and invoices. Software, on the other hand, has the ability to skim through terabytes of data in seconds, producing the exact data in the blink of an eye.
  1. A machine can never go wrong. Since automation leaves no place for human intervention, there is absolutely zero risk of man -made errors and challenges. This, in turn, quickens the approval process as one does not have to check for errors.
  1. Documents stored in the digital space can be assessed anytime and can also be shared with others at any point of time. Hence, digital documentation enhances transparency within an organisation's hierarchy, makes the organisation agile at all times, and also saves the organisation from any kind of unethical financial practises like, invoice fraud, payment fraud, etc. These functions are in line with the organization’s core pillars, philosophies, values, mission, and vision.

To make a business future ready, MYND offers the following accounting and bookkeeping related functions- 

GAAP/ IFRS complaint reports for bookkeeping and accounting, COGS calculation and inventory accounting, payment towards vendors, payment for expenses incurred by employees, invoicing and collection from customers, fixed asset accounting, payment reconciliations, month end closing, reporting, cash flow statement, forecasting of cash flow, order support, financial statements in a consolidated form, controllership activities, virtual CFO services, etc.

MYND’s business process automation software encompasses an array of GL accounting related services. One of the reasons why MYND's one stop bookkeeping and GL accounting services app is preferred by industries is the fact that MYND's software has a scalable model. That is to say, the outcomes can be analysed, referred to, and calculated at any given time. By minimising the allocation of time and efforts on repetitive tasks, startups and midsized businesses can focus more on tax support, payables, liaisons, and collections. MYND's solutions are capable of integrating all sorts of accounting standards—even the complex and dynamic ones. 

It is quite understandable that taxation and corporate laws get quite complex at the state and national level. With automated software, adhering to existing laws and incorporating periodic amendments becomes easier. As a company grows, it must manage larger amounts of financial data as well as a plethora of transactions that frequently occur across geographical timelines. Hence, to scale operations, organisations are choosing automation over hiring additional staff. 

A world class AI enabled attendance and payroll software ensures that every bill is paid on time and accurately. This, in turn, builds a lasting bond between employers and employees. Trust and a positive work environment have much to do with building this trust. Apart from cost optimization, an automated solution calculates tax, overtime pay, employee attendance, leaves, and the performance index of employees. This software solution from MYND, therefore contributes to both employee satisfaction and revenue generation for the employer.

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