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Five finance tasks that are ripe for automation

Five finance tasks that are ripe for automation

If you're on the hunt for fresh strategies to future-proof your finance operations, this article has got you covered with:

  • Insights into the finance tasks that are ripe for automation and the ones that make the most sense to automate.
  • Exploring the perks that come with embracing finance automation.
  • A rundown of the top five finance tasks that are just waiting for automation.
  • Pointers on where to dive deeper into the realm of finance automation.

Which finance tasks can – and should – be automated?

The impact of finance automation is far-reaching, especially in its potential to free up significant chunks of time for finance teams. Numerous financial processes boast a strong potential for automation, as evidenced in a PwC* benchmarking study that caught the spotlight.

What is automation and its benefits?

Finance automation involves using software to redefine financial processes and operations. It reduces manual, time-consuming administration, allowing finance professionals to be more strategic and expand their role and influence across their business.

Some of the top benefits of finance automation include:

  • Increased data accuracy
  • More time-efficient processing
  • Reduced risk of fraud
  • Improved decision-making and data visibility

The five key finance tasks that are ripe for automation

  1. Accounts payable:
    Document scanning and digital storage can eliminate paperwork and significantly reduce manual processing.
  2. Streamlined expense management:
    Introducing a mobile expenses app that can be used on the go instead of the time-consuming expense claim process.
  3. Seamless integration and data accuracy:
    A cloud-based system that can integrate with other business systems, and your bank accounts reduces the chances of errors and data gaps due to re-entering data.
  4. Bad management reports:
    Multi-dimensional analysis allows customisable reporting to provide useful reports and business intelligence.
  5. Consolidated group reporting:
    Automated consolidation reporting software will take away from the month-end headache.

Find out more about finance automation

Download our Guide to Demystifying Finance Automation. You'll learn:

  • How to select a finance system that’s a good fit for your business
  • Building your automated workplace and onboarding a new system: capture, processing and reporting
  • Seven steps to automating your finance function

Watch our  webinar recording ‘The Intelligent Finance Tech Stack: Automating your finance processes’

*The PwC Finance Benchmarking Report


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