What is a Finance Process Automation Solution?

The functions within finance teams are hugely essential to businesses, regardless of size.

Balancing the books and knowing what is coming in and going out of a company is pivotal for a CFO to understand where the business is going – and how it is weathering the current financial climate.

Using finance processing automation solutions for financial workflows, companies can maximise cash flow and monitoring procedures to gain data-driven insights to help make informed decisions regarding investments, sales, and tax reporting.

Companies that successfully implement finance process automation solutions into teams such as an accounts payable department will not only eliminate arduous finance tasks to give staff more free time and freedom to focus on driving strategies, but it will also be able to show an accurate picture of the company thanks to its precise accounting tools.

The accounting process has various elements that can be automated—AP & Invoice Automation, Accounts Receivable Automation, and Expense Automation. Each process will use an intelligent platform to digitalise each workflow step.

AP & Invoice Automation will use the tools for invoice data collection, approval, coding and management, while Accounts Receivable Automation will automate cash allocation and reconciliation to reduce outstanding debt.

Finally, Expense Automation tools will aim to eliminate inefficient manual expense processing by using the platform to get accurate insights into company expenditure.

What are the Benefits of a Finance Process Automation Solution?

Digitising and automating your finance services has many benefits – from cost savings to the most in-depth and insightful knowledge.

It is said that automation can reduce operational costs associated with invoice processing by up to 80%—indeed, is it worth investing in?

Reduce manual work

As with the benefit of all automation tools, the speediness of extracting data from documents and invoices will save finance teams from tedious manual data entry tasks.

Insightful integration

Automating finance processes with existing systems with other departments within a business will make for easier and more accurate data capture and workflows. From the supply chain through to HR, automation will keep functions consistent.

Speed of approval

Using an intelligent finance process tool, accounts payable teams can create custom workflows to meet approval deadlines and pay invoices on time. This will also increase productivity, which will lead to increased invoice approval. The tools can be modified to suit the teams’ requirements.

Enable expansion

While ease of use is the most significant benefit of integrating finance automation, it also opens up global expansion for a business. The tools have the functionality to comply with international regulations, multi-currencies, and various languages.

Minimise risk

With the most up-to-date and accurate information, CFOs can analyse scenarios to assess potential risks, such as currency fluctuations, changes to interest rates, and inflation.

Interested in finding out more? Get in touch with our experts today.

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Neetika

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