Why Finance Automation Matters to your Business

Automation technology is driving the world in a new way. It has been increasingly popular in every sector of the world. In this article, you will learn about finance automation. So keep reading on to know more.

Like other automations, finance automation can be used to make the most out of a business accounting and finance. Here we will break down the term so you can easily understand and apply it in your business.

Finance Automation

It is nothing but a way to employ some tools and software for getting the finance jobs and tasks done effectively and efficiently.

According to Mckinsey.com, around 45% of business activities that require paid individuals are automatable through AI and software. Several reports also say that the robotic process automation market will show compound growth in a few years. As per Marketsandmarkets.com, the RPA market will reach $2467 million by 2022. With all these reports, findings, and studies, it is now clear that businesses must think about automation.

Many players in the market are already getting benefits from finance automation. Because they have understood that automation is the future. Moreover, before going ahead, you will have to know the tools and software for automation. You can consider it as the fundamentals of automation.

Look at these must-have tools to automate your finance jobs

Automated payroll solutions

A payroll management software is the first must-have you will need. You can go with any software that best suits your business and requirements. For example, you can use QuickBooks, a software that allows you to manage things like bank reconciliation, invoices, tracking expenses in addition to payroll.

Automated purchase order solutions

Another automation tool you will need is an automated purchase order solution. For this, you can use Teampay that will make the financial tasks 10 times easier. It helps you in the procurement process, payment reconciliation, and spend management. Once you have this software, you don’t need to fumble with Excel spreadsheets to manage expenses and purchase orders.

Automated finance analysis solutions

As a finance analysis solution, you can use Klipfolio. It lets you access the data from all connected apps and software like QuickBooks, Salesforce, and Google Analytics. On the dashboard of the software, you are able to see things like account status, expenses, cash, burn, MRR, and more.

Automated corporate tax solutions

One of the best automated corporate tax solutions is Datamolino. It can save you multiple hours from finance tasks like uploading bills, invoices, receipts, scanning PDFs, and more. The software will automatically grab the information and make them easily accessible. During tax seasons, you can make the most out of it by getting all the files and documents ready for access.

Automated invoicing solutions

It is one of the needs of a finance controller. For this, you can InvoiceSherpa. This tool takes care of accounts and receivables to the invoices can be paid on time without any delay. This software reminds the clients about their due invoices and allows them to pay in their comfort. In addition to it, it takes care of all your data through full-service accounting software.

Why is finance automation necessary for businesses?

Let’s see the reason why finance automation is necessary for businesses.

Provide smarter financial analysis

When you employ an automation tool in your business, it starts taking care of the entire financial ecosystem. It automatically creates business reports like profit & loss statements, cash flow statements, income statements, and more. With the help of these critical reports, it becomes easier for you to make important decisions and know the current profitability.

In addition to it, you are also able to monitor your business from top to bottom. An automation tool eliminates the need for formulas for different financial calculations.

Eliminate manual errors

As human beings, we can make mistakes and correct them as well. But in the finance world, if an accountant makes any accounting errors, it can cause some serious issues. Software that automates accounting is designed to get the job done without any risk. You can also automate software for manual data entry and balancing accounts.

Save time and money

If you look at the daily job of an accountant, they perform tasks like data entry, invoice processing, reimbursements, reconciling accounts and payables & receivables, and more. All these tasks require a lot of time and money. For this reason, you can automate all such tasks to save money and time. The software will also perform all these tasks efficiently without any errors.

Overall, accounting automation means rapid financial operations with full accuracy and speed.

Minimum risk of fraud

Your business can be at risk if you are not able to manage your business data. For example, you can face financial fraud if there is any data leak. You should know that your business information is at risk if you are still using old-fashioned spreadsheets to store data.

To make your business information safe, you can use finance automation software that will perform data management without any risk and compromise.

Conclusion

This is all you will want to know about finance automation in a business. To know more, kindly read the full article.

Visit Original Blog: Why Finance Automation Matters to your Business