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5 Finance Tasks You Could Automate

5 Finance Tasks You Could Automate

Finance Tasks You Could Automate – If you’re not automating these 5 Finance tasks you’re missing out on significant savings in time  money and quality of life at work.

Reminders and Alerts (for other departments)

How much time does your team spend reminding people outside of your department, over and over again, to do their jobs? Sometimes they feel as if they are being scolded, and relationships become strained. Automatic reminders eliminate the feeling of scolding and help build relationships within the organization.

How many times have you sent an email with many people in the “to” or “cc” line? If you base your management on email, leaving someone out of communication is easy. It also happens frequently that people are included by mistake and access information they should not access. With automatic alerts, this is a thing of the past, as the system will only notify the people set under certain conditions and rules.

  1. Fingering and Data Synchronization

Are there people in your organization who sit typing data from documents and spreadsheets all day? Think about how much time your team is spending on data entry that you could delegate to a robot or virtual agent, freeing your team from repetitive tasks that don’t add value.

What is the quality of the data after 2-3 hours of intense typing? This is a misuse of all the value that your collaborators could be contributing. Once the bots enter the data. It is validated with rules and can be seamlessly synced across multiple systems within your organization. Such as ERP, CRM, and Approval Flows, and even transmit data and notifications outside the organization. Business to customers, suppliers and others.

3. Task Routing and Approvals – Finance Tasks You Could Automate

Year after year, are you ask to do more with less, even if your team size doesn’t grow As your business revenues and operations grow, the same team is expect to manage an increasing workload. It sure sounds familiar to you.

Consider how much automation tools would help you keep up with the growing workload. When your finance processes are automat. The tasks involved in each cycle are automatically sent to the right person according to business rules, along with the supporting information requir to make a decision. This eliminates small, repetitive steps, freeing your team to focus on tasks that add value to the business in a less stressful environment.

4. Accounts Payable

The needs of this process can be divided into two parts: capture the documents and retrieve them later. Do you receive invoices on paper or by email? How do you process exceptions?

Either way, they must be organize and stored for later retrieval and must be available for several years. Unstructured data from an invoice can be automatically translat into structure data in your document repository and business systems. All data and documents are handle the same consolidating information. Into a usable format that is easy to search and access Integration with your designs. electronic invoice, ERP, and document repository. Allows you to automate the entire process, from receipt to approval of payments.

Finance Tasks You Could Automate (1)

5. Bank Reconciliation – Finance Tasks You Could Automate

Unrelatedly whether your business is B2C or B2B  you have to reconcile the payments you receive in the bank accounts you manage for your company. This process is typically carrie out manually by one or more people and consists of verifying each payment receive. In the funds with its respective document (invoice or ticket). By implementing virtual agents (bots) that take care of this tedious but vital process. You will not only reduce errors and improve execution but also gain full visibility of the process and isolate those exceptions that require special treatment.

These are just a few examples. and conditional on the structure of your finance area. It could also include Contract Management Logistics Purchasing and many other processes. What are natural candidates for automation. Because they handle large volumes of unstructured information. (documents emails, etc.) which must  given a structure to enter it into business systems. (typically it is type) and which also involves multiple approvals and decisions that strongly impact the business and execution in general (also the last line).

Are you already automating finances in your company? I would love to hear about your knowledge of automating processes.

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