Automation in Finance: How to Do More with Less

The role of accountancy and finance teams is evolving rapidly. In today’s fast-paced business landscape, leaders are expected to not only ensure compliance but also provide strategic insights—all while managing leaner resources and growing expectations.

This is where automation steps in. By embracing automation, finance leaders can reduce manual workloads, improve accuracy, and focus their teams on high-value tasks that drive growth and innovation.

In this newsletter, we’ll explore how automation is transforming finance functions, the risks of not adopting it, and the actionable steps you can take to unlock its full potential.

?? The Risks of Ignoring Automation in Finance

Finance teams that fail to embrace automation are at a competitive disadvantage. Here’s what’s at stake:

• Reduced Efficiency: Manual processes slow down operations and increase the likelihood of errors.
• Higher Operating Costs: Time-consuming tasks like reconciliations and data entry eat up valuable resources, leading to inefficiencies.
• Missed Insights: Without automation, finance teams often lack access to real-time data, limiting their ability to provide timely strategic advice.
• Career Risks for Leaders: CFOs and finance leaders who don’t drive automation risk being seen as outdated, potentially limiting their influence and future opportunities.

?? The Benefits of Automation in Finance

Automation isn’t just about cutting costs—it’s about doing more with less while unlocking strategic value. Here’s how automation can transform your finance function:

1. ?? Greater Accuracy: Automating processes like invoice management and reconciliations reduces errors, freeing your team to focus on strategic tasks.
2. ?? Real-Time Insights: Automated reporting tools provide up-to-date financial data, enabling leaders to make informed decisions quickly.
3. ?? Cost Savings: Streamlined processes reduce administrative overheads, allowing you to reallocate resources to higher-impact areas.
4. ?? Scalability: Automation systems grow with your business, ensuring your finance function can handle increasing complexity without proportionate cost increases.

?? How to Implement Automation in Finance

Here are five steps to start automating your finance function effectively:

1. Assess Your Current Processes

Before automating, identify repetitive, manual tasks that consume the most time and resources.

• Example: A retail company automated its payroll system, cutting processing time by 50% while improving accuracy.
• Action Step: Conduct a process audit to pinpoint inefficiencies and determine which tasks can be automated.

2. Adopt Tools for Real-Time Reporting

Automation tools like Power BI or SAP enable finance teams to generate real-time dashboards, improving decision-making.

• Example: A manufacturing firm implemented automated cost-tracking systems, reducing reporting errors and improving project budgeting.
• Action Step: Choose a reporting tool that integrates seamlessly with your current systems to provide real-time financial visibility.

3. Streamline Accounts Payable and Receivable

Automating payment processes ensures timely transactions, improving cash flow management and vendor relationships.

• Example: A mid-sized construction firm introduced automated invoicing, reducing payment delays by 40% and enhancing supplier satisfaction.
• Action Step: Invest in platforms like Xero or QuickBooks to automate billing, payments, and receivables.

4. Enhance Compliance Through Automation

Automation can help finance teams stay compliant by generating accurate audit trails and ensuring data consistency.

• Example: An e-commerce business used automated tax software to handle VAT calculations across multiple markets, reducing compliance risks.
• Action Step: Use compliance tools that automatically track regulatory changes and adjust processes accordingly.

5. Upskill Your Team for the Future

As automation takes over repetitive tasks, finance professionals must focus on developing skills in data analysis, strategic planning, and decision support.

• Example: A tech company trained its finance team on predictive analytics tools, enabling them to provide insights that shaped strategic decisions.
• Action Step: Invest in training programs to ensure your team can leverage automation to its fullest potential.

?? The Future of Finance Is Automated

Finance leaders who embrace automation are better positioned to reduce costs, improve accuracy, and provide strategic value. But automation isn’t just a technology investment—it’s a leadership imperative. CFOs and finance leaders who drive automation are not only transforming their teams but also demonstrating their ability to adapt to the future of finance.

The question is: are you ready to do more with less?

Let’s Automate Smarter Together

I’ve worked with countless organisations to help them unlock the potential of automation in their finance functions.

Book a call with me today to explore how automation can transform your finance team and drive measurable results.

Best regards,

Matthew Finch

Managing Director, BTG Recruitment

Sources:

• Deloitte Global Finance Automation Report, 2023
• PwC Future of Finance Insights, 2023
• Gartner: Automation Trends in Finance, 2023