How is Automation Revolutionizing the Finance Department?

In this article??, I will show??you what to automate??in the finance??department!

It’s estimated that 50% of the finance??department's work will be automated??in the next 3 years.?

The majority of the companies??are in the process if not close to finalizing the redesign of new ways to do finance??.?

Maybe its because the department is the heart??of each company or just because the finance people?? ?? are faster??at jumping on opportunities.?

A big part of the CFOs job is documenting??and explaining???the past clearly and straightforwardly, but the role plays a big part in shaping??the company's future??.

?Finance??is about cost reduction?in hard times but also pushing for innovative revenue lines when the market gods are smiling??.?

No wonder why finance department??is?driving the automation efforts in many cases.

Automation??is one of the few solutions that touch on 3 of the most relevant metrics a company cares about: earning more??, spending less??, and keeping people happy??.

Another key factor that influences the higher??adoption rates in finance??is the highly regulated processes that have the right balance??between standardization of steps and a wide range of possibilities when it comes to how to perform those steps??.?

Here are the main areas and jobs passed to automation??across organizations:

Let’s first take a look???at:

1. Getting and paying for what businesses need to run??.?

Procure to pay.?

Here are just to name a few we build bots??that:

- Process purchase orders???;

- Process Invoices and do the data extraction piece;

- Vendor statement reconciliations

- 3 way matching: Order / Invoice / Receipt.

2. Companies also need to keep the cash flow??running. For that, they have robots that?

- process Sales Orders???;

- Issue Invoice;

- Collection activities

- Daily cash??review

- Forecasting

3. Treasury??is another place where automation??does a great job.?

- Bank account reconciliation

- Foreign currency??management

- Hedging.

Does your company still do those activities manually???

Hard luck??, competition is getting faster??, didn't want to say smarter??.