BLOGS
Automating Finance & Accounting: Cutting Cost, Creating Value
The speed of doing business has become a vital differentiator to businesses in every vertical. Fast, informed, and forward-looking decision-making requires error-free information that reach the right people at the right time. Yet, a study by IMA and BlackLine on process automation in finance & accounting reveals that barely 28% of businesses completely trust the accuracy of their financial reporting data. With only a third of the companies having automated a part of their accounting processes over 2021, the untapped potential for financial process automation is huge.
Common Challenges to Automation
Internal resistance
Finance teams tend to be apprehensive of any changes to the traditional ways of doing business
Highly customized existing processes
Existing customized processes that are reliant on several different individuals complicate the process of automation
RoI concerns
The RoI may seem protracted, especially in large organizations with multiple processes and disparate data structures
The value of automated finance & accounting processes goes beyond the operational benefits of speed, accuracy, and repeatability. It gives the business greater control and visibility over its financial assets and most importantly, helps it strategize for market surges and downturns better so the business can stay competitive in any market environment. And when the automation is delivered by an expert experienced in transforming F&A processes, there are additional benefits to be gained in the form of scale, security, and compliance - all at highly attractive rates.
The Pathway to Automation
A successful process reengineering first requires a thorough study of all manual processes to identify the elements that need to be automated. Once a roadmap is prepared, the team of automation experts will:
- Create a digital finance workflow where the sequence of tasks is streamlined, tasks added, and resources assigned to each task
- Automate finance processes based on the digital workflow
- Use minimal code/no-code workflow tools wherever possible. A no-code workflow solution will help businesses automate key business functions within minutes. It will also help stakeholders with minimal technical training to participate in the process
- Integrate with third-party applications like ERP, CRM to enable seamless communication of data between systems
Benefits of Automation
- Significant cost savings on FTEs
- Reduces repetitive work to lower risks of human error
- Reduce backlogs during peak periods like month end/quarter end
- Eliminates rote tasks to free up professionals for core tasks
- Multi-source data collection for superior data management and analytics
- Centralized data storage for greater security
- Deep visibility into asset performance for rapid decision-making
The GO Creative™ Advantage
RRD GO Creative™’s Shared Services Transformation for F&A can help you prepare for the future with our vast suite of intelligent document processing, automation, process reengineering, analytics, and digital solutions. Leveraging our extensive network of professionals, and a customized CFO toolkit, we can help you pivot nimbly in changing market conditions.
Your business will be able to not only achieve faster month close, superior forecasting, and lower operational expenditures but also an improved working capital management system with our completely customizable shared services.
Processes that can be Automated
To find out how to transform your F&A function into a growth partner to your business, mail me for a free consultation: nanda.chintaluri@rrd.com