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How Does Finance Automation Impact The Financial Close?
A growing number of transactions are beginning to overwhelm some finance teams. Barring a total economic meltdown, this trend is likely to continue. Automation stands to impact all stages of finance and accounting, but what about the dreaded end of the month financial close out? Insights reveal that processing time across all stages can be reduced by as much as 60%.
Automating things such as your ledger updates, incoming payments, and outstanding outlays allows you to expedite the process of closing out by eliminating tedious tasks and inaccuracy due to human error.
Intraorganizational solutions armed with automated workflows offer built-in reviews and approvals. With these, you are able to monitor and address any step or discrepancy in real-time. More than half of those surveyed claimed to use automated checklists.
Streamlining the final reporting process enables auditing by leaving a digital trail and facilitates organizational collaboration. These benefits improve both accuracy and efficiency, better driving the impending business decisions that follow reports.
Robotic Process Automation (RPA)
The advent of RPA now allows business to:
- Eliminate repetitive tasks, freeing employees to perform other duties.
- Anticipate/execute appropriate actions as determined.
- Adjust operations according to scale, allowing companies to adapt more quickly to shifting demands.
- Execute functions based on time or events, allowing employees to work preemptively and stay ahead of the game.
Automation can save many finance departments time, money, and headaches by improving accuracy and reducing manual processes. Learn more here.
Read the full article “The Financial Close: Automation, Efficiency, and the Emergence of RPA” here.