What is finance automation?
We live in an ever-evolving society that has allowed businesses to automate different aspects of their operations which previously would have been performed manually. Through automation, companies have transformed their finance departments, which has resulted in them saving significant time and resources.
A recent study by Dun & Bradstreet found that 73% of surveyed finance leaders believe finance automation is improving their function’s efficiency and giving employees more time for value-added tasks.
There are many benefits which come as a result of implementing finance automation:
- Immediate decrease in manually intensive tasks
- Handle invoices by exception, instead of handling them all
- Reduced document storage requirements
- Significant improvements in processing time
- Enhanced visibility of outstanding invoices and approvals
“Many finance teams have begun implementing machine and data-based approaches to simplifying and strategising their workflows to improve outcomes and free up resources for strategic action. And from what we can tell, leaders at the top are extremely excited by the possibilities of these tools” – Andrew Hausman, General Manager, Finance Solutions, Dun & Bradstreet.
Want to know more about how automating could benefit your business? Contact us, we’re here to help.