UNLOCKING VALUE IN YOUR FINANCE MANAGEMENT

What are the best ways to roll out finance process automation in your workplace?

The trick to sustainable business growth is discovering innovative ways to increase productivity while saving resources.

This is why 56% of companies have already shifted to marketing automation, and 40% of B2B companies plan to adopt marketing automation tools in the near future.

By automating everyday workflows, you can achieve more business goals in a shorter span, making things easier for your employees simultaneously.

Customer relationship management (CRM) automation, in particular, is a handy tool when refining your marketing strategies, thanks to its ability to automate repetitive, manual tasks and streamline all operations relating to your CRM function.

As your business grows, you may realise that you’re spending more time on book-keeping and managing transactions—repetitive tasks that aren’t the best use of your time and resources.

While manual finance operations are a necessity when managing any business, they are monotonous and require effort that you can’t always afford—especially as your company grows.

The easy solution for this is finance process automation; the use of the latest tech advances to automate your finance operations.

With finance or accounting automation, you’ll see a combination of machine learning and AI being used for tasks such as financial analysis, payroll administration, invoice automation, and the preparation of financial statements. Measures that ultimately cut down the need for human intervention in these activities.

What technologies are used in finance process automation?

The success of accounting automation depends on some cutting-edge technologies.

Document automation

Today, companies use technologies like machine learning and optical character recognition to auto-extract and validate documents, making it easier to process documents like invoices.

Robotic Process Automation

RPA bots can take over repetitive operations in accounting automation. These bots use technologies like screen-scraping to extract data and automate secretarial tasks.

Process mining

Process mining allows companies to analyse their processes, identify their weaknesses and take action. For example, finance teams can discover why their invoicing costs more than it should.

Chatbots

In accounting automation, conversational software like chatbots are used as virtual assistants for finance teams to automate communication between their suppliers and customers.

Machine learning

Machine learning algorithms learn from past transactions, observe customer decisions, analyse their decision-making patterns and use these patterns to make choices in the future.

Machine learning

Machine learning algorithms learn from past transactions, observe customer decisions, analyse their decision-making patterns and use these patterns to make choices in the future.

Document automation

Today, companies use technologies like machine learning and optical character recognition to auto-extract and validate documents, making it easier to process documents like invoices.

Robotic Process Automation

RPA bots can take over repetitive operations in accounting automation. These bots use technologies like screen-scraping to extract data and automate secretarial tasks.

Process mining

Process mining allows companies to analyse their processes, identify their weaknesses and take action. For example, finance teams can discover why their invoicing costs more than it should.

Chatbots

In accounting automation, conversational software like chatbots are used as virtual assistants for finance teams to automate communication between their suppliers and customers.

Machine learning

Machine learning algorithms learn from past transactions, observe customer decisions, analyse their decision-making patterns and use these patterns to make choices in the future.

How can you introduce finance process automation to your workplace?

Introducing automation to your business is a step-by-step process.

Analyse your financial processes

Analyse every step and stakeholder involved in your finance and accounting processes.

You can do this by conducting a company-wide review or even inviting your finance team for a brainstorming session to understand what processes you can automate and what needs human intervention and intelligence.

Analyse every step and stakeholder involved in your finance and accounting processes.

You can do this by conducting a company-wide review or even inviting your finance team for a brainstorming session to understand what processes you can automate and what needs human intervention and intelligence.

Map out your automation objectives

Automating every single one of your operations at once isn’t always practical. Instead, you may have to initiate automation for individual processes in turn.

For example, if you have trouble with meeting deadlines while handling your financial documents, this may be a goal you want to prioritise on the way to more long-term objectives.

Automating every single one of your operations at once isn’t always practical. Instead, you may have to initiate automation for individual processes in turn.

For example, if you have trouble with meeting deadlines while handling your financial documents, this may be a goal you want to prioritise on the way to more long-term objectives.

Find the right automation solution

There are countless automation solutions available on the market, but only the right solution will make your financial processes run seamlessly.

Once you have mapped out your financial operations, understood what goals you want automation to help you achieve, and decided what needs to be automated, explore automation tools to see if they possess the features that can meet your finance automation needs.

There are countless automation solutions available on the market, but only the right solution will make your financial processes run seamlessly.

Once you have mapped out your financial operations, understood what goals you want automation to help you achieve, and decided what needs to be automated, explore automation tools to see if they possess the features that can meet your finance automation needs.

Consult an automation expert

Consulting an automation expert is the best way to navigate your new transformation into automated operations.

An automation expert can provide you with consultation and guidance on automating your operations and the training that’s required by your team to implement automation successfully and make the best use of these tools.

Consulting an automation expert is the best way to navigate your new transformation into automated operations.

An automation expert can provide you with consultation and guidance on automating your operations and the training that’s required by your team to implement automation successfully and make the best use of these tools.

Launchy—your award-winning automation partner

The Launchy team brings you a powerful combination of industry specialists and experience, providing you with state-of-the-art automation tools and coaching to transform your business operations.

This includes a whole package of benefits from accessing the best platforms to work with and having your existing workflows reviewed, to hands-on coaching for your team!

Get in touch with us today to enjoy a seamless automation transformation.

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Mentoring For Inspired

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Online growth group

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Ben Fewtrell

MAX MY PROFIT

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Nick Abregu

GORILLACO

"Without a doubt a master of her craft! Even 10 minutes with Crystelle is enough to open up your mind to the world of automation possibilities!
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Richie Nelson

BBQ DR

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Unique Wrought Iron

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123 Financial Group

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Australian Racing Tours

FAQs

What is finance process automation?

Process automation involves the digitalisation of operations using software solutions. In finance process automation, the software is used to automate processes that involve transactions and the finances of a company.

What accounting operations can I automate?

Some of the financial processes that you can automate include:

Order to cash
Source to pay
Financial close
Payroll administration
Account reconciliation
Financial planning and analysis

How do I find the best financial automation solution for me?

Choosing the right automation solution for your finance processes is the most important step. The trick here is to prioritise which tasks can benefit from automation.

When looking for a software solution, look for solutions that have features to meet your specific needs.

Consulting your automation expert will also help you in this endeavour. An automation specialist will be able to review your current operations and guide you to choose the most suitable automation solution for your business.