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 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
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
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
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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Brendan Zuza
Online growth group
"Thank you for all your help over the past 5 sessions. From the first session to last, the process has been crystal clear, which is very important when working with a new program (Keap). You've helped me develop automations and new systems which my clients are going to love. Really appreciate your help with Keap and passing on valuable practical industry specific knowledge."
Richard Kelly
Team Strategic Thinking
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Hinton Digital
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Montalto Winery
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Lucy Herron
The Lucy Rose Clinic
"Launchy took my business from a walk-in bricks and mortar business with a static online presence to an automation machine where we saw double the list growth, saved more than 20+ hours a week in repetitive admin time PLUS we smashed our revenue targets within a few short months of working together. I highly recommend working with them."
Mark Falzon
Mentoring For Inspired
"Sometimes you come across a company or people that truly gets it, someone that really understands the job at hand, knows what to do to make things happen and goes the extra mile. Launchy is one of those rare finds. I have had the privilege of working with Launchy & Crystelle and highly recommend them."
Subriah Fonseka
Unique Wrought Iron
"Thank you so much for your help, I feel like these sessions are incredible I feel like you've given me more than what I thought these sessions would be, I thought they were going to be high level demo, I have nothing but praises to sing, it's been great"
Karen Lowe
123 Financial Group
"Cynara is the best in the business. Not only is her knowledge of Keap extremely impressive, she's also a supremely good communicator and trainer. And she is genuine about ensuring companies get the very best results from their Keap system. 10 out of 10."
Monique Ellis
Australian Racing Tours
"We implemented Keap Pro about six weeks ago and we can already see the impact it has helping us connect better with our clientele. Thanks to Sharon from Launchy for getting me kickstarted with the one on one coaching sessions. I found them so valuable and provide great insight and guide into things you are doing right and what you can do even better.."
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!"
Ben Fewtrell
MAX MY PROFIT
"I was recommended to Crystelle & Launchy from one of my team and I am so glad that I was. Crystelle has helped us to easily move into the world of marketing automation. Her knowledge is vast and in her own words loves the nerdy stuff! Making Crystelle & her team the perfect people to help you automate your marketing and create a lead generating machine online!"
Mark Falzon
Mentoring For Inspired
"Amazing to deal with. Helping me automate and scale my business. Amazing customer service. The team has really been helpful."
Lucy Herron
The Lucy Rose Clinic
"Launchy took my business from a walk-in bricks and mortar business with a static online presence to an automation machine where we saw double the list growth, saved more than 20+ hours a week in repetitive admin time PLUS we smashed our revenue targets within a few short months of working together. I highly recommend working with them."
Carrie Myton
Myton Consulting
"Launchy’s forward thinking and strategic approach systemised our marketing workflow in a way that made our new prospect and sales conversations seamless. Working with Crystelle & Launchy is a no-brainer."
Mark Falzon
Mentoring For Inspired
"Sometimes you come across a company or people that truly gets it, someone that really understands the job at hand, knows what to do to make things happen and goes the extra mile. Launchy is one of those rare finds. I have had the privilege of working with Launchy & Crystelle and highly recommend them."
Brendan Zuza
Online growth group
"Thank you for all your help over the past 5 sessions. From the first session to last, the process has been crystal clear, which is very important when working with a new program (Keap). You've helped me develop automations and new systems which my clients are going to love. Really appreciate your help with Keap and passing on valuable practical industry specific knowledge."
Ben Fewtrell
MAX MY PROFIT
"I was recommended to Crystelle & Launchy from one of my team and I am so glad that I was. Crystelle has helped us to easily move into the world of marketing automation. Her knowledge is vast and in her own words loves the nerdy stuff! Making Crystelle & her team the perfect people to help you automate your marketing and create a lead generating machine online!"
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!
"
Richie Nelson
BBQ DR
"Amazing to deal with. Helping me automate and scale my business. Amazing customer service. The team has really been helpful."
Subriah Fonseka
Unique Wrought Iron
"Thank you so much for your help, I feel like these sessions are incredible I feel like you've given me more than what I thought these sessions would be, I thought they were going to be high level demo, I have nothing but praises to sing, it's been great"
Karen Lowe
123 Financial Group
"Cynara is the best in the business. Not only is her knowledge of Keap extremely impressive, she's also a supremely good communicator and trainer. And she is genuine about ensuring companies get the very best results from their Keap system. 10 out of 10."
Monique Ellis
Australian Racing Tours
"We implemented Keap Pro about six weeks ago and we can already see the impact it has helping us connect better with our clientele. Thanks to Sharon from Launchy for getting me kickstarted with the one on one coaching sessions. I found them so valuable and provide great insight and guide into things you are doing right and what you can do even better.."
FAQs
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.
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
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.
Enjoy a seamless finance management process with Launchy’s automation solutions!
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