3 Reasons Accounting And Finance Needs Automation
After the deep insights on automation from the GENCFO live virtual summit, Chris has consolidated the importance of automation into three main reasons.
Read on to find out what they are and why, if you haven’t already, you should start implementing automation in your digital finance transformation. Take it away, Chris…
1: Exponential increase in efficiency
The first reason I have as to why automation is so important is that there are a lot of administrative tasks within finance operations. There is also an opportunity for us to not do those tasks.
A lot of the automation companies kind of pitch it as ‘automate the work you don’t want to do’, and that is really part of it.
Automate the dull stuff and focus on the fun stuff.
So, there you have it – the first reason comes down to efficiency.
2: Create time for yourself and your finance team
The second reason automation is so important is that we’re really time poor in accounting and finance. Automating tasks gives you that ability to create time for yourself,
Now, it has to be worked out on a case by case basis, but you can potentially go from 300 hours of reporting in a month to 50 hours of reporting in a month.
By bringing in automation, by bringing in a robot, that gives you or your team a huge number of hours back.
The next question you have to ask is this: what do you do with this time?
Well, that’s the third thing.
3: Automation allows for focus
Once you bring in automation, you can then fully focus on what the business really wants from you.
You will have the time to focus on business decision support, or your business acumen or your financial command, rather than spending most of your time in the department.
Automation is an enabler to some amazing futures for the finance and accounting industry.
It’s not just about spinning the wheel faster – we don’t need to do that, because we’re quite happy with the wheel speed. It’s about giving yourself the opportunity to focus on the value you bring to a company, rather than giving valuable time to processes that can be automated.
