The finance department is rife with manual processes, making your finance team’s job much harder than it should be. The finance processes, which involve paper forms, spreadsheets, emails, or siloed software, tend to slow down teams, and are riddled with manual errors. Managing the never-ending stream of documents, no matter whether paper or digital, can leave any team overworked.
According to an EY study, 65 percent of the surveyed businesses believe that automating finance processes will be a significant priority in the future. When you start using finance automation software in the early stages of growth, you can save a lot of trouble by eliminating manual processes, disjointed systems, and miscommunication.
What Is Finance Automation Software?
Finance automation software tools help businesses automate finance-related tasks like accounts reconciliation, journal entries, and preparing financial statements with little to no human intervention. They enable finance departments to streamline processes and ensure that everything runs as smoothly as possible.
Financial automation software can help automate something as simple as populating standard information from a common database to entire complex finance approval processes.
When Should You Switch to Finance Process Automation?
You can never automate too soon, as it’s better to build a culture of automation for the upcoming changes to the work environment. However, there are a few indicators that tell you that your finance processes are ripe for automation.
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Why Do You Need Finance Automation Software?
Finance automation software tools eliminate time-consuming and clunky procedures by automating most finance-related tasks. A recent survey by Redwood Software showed that 79% of enterprises said automation delivered time savings. 69% of those surveyed cited improved business productivity, and 61% claimed that automation regularly provides cost savings.
Here are a few other benefits that financial process automation brings:
By automating finance business processes, you can avoid human errors and the time spent on tedious tasks. When the data in your forms is filled automatically, you can be confident there are no manual errors and that you have the correct numbers.
Moving from manual processes to automation can help the finance team to smoothen all existing functions. Anything that slows you down is replaced by a reliable and automatic process.
Whether it’s a budget approval or a reimbursement claim, finance automation software will help you save as much as eight hours a work week. As an added advantage, you can also eliminate unwieldy email threads checking on the status of every request.
When you use a connected system, you get a complete picture of your financials. You can understand the logic behind your fluctuating financials which will help you make faster and smarter business decisions.
How Can KiSSFLOW Help?
The key to financial success is a finance automation system that grows with your business. With a powerful workflow automation tool like KiSSFLOW, you have a platform to build finance automation software based on your unique requirements.
With simple drag-and-drop functionalities, you can create a system of custom apps that talk to each other and share information with each other. You can completely customize the forms to capture all the information.
Since most of the time is spent on getting documents and requests approved, KiSSFLOW provides you with an easy-to-use approval system. You can set up an approval workflow and add members to the hierarchy. Once data is submitted, it reaches the next person automatically, so you can ensure that information reaches the right person at the right time. You can modify the forms and approval hierarchies as your business grows.
Finance processes rarely easy because of the sheer amount of manual work that comes with it. It becomes necessary to automate these processes to run a more efficient business. Options like KiSSFLOW can help you with that. Try it free for 14 days and let us know what you think!
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