How many times do you wish that you could be in multiple places at once while you’re stuck trying to reconcile intercompany transactions? How often do you long to stop time so you can catch up during the financial close?
We all feel like we just can’t do it all at times, and unfortunately, we don’t (yet!) have the technology to create doppelgangers to work for us while we live a life of luxury.
What we do have is a technology that can save a significant amount of time: finance automation.
Automation is the transformative technology that may be even better than a time machine. You’ve likely already heard of it and the numerous benefits it delivers to Finance Departments, including reducing errors and increasing security.
But while these advantages are fantastic, the amount of time that automation saves is perhaps the most under-represented advantage and biggest overall benefit, because it makes a difference in both your personal life and in your company’s performance.
Here are three ways that automation’s ability to save time is beneficial to you and your company.
Finance Departments are process-driven, which means that bottlenecks and delays can have a significant impact on timelines. Companies don’t like missed deadlines and you don’t like late nights. Automation makes sure that there is no unnecessary downtime so your financial processes are constantly making progress.
Running reports, attaching documentation, and emailing notifications and approvals are a few examples of simple actions that effective automation software can perform to significantly impact your Finance Department’s overall timeline. It also helps keep your processes on-schedule, which makes your company happy and gets you home at a normal hour.
Good automation software will eliminate redundancies and simplify processes. Redundancies add unnecessary and time-consuming steps that not only make day-to-day processes a burden, but also make audit time a nightmare for both you and your company.
By simplifying processes before adding automation, you and your company will have a clearer picture of what is happening in the department. Automation can then create a clear trail of what has happened for those audit periods.
There are plenty of tasks to keep you working overtime in a Finance Department. Unfortunately, a lot of these don’t actually add value to the company. This can be frustrating because they consume time and limit your potential to become an even more valuable resource.
With automation, everyone in a Finance Department is able to do a better, more rewarding job. Accountants become exceptional, managers have better oversight, and CFOs get the insights and analytics they need.
As the need for automation in Finance Departments keeps growing, don’t forget to consider the benefit of time as you evaluate an automation investment. Time is a limited resource that both you and your company value. And while there are no time machines, automation will help you save time and spend it in a better, more fulfilling way.
To save time and get started on your finance automation journey, download this free ebook.