Automation is the way of the future, especially when it comes to areas like HR, marketing, and, particularly, finance. An automated workflow system will not only increase productivity and efficiency but also allow for more improved accuracy. Anyone who works in finance will tell you that accuracy is crucial to a company’s success. Even if one digit is entered incorrectly, it could cost a business tens of thousands of dollars. Thus, automation is not only becoming more popular in finance but is now the industry standard.
What is driving automation?
When it comes to building the finance department of the future, it all comes down to efficiency. A company’s finance team no longer works as a standalone entity. It is often called on to provide raw data, and also offer up sophisticated analysis to make sense of all that information. Because of this vital responsibility, finance has a crucial role in steering the overall direction of the business.
This is where automation becomes not just an asset but an absolute necessity. Today’s resources allow for the sophisticated collection of data—ranging from simple sales numbers to customer shopping trends. With all this data flooding in, companies need a partner like Ash Conversions to manage the information. Traditionally, finance teams would manually input this data into spreadsheets. Then, everyone would spend hours ensuring quality and checking for data entry mistakes. This means that finance departments would have little time to look for patterns and identify anomalies.
At Ash Conversions, our mission is to help organizations streamline their document processes, not only to minimize storage costs, but also to allow employees to re-focus their efforts on timely reporting and strategic recommendations.
What does change look like?
Many companies are unsure about how automation will play out in their unique environments. According to Accenture’s Finance 2020 report, digital is the “best thing” to ever happen to a finance department. Findings show that automation has the potential to eliminate up to 40% of transactional accounting tasks. Ultimately, this frees up your team to make more meaningful contributions to the business.
Enhanced Mobility
ACI’s cloud-based platforms allow for easy document retrieval. Employees must no longer be tethered to a desktop to access crucial information. Here are just some of the benefits of implementing a digitized workflow:
- Direct-to-cloud document repository for quick turnaround and timely access.
- Online retrieval of all data from any location in the world.
- The database is secured using encryption and two-step authentication —- the ability to update user-access credentials on-the-fly for organizational adaptation.
- Customers can gain direct access to their information in a secure environment, reducing call times and improving the customer service experience.
By transitioning to a cloud-based platform, your finance department will be able to concentrate on more high-level duties. The team can then add value through predictive analytics and decision support.
Leaner Workforce
When it comes to the future of automation, the change will also impact the size of your financial operations. A leaner workforce is the next step in improving efficiency and redirecting company funds to areas of growth. Automation can help finance departments save money by letting technology handle the work of multiple employees.
Consider implementing ACI’s AP Assistant to streamline your accounts payable operations. Our automated systems mean you’ll no longer need a team of workers to process stacks of invoices. Once an invoice is in digital format, it will enter your electronic dashboard for automated routing. Here’s how the system works:
- Checks invoice data to ensure it matches up with a purchase order.
- If all data corresponds correctly, the invoice is automatically pushed to the next step for payment processing.
- If the system detects an error, it re-routes the invoice to a team member for manual review.
Invoice errors can include a range of issues, such as duplicate billing, data entry mistakes, or numbers that don’t add up. ACI’s AP Assistant will flag anything that doesn’t look “normal,” so one of your team members can look into the problem. Companies can create a leaner workforce by eliminating much of the human resources that were once needed to detect these errors.
Reduced Fraud
Finance departments are continually battling the war against fraudsters. Criminals will often pose as legitimate businesses, sending malicious invoices and phishing emails to a company and its clients. Automation is changing the future of finance by detecting fraudulent behaviour early on. Before each invoice transaction, for example, the document must first pass a series of tests designed to identify fraudulent behaviour. No financial task can ever be completed without passing through several verification channels. When all documentation is checked multiple times, your business can avoid being scammed by criminals.
Ash Conversions is dedicated to helping finance departments stay ahead of today’s demands. Automation is revolutionizing the business landscape with the ability to propel companies forward. Our automated systems allow workers to tap into their creativity and make strategic use of all the data they collect. Save money, reduce errors, increase your efficiency and strengthen your security by relying on automation from Ash Conversions.
For more information on implementing automation into your finance operations, call Ash Conversions at 800-719-9621 or submit a contact form by clicking the ‘Contact’ button below.
