Financial automation – how your Financial Controller can help
Automation is one of those phrases that is pulled out frequently and used to suggest that every manual task will be eliminated. But that’s not quite true.
Automation in Finance is an opportunity to think about what you are putting in and getting out of your processes, and working out how to streamline them to make you more efficient.
As a general rule of thumb many tasks we repeat daily can be streamlined. This could be scanning purchase invoices, emailing sales invoices or approval systems we use for getting POs paid.
At its core, automation is possible at every point toward completing these tasks, but it’s important to understand that any finance function will require procedures, the right software, and most importantly: oversight. As with anything, these jazzy new automated functions are only as good as the people setting them up, and the information that are put into them.
For example, setting up an ‘accounts@‘ inbox and subsequently utilising an app to scan all purchase invoices sent in then entering them into your accounts system is effectively automation, but if it is set up incorrectly or not automated in the right way, it could cause more harm than good and in effect take longer to process. But done correctly it could save masses of time, and free members of the Finance Team up to work on forecasting, analysis and financial strategies.
The key point to remember is that this kind of functionality is no longer reserved for big companies. Nearly all businesses can enable these workflows for less than a cup of coffee per day and save many hours along the way.
It’s important to note that automation does not mean 100% accuracy, it can help mitigate human error but there is a responsibility of those involved to check what these apps have done. After all we don’t empty the dishwasher without checking the items are clean before we put them away!
Automation isn’t expensive or elite, it is essential to be efficient. A Control Room Financial Controller can help identify opportunities for automation within your workflow, and work out the best way to achieve it, looking at what you already have in place, and options for necessary packages to assist.
Change is uncomfortable for those involved but absolutely essential for every business so this is something to really embrace. All finance personnel should be focussed on review, insight and foresight. Processing is a thing of the past and holding onto this will not only cost your company money, but also inhibit efficient growth and scalability. You don’t need to be worried your job will be redundant if you automate various functions within the team. It will in fact open up the possibility of diversifying daily tasks, developing new and different skills and help you to really utilise your knowledge to support your company pushing further toward success.