By now, most aspects of a business and society, in general, have been impacted by the digital revolution, and finance departments are no exception. The availability of automation tools has helped improve the performance of core functions and save precious time.
In this article, we'll give you an overview of 5 automation tools your finance department can use to streamline its processes.
Expense management can easily become a cumbersome process for everyone involved - from employees having to save receipts and fill out expense sheets, to having them approved by managers, to finally having them processed by finance.
Luckily, there are better ways to manage expenses.
Pleo is a convenient and efficient solution, which offers smart company cards that automate expense reports and simplify company spending.
Employees get a Pleo company card, which they can use to pay for their expenses, capture the receipt right away using the Pleo app, and admins get instantly notified. Full transparency and a much better overview of all expenses.
Most finance departments have to deal with document-heavy processes regularly. Having to print, sign, and scan financial reports and many other documents is time-consuming, inefficient, and not too great for the environment either.
Penneo helps companies everywhere to automate their signing and document management workflows. Finance departments can rely on Penneo to sign documents digitally and get a complete overview of all document transactions in a secure platform.
With Penneo, finance departments can improve productivity, manage compliance with relevant regulations, and ensure trust and transparency in their document transactions.
Does your business take unnecessary risks when dealing with other companies? Giving credit is similar to giving out a loan, and many companies have probably experienced putting a lot of hours into a project, only to discover that the client is no longer able to pay.
Risika helps B2B companies with risk assessments, segmentation, and building profitable customer relationships. This includes automatic risk assessments and intelligent monitoring of companies in the Nordic.
With Risika you get instant notifications when a change happens around your customer or partners. As a B2B company, you will both save time and minimize the risk of human error, so you can focus on building a stronger relationship with the other departments.
Zapier is an online automation tool that connects your apps and services. This means that you automate manual, repetitive tasks with a simple integration. You can use Zapier to get your apps or platforms working together.
Let’s say you are getting a new lead, and want to get a notification on another platform, then you just set up a workflow between the platforms, and save valuable time.
With the possibility of connecting over 3000 applications, you can easily save time to focus on more important work in your company.
Finance will often work across departments, which is why it is necessary to retain an overview of the business. With a tool like Plecto, you get an all-in-one dashboard to visualize different data in real-time and engage more employees in your company's growth.
The dashboard and reporting from Plecto allow you to gain a complete overview of your performance data across multiple systems and departments. This allows the finance department to stay on top of budgets, and to visualize the finances to stakeholders and other departments.
It allows you to save manual time on reports, and to focus more on strategic decisions and forecasting. An easy way of optimizing the daily workflow.
Why automate finance processes?
Digitalization has resulted in a wide range of benefits for businesses everywhere, finance departments included. Below are some of the main advantages derived from automating finance processes.
With digital solutions, many of the manual tasks the finance department has to deal with on a regular basis have been automated. Forget about long Excel sheets, now there’s a tool for (almost) everything. Reducing manual labor leads to significant time savings, increased efficiency, and overall productivity across the team.
When tasks are performed manually, inconsistencies can easily arise as every person has their own way of doing things. By automating certain processes, you can standardize practices, thus making sure data is always consistent.
Similarly, when processes are handled manually, the risk of errors increases - after all, we’re all just human. Using software for managing the same processes will help greatly diminish the risk of errors.
A digital tool also creates more transparency, as information is easily available for the relevant parties. This reduces the risk of fraud, as digital tools often have audit trails logging all activities, and manipulating information is therefore much more difficult to do.
Better data insights
Using software solutions also means you will collect more data, it will likely be more accurate and therefore, you can gather better insights and identify trends or patterns that can be used to improve the business even further.
Automation that works for you
Software and information technology provide new possibilities for both companies and employees. The finance department can minimize the risk of human error by implementing software that automates manual processes.
Finance functions often navigate across the company. With automation tools for risk management, annual reports, accounting, etc, employees go from spending time on manual processes to being strategic assets for the company’s consolidation and future growth.
How do you start with automation?
1. A wide range of tools: Prepare the areas that your company can automate processes so the finance function can focus on value-creating activities, such as reporting, compliance, insight, and support for the decision-makers.
2. Carefully consider your options: Can it be done internally or do you need to bring in external help?
3. Systematically review technology features with members of the IT department to define system requirements and investments.
And there you have it – we hope this article has inspired you to get started with automation in your finance department!
This blog post has been created in collaboration between Penneo and Risika.