What is finance automation?
Put simply, finance automation is the use of technology-driven automation to complete finance-related tasks.
Many finance professionals will be asking themselves if finance automation tools – and specifically financial automation software – is right for their company, team size, and stage. There are several factors to take into consideration, including how large the company is, what resources are available, and if there will be internal buy-in regarding the potential cost of automation.
It’s important to remember at this stage that automation is a huge topic; of course the largest tasks can be automated, but even small manual tasks can be automated, with very little effort.
In terms of which processes to automate, generally companies start by automating manual, resource-draining, repetitive tasks; or tasks that require an extremely high level of accuracy that automation can provide.
From a finance perspective, this could include all tasks relating to accounting standards such as lease accounting or revenue recognition, where a combination of new standards, huge amounts of work, questions of ongoing compliance, and high levels of accuracy required mean that automation is perfect for such areas. Financial reporting automation tools can remove a heavy burden from finance professionals.
8 Tips for Implementing Financial Automation Software Efficiently for your Business
There’s no question that automation can have a massive positive impact on your business. The difference comes down to implementation. Here are 8 tips for efficiently implementing financial automation in your business:
Decide which processes to automate with financial automation software
Almost anything can be automated. But to avoid implementation headaches, it’s recommended to start off with smaller automation projects, or bigger projects that require the minimum of friction to get off the ground. In this respect, anything that is Software as a Service (SaaS) and cloud-software related is always a great start.
Decide on the stakeholders involved
Identifying and communicating with key stakeholders can mean the difference between a smooth implementation, and constant roadblocks along the way. Bring in stakeholders early, and give as much context as possible including the end result of the automation, expected cost savings, and how it’s to their benefit for the automation to be a success.
Get appropriate approvals
In some cases, certain approvals for finance automation tools need to be obtained. These could be internal, such as Board-level approval, or external such as with lawyers or shareholders. For small-footprint automation projects such as Saas-oriented finance automation initiatives, this is usually not necessary.
Decide what is required from a resource perspective, and who it is that will be providing the desired resource. For automated financial software specifically, by planning this early, nasty surprises can be avoided down the line.
Invest in training and support
Automation generally requires some kind of learning curve, even a super small one. Having support on-hand can ease the transition, and ensure that stakeholders are more engaged. Training and support can be internal, though don’t be afraid to lean on external resources such as the automation provider.
Create an implementation plan
An automation implementation plan is a structured, time-bound plan of action from the start of the project to the end. It creates visibility, engages stakeholders, allows the effective allocation of resources, and keeps people motivated knowing that “the end is in sight,” especially for more complex automation projects.
QA and test the system
There will invariably be a few sticking points at the beginning of the automation journey. Despite the temptation to rush any automation project to end users, it’s worth spending time on (and planning for) internal quality assurance (QA) and testing to iron out any kinks.
Launch your financial automation software
You’re now ready for launch! This should be a smooth, seamless process, and hopefully the automation will change all stakeholders’ lives for the better. Keep a finger on the pulse of the project, and have support on hand especially early in the launch phase.
Advantages of using Finance Automation Tools
There are numerous advantages to using finance automation tools. These include:
Remove human error and gain accuracy
Finance professionals are used to working with spreadsheets, and making calculations themselves. Like any process that has humans involved, this is open to risk. Humans get tired, they make mistakes, they miss things. Financial automation software on the other hand never makes mistakes and is always accurate (depending of course on the correct inputs).
How much time could you save if automation took care of repetitive manual tasks? In most cases, the answer is hours, if not days and even weeks, when extrapolated over a year. Automated financial management systems can save significant amounts of time, freeing up finance professionals for high-impact activities.
With automation, you can do more, quicker. There is less wastage, less manual resources required, and more money saved.
Comply with relevant standards
Standards change more often than many people imagine. Ensuring ongoing compliance is critical, and many finance professionals don’t have the time to stay on top of every change. Automated financial reporting software can do this automatically, ensuring constant compliance.
Trullion as a first step in financial automation software
Trullion was founded with a mission to bring effective, AI-powered automation to an industry that desperately needed it. financial automation software from Trullion leverages incredible technology to help businesses access all the benefits referred to above. From saving time and money to ensuring constant compliance, to new levels of visibility, automated changes, and a whole lot more, this level of automation is where all business should be.
Specifically with finance areas such as lease accounting and revenue recognition, the potential benefits Trullion software are mind-blowing.
For example, Trullion:
- Automates FASB ASC 842 workflows to ensure compliance, eliminate error and streamline operations in a fraction of the time it would take without Trullion’s game-changing lease accounting software in place
- Automatically extracts data from source documents such as Excel files and PDFs to perform lease analysis, simplifies journal entries, and creates a clear audit trail that’s accessible to both your internal team and external auditors.
Get started with Trullion’s seamless automation today. Get in touch with a product expert who will answer all your questions.