The finance industry has been long overdue for a technological overhaul. With the arrival of finance automation, it is now possible to automate and streamline many tasks that were previously time-consuming and tedious.
From forecasting budgets to reporting cash flows; from analysing data to automating payments – there are plenty of opportunities for innovation in this space.
But unfortunately, some organisations are still struggling with basic finance and accounting tasks.
If your company has been experiencing all or some of the following six problems, you probably need to get finance automation software in action.
If you have to fight with your accounting team for additional funds and the flexibility to get things done, it might be a good indication that your company is struggling.
Not only will this interfere with productivity, but the success of future projects could be in jeopardy as well. Rather than having these struggles over budget and accounting, you should look into finance automation software.
Long-Held Up Projects
If your company is constantly behind schedule on projects, it might be due to the amount of time that goes into manually crunching numbers instead of addressing project issues. When this happens regularly, it can have a negative impact on productivity and team morale.
By automating your financial processes, you’ll be able to significantly reduce the amount of time spent on manual data entry. This means that projects will get done more efficiently and faster – saving both time and money.
Data Entry Mistakes
Even accounting professionals make mistakes when entering data manually. These mistakes can include transposing numbers or inputting the wrong data altogether.
Using finance automation, you’ll be able to quickly review key information and make necessary changes without taking inordinate amounts of time. This will save your team from making costly errors as well as identifying trends faster.
Awkward Budgeting Processes
If your company’s budgeting is awkward or disorganised, it can lead to problems in the future. Doing it on paper leads to a lot of wasted time while doing it online is only slightly better due to its potential for errors.
Instead, look into finance automation software with built-in budgeting tools. This will make it easy for you to get approval from other stakeholders (or team members), as well as provide you with a clear picture of how much money is being spent.
Disorganised Financial Reports
If your company’s financial reports are disorganised, it will make things more difficult when trying to view past and present information. It will also lead to future problems since you won’t be able to pinpoint potential issues before they arise.
This can be fixed by automating your financial reporting process with a tool like Infor Query and Analysis. Using this type of software will give you the ability to streamline and organise financial figures into a cohesive report format that is easier for everyone to understand.
Slow and Boring Manual Processes
Without the right automation software, your team might end up spending hours upon hours on paperwork, data entry, and manual processes. In other words, working twice as hard for half the productivity.
This may be your company’s current situation; however, there is a solution. Finance automation is the answer to finding an efficient way to get things done in less time and without making mistakes.
It’s no secret that finance management is time-consuming. However, when you’re managing your company’s finances manually, this process can be even more difficult and tedious.
Not only will you have to spend hours upon hours on manual processes, but there are also the risks of mistakes or errors
If any of the signs above resonate with you, it might be worth considering investing in automation software such as SunSystems sooner rather than later. This software has many benefits for businesses struggling with their financial operations.
Get in touch with us now to find out more about how finance automation can help your company.