Automation Finance 4 Ways Automation Can Reinvent Your Finance Processes in 2021 Mel McDonald Feb 18, 2021 8 mins read 2021 is being reimagined as a year of transition, and the right technology has companies gearing up for future growth. Major companies like Deloitte and McKinsey & Company have already made major moves to automate their finance processes, indicating that their CFOs and finance leaders recognize what kinds of activities can be easily automated to facilitate future growth, planning, and crisis management. One of these major transformations comes from a recent consensus on the value of using finance automation to streamline internal organization processes. More specifically, 69% of board directors say the effects of the COVID-19 pandemic are accelerating their digital business initiatives, and many executives reported moving up to 25 times faster than they thought possible on adjustments like increasing the use of advanced automation technology in their operations. Evidently, accelerating into a future of automation is becoming a more popular choice for companies looking to prepare their finance processes for the future. How Automation Can Equip Your Finance Team for the Future According to automation research conducted by the McKinsey Global Institute (MGI), foundational automation technologies like Robotic Process Automation (RPA) can help capture 33% of finance opportunities. The MGI also reported that 42% of core finance processes could be fully automated by current technologies, and an additional 19% could be mostly automated. With this in mind, choosing the right automation software can yield promising long-term benefits for finance teams. “Ideally, the structure of the finance organization should spur a shift away from transactional, repeatable work toward more value-added activities, such as quality analysis, strategy and development, that position finance as operational and enterprise decision support partners.” Gartner shares a similar vision for the finance processes of the future, suggesting that: “Ideally, the structure of the finance organization should spur a shift away from transactional, repeatable work toward more value-added activities, such as quality analysis, strategy and development, that position finance as operational and enterprise decision support partners.” With the help of automation platforms like Wrk’s, finance teams are provided with time to focus on the tasks and responsibilities that require their full attention. Specifically, task automation using RPA-powered workflows, or API integrations can afford finance teams more time to upskill or reskill their team. This gives teams just like yours the opportunity to control and customize the automated processes their real-world business processes require, without having to rely on busy IT teams to manage the technology. Wrk is particularly well-positioned to add efficiency to finance teams from early-stage start-ups to established enterprise operations thanks to it’s multifaceted approach to automation. With Wrk, you can rest assured that repetitive tasks, decision-making steps, and item generation requirements are all completed automatically and with efficiency. In light of new demands, “staying the course” could be a costly mistake for finance teams. Automation’s ability to significantly enhance performance for finance teams has established it as a worthwhile investment for years to come. Additionally, depending on the complexity of the work that needs to be completed, Wrk can automatically assign the task to its proprietary bots, human Wrkforce or RPA or API functionality as is needed—allowing for a seamlessly automated finance function. Wrk’s automation platform further supports seamless integration into the finance function by working with any software, whether or not it has public API integrations. This means being able to connect to everything from legacy systems like Microsoft Excel or Quickbooks to modern programs like Instagram. In light of new demands, “staying the course” could be a costly mistake for finance teams. Automation’s ability to significantly enhance performance for finance teams has established it as a worthwhile investment for years to come. Let’s look at some of these advantages in closer detail now. 4 Common Processes Finance Teams Can Reimagine with Automation Ever wondered where your finance team might begin to integrate automation into its existing finance processes? Here are 4 common processes that finance teams, regardless of the industry they are in, can reimagine with automation: Financial reporting Reporting on key metrics and projected growth sectors in a clear and effective way is crucial to securing funding and helping your team grow in the months and years ahead. Fortunately, this core task is one that has some of the highest potential for automation. With the right automation platform, you will be able to not only compile and clean data for reports but also notify team members when there’s a potential error in the data. Enlisting an automation platform like Wrk’s can also help finance team members compile the actual reports and presentation materials, effortlessly integrating with legacy software systems. At the end of the day, finance automation provides high talent team members with more time to contribute to the management and strategize operational improvement when they are freed up from completing repetitive and time-consuming tasks. Cash flow Cash flow is another process that can be enhanced with automation. A company’s cash needs can be skillfully managed through the regular and systematic preparation of cash flow forecasts. With the support of automated reporting, there’s greater clarity on what’s coming in and out of the company, generating opportunities to source longer-term financing. Finance automation platforms can even help companies craft emails reaching out to investors, make calls, all while compiling accurate data. Financial planning & analysis A recent study by Gartner found that 74% of financial planning and analysis leaders say improving business partnership skills will take on an increasingly important role in the finance processes of the future, and will take either significantly more time to achieve in 2021. The same study revealed that 66% of department leaders also expect to spend more time on scenario planning, with 65% sharing that this will be somewhat or extremely difficult to achieve. Move your financial planning processes from analog to digital with automation. Photo Credit: Isaac Smith Although these new objectives may seem daunting for finance teams, automating systematic and repetitive financial planning tasks can make these goals more achievable. Wrk’s Wrkflows allow companies to operate faster, dividing core tasks into subtasks that can be done in parallel, meaning there is no need to wait for one task to finish before completing another. Generating standard management reports, gathering data, and consolidating budget forecast inputs can all be automated, meaning finance teams can remain one step ahead of the competition. Accounting & tax processes Finance leaders consider 89% of accounting activities to be highly automatable. For instance, data entry tasks, generating accounts payable and accounts receivable, and expense reports can be whittled down to smaller burdens, freeing up more time for accounting management priorities. Wrk’s global and empowered Wrkforce is also active even when you are not—meaning work can be completed 24/7, making tight deadlines more manageable. Automation can also free finance teams from the burden of repetitive tax season chores while ensuring paperwork is recorded, filed, and reported accurately. Minimizing room for human error means getting higher value out of tax returns without overloading your workload. Future-Focused Processes with Finance Automation Future-focused finance departments can look at 2021 as a year of transformation for their internal teams, especially if they haven’t yet started to integrate automation into their processes already. Over the past few years, CFOs have transformed core business processes to excel under new pressures and adapt to ongoing obstacles with the use of automation software. Choosing an adaptable automation software like Wrk’s allows finance teams to effortlessly reinvent their finance processes safely in the knowledge that the core tasks they need to accomplish will be completed. If you want to learn more about how you can make Wrk’s seamless automation platform work for your finance team, then visit our Finance Hub today. Featured Image: Andrew Neel Share This Article Facebook Twitter LinkedIn Email