There’s a phrase in business that is indicative of danger– “We’ve always done it this way.” When it comes to finance departments and accounting, certain methods of operation, like the use of manual spreadsheets and data entry, seem to stick for longer than they should. With financial automation software, businesses are realising immense benefits and achieving value that is unparalleled.
We’ll share what you need to know about finance software and financial management software so you can reap the results you want and gain more transparency into your operations while doing so.
Financial automation solutions are technologies that are transforming financial departments, financial services, and financial professionals’ day-to-day activities. When it comes to finance, there are an array of time-sensitive processes that must be completed to keep businesses running smoothly.
Finance automation solutions can take over the execution of many processes. With these tools, your team of professionals can shift their focus to problems-solving, ideation, and strategic initiatives instead of being stuck in spreadsheets handling data.
The solutions integrate with your existing technologies to provide a 360 degree view of your business’ operations and financial health. Having this information handy will aid in proper decision-making and overall business strategy for any organisation.
Financial automation software is making it easy to carry out business processes in less time, with less mistakes, and more confidence.
The advantages of utilising financial automation software systems like SolveXia, for example, are astounding. Let’s see why:
With end-to-end automation, you can relieve your employees of having to get bogged down in tedious and time-consuming tasks, thereby completing duties efficiently. Additionally, with financial automation software, you never run the risk of key person dependencies or bottlenecks, which can cause costly delays and affect other aspects of your business.
Humans make mistakes. That’s an inevitable fact. With coded systems, automation software prevents the otherwise manual errors that would take place. In turn, your financial processes are not only done faster, but also more accurately than ever.
Since a business’ finances are regulated and regulations change, business processes must adapt to comply. With financial automation solutions, you can quickly tweak, halt, or redesign a financial process to adhere to regulations.
There’s a lot of nitty gritty details and numbers that matter to a finance team. It can get exhausting to manually locate, retrieve, format, and transform data for each need. This can result in a fatigued workload who may begin to feel like robots.
Instead, you can leverage finance automation solutions (aka robots) to take over these repetitive tasks using robotic process automation. This way, your human resources can instead allocate their time to more exciting, creative, and strategic tasks of higher-value.
Financial automation solutions come in many forms. If you’re looking for a solution that requires no code or low code, and therefore can be deployed quickly to start working, you can choose a solution like SolveXia.
You can rest assured knowing that you won’t be facing a risk when introducing a new software into your toolstack because it integrates with legacy systems, so you will not lose or threaten existing data.
Instead, you will be able to take advantage of all the data you have in disparate systems as the software can source data and format it automatically to be used for what you need.
With automation solutions that run using cloud infrastructure, you reduce the cost and risk of storing data on-site. Furthermore, you always have immediate access to the data you need exactly when you require it. With software that runs in the cloud, you also benefit from automatic security updates and disaster recovery possibilities.
All data that exists within financial automation software is encrypted, whether it is being stored or being transferred. Without financial automation software, your team may be storing sensitive data across spreadsheets on their desktops, accessing the information on public networks, and running the risk of hacks or security threats.
With automation solutions, your business’ financial data, including that of your customers, is always protected.
As your business scales, your processes may need to be updated. Financial automation solutions make this easily doable. Not only can you utilise reports and dashboards to keep track of your KPIs and analytics in real-time, but you can also adjust and test new processes on an as-needed basis to execute continuous process improvement.
All your data is only useful if you can glean insights from the raw information. Financial automation software is able to provide you with a dashboard that quickly transforms raw data into visual insights.
Along with these real-time dashboards, you can automate reports at whatever intervals you see fit so that you can always be-in-the-know. The ability to utilise data to better understand your business will provide you with the knowledge you need to make immediate and informed decisions.
Before we start comparing specific financial automation software, it’s useful to know what you need to look for when selecting the solution that is best for your business.
Financial automation software should not be a daunting or overwhelming undertaking. Instead, it should feel like you’ve hired a team of superheroes that can do anything and know everything.
Some of the features you’ll want to consider when shopping for business budgeting software or financial software are:
As a provider of a financial automation solution that some of the world’s biggest banks and financial institutions use, we know a thing or two about what makes automation solutions work.
From performing our own research and listening to customers’ needs, we’ve compiled a list of some of the best automation tools on the market today.
Take a look.
SolveXia is touted to be a human analytical automation platform. Not only does SolveXia allow you to automate processes from start to finish, but the system also provides advanced analytics, automated report generation, account reconciliation, to name a few.
The cloud-based platform can be ready to go within 30 minutes and does not require an IT team to deploy. Once deployed, SolveXia will save your team time, boost productivity, and allow you to achieve finance transformation.
With a focus on credit card management and reconciliation, BlackLine is a useful financial automation tool that can help to prevent fraud and aid in the financial close process, among other things. You can utilise the software to automate account receivable, reconcile accounts, create management reports, and more.
Microsoft Dynamics automates finance tasks and the functions between them to provide a robust automation platform. Thus, accounting functions like financial planning, payroll, and inventory are all synced up. Although there is a learning curve associated with the platform, once you are comfortable working with the tool, it can take care of many processes.
Geared towards accountants and small businesses, Xero is gaining popularity in these arenas. Xero offers an out-of-the-box solution that non-accountants can understand, too. The cloud-based solution can pull data directly from banks so bookkeeping is no longer a hassle.
Financial advisors and non-accountants alike can gain immediate access to said data to stay informed. The tool also integrates with all types of business systems, including CRMs, e-commerce sites, and more.
QuickBooks is designed to help freelancers, small businesses, and mid-size businesses manage their accounting, payroll, and payments. QuickBooks automates accounting processes to make taxes simpler, helps you to send and track invoices seamlessly, and oversee your cash flow.
As financial services have become digitally-based, there are countless transactions occurring every second. New data is entering systems, but workflows cannot slow down. Workload automation makes it possible to keep up with the way the digital work of finance flows–quickly and without breaks.
Financial automation software makes it possible for people and businesses to maximise their potential as the software handles the low-level and high-volume tasks.
Workload automation refers to the all encompassing technology like that of SolveXia which can handle end-to-end automation of complex tasks. It involves the use of intelligent automation (artificial intelligence and robotic process automation) to make decisions within set parameters.
Robotic process automation (RPA), on the other hand, is a component of workload automation, but it is more limited in its scope. This is because RPA needs to be specifically programmed and trained to run finite and repetitive tasks, like copying data, sending emails, and opening applications.
There’s no doubt that implementing financial automation software in your business will be of great use. By focusing on the features of high consideration that we listed above, you can find the solution that pairs well with your business.
Automation software like SolveXia, take great care in ensuring clients have everything they need to get started and run our software seamlessly and immediately. If you’re interested in trying it out for yourself, don’t hesitate to request a demo.