Will financial management be automated in the future?

Will financial management be automated in the future?

Today a modern and automated finance department can be crucial for competitiveness. Automated financial systems simplifies the process and collects important data – which is why automation technique should be a natural topic for all ambitious businesses. With time-saving technique, the finance department kan focus on analyzing the data to make better strategic decisions within the company.

What processes can be automated?

To optimize the finance departments processes does not only mean to digitalize – it is also about changing accustomed routines and work procedures to solve problems and challenges. Without the right digital support there is a risk of the finance department spending their time with manual document management and extra quality controls – often dependent of a certain individual. It is in processes regarding big volumes and a high grade of manual management that automation can save the most time – and secure the quality in the process.

Examples could be:

  • Procedures performed by a certain individual that risk coming to a stop if the individual is out of office.
  • Tasks that generate administrative errors that often must be corrected.
  • Tasks that need to be registered in multiple places within the organisation.
  • Standard routines performed in a steady interval.

Smart financial systems for better quality and effiency

When processes can be operated completely automatic the finance department’s resources can be used more efficiently. Common reasons for a business to automate their processes are for example a higher productivity from saving time. The quality increases as error margins in the manual management decreases and the finance department’s work days will have higher quality when repetitive jobs can automated.

The economist’s future key role

A common misconception about automating the finance departments’ processes is that the importance of personnel would decrease – and it will not. On the contrary, the economist will be a very important link to all the data that is in the system and is thereby a value-adding key role player for the company. To follow up and analyze data to get an overall picture is still the economist’s core competence – but they will no longer need to spend time on searching for material. This makes the finance department a proactive and strategic partner that works even closer to the business.

We at xperitus are experts in ERP systems from JD Edwards EnterpriseOne and Netsuite, that support your whole business – from storage management to financial systems. Feel free to contact us for more information about how we can help your business.

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