Streamlining your finance function: How automation can help you grow your business and increase productivity

Finance departments across industries have long grappled with the challenges of manual processes and de-centralised functions, particularly in multi-site operations. These repetitive tasks impede efficiency and increase the risk of inaccuracies and inconsistencies

As companies grow and expand, the complexity and time required for financial tasks also increase. Automation helps to transform operations by streamlining processes, enhancing accuracy, and reshaping the role of modern finance teams. For forward-thinking finance professionals, automating key processes is essential for future-proofing their operations and boosting productivity.

The impact of automation at every level

For businesses, automation translates into improved operational efficiency, error-free analytics, and real-time insights that drive better decision-making. In multi-location environments, where resources must be efficiently allocated and consistent data is vital for maintaining a competitive advantage, automation is invaluable. Tools that automate routine processes can streamline workflows, enhance accuracy, and ensure compliance, allowing businesses to maintain a competitive edge.

For junior finance professionals, automation offers the chance to move beyond repetitive tasks. By automating routine processes, such as data entry and basic reporting, junior staff can focus on strategic activities that contribute to career growth. This shift enables them to develop skills in data analysis, financial planning, and business strategy, fostering their professional development.

Senior finance leaders benefit from automation by gaining more time to focus on strategic priorities rather than being bogged down by day-to-day operational issues. Automation drives accuracy in financial reporting and decision-making, allowing leaders to concentrate on growth, innovation, and high-level strategic initiatives.

Key finance processes that can be automated for enhanced operations

Finance teams in multi-location businesses manage various critical tasks that can be automated to improve efficiency and accuracy. Key areas include:

Accounts Payable: Automation streamlines invoice management, reducing manual data entry and paperwork. 
Why Automate? This speeds up processing times and minimises errors, ensuring timely payments to vendors.
Expense Management: A mobile app for expense claims simplifies the process, enabling employees to submit and track expenses remotely. This reduces administrative workload and accelerates approval times. 
Why Automate? By making expense submission and tracking easier, automation reduces the administrative burden and speeds up the approval process, leading to more efficient expense management.
Data Integration and Accuracy: Cloud-based systems that integrate with other business tools ensure seamless data flow and accuracy across locations, supporting reliable financial reporting.
Why Automate? Automation ensures that data flows seamlessly between systems, enhancing accuracy and providing reliable financial insights, which is crucial for informed decision-making.
Bank Feeds: Automated bank feeds sync transactions with accounting systems in real time, expediting reconciliation and allowing finance teams to focus on more strategic tasks.
Why Automate? This eliminates manual reconciliation, saving time and effort, and enables finance teams to concentrate on strategic activities rather than routine data entry.
Management Reporting: Real-time reporting tools facilitate the generation of accurate reports by location or region, improving financial management and trend analysis.
Why Automate? Automation provides up-to-date, accurate reports quickly, enhancing the ability to manage finances effectively and analyse trends in real time.
Consolidated Group Reporting: Automation helps consolidate financial data from multiple locations, ensuring accurate and timely month-end reporting and reducing manual aggregation efforts.
Why Automate? This simplifies the consolidation process, reduces errors, and speeds up reporting, allowing for timely and accurate financial oversight across multiple locations.
Payroll Processing: Automating payroll ensures accurate salary disbursements, tax calculations, and compliance with local regulations, streamlining payroll operations across locations.
Why Automate? Automation ensures precise and timely payroll processing, reduces the risk of errors, and ensures compliance with regulations, making payroll management more efficient.

Building your automated workplace: What does the transition involve?

1. Strategic planning

Transitioning to an automated finance system can be a complex process, especially for businesses operating across multiple locations. It is essential to approach this shift strategically, rather than striving for perfection from the outset. Start by focusing on automating critical areas such as accounts payable and receivable. This ensures that essential processes run smoothly and reliably. A phased approach to automation allows for gradual integration and adjustment, minimising the risk of disruptions.

2. Leadership and oversight

Successful implementation of automation requires strong leadership. Appoint a project leader who has a deep understanding of both the company’s operations and the complexities of managing multiple locations. This leader should:

Oversee the implementation process
Ensure that the selected systems align with the business’s needs
Address and manage any challenges that arise during the transition

3. Benefits of automation

Selecting the right software can centralise processes and offer several key benefits:

Increased productivity: Automation liberates time, allowing employees to focus on more strategic activities such as planning and analysis.
Enhanced accuracy: Reducing manual data entry lowers the risk of errors, resulting in more reliable financial information.
Career advancement: Automating routine tasks enables finance professionals to develop skills in more complex and rewarding areas.

4. Optimising efficiency

By allowing teams to concentrate on strategic goals and supporting professional development, automation enhances overall efficiency. Thoughtful integration of automated solutions not only streamlines financial operations but also helps businesses stay competitive in a rapidly evolving environment.

Automation for enhanced innovation

As businesses expand and outgrow entry-level FMS systems, automation streamlines routine accounting tasks, reducing errors and freeing up employees to focus on higher-value work. This empowers junior staff to develop skills, while leaders can prioritise strategic innovation. Coupled with rapid AI advancements, automation enhances decision-making, driving precise and timely financial management.

Automating key accounting processes is essential for staying competitive and supporting continuous growth – those who implement it will see significant differences and reap benefits in both the short and long term.