What exactly makes automation of financial and commercial procedures so valuable? Automating these activities is a must if you want to stay competitive.
Business owners have long aimed to automate some financial procedures and doing so is crucial today if you want to stay competitive. But why is automation so valuable? What more value may it add to your company’s operations? At Itas, we are experts at financial automation and you’ll realise the advantages as soon as you make the decision to implement financial automation software at work, including the following:
- Increased data integrity: Errors are often less likely to occur when there is less human interaction with your data. It is simple to trace a piece of data through an automated system that has been entered erroneously and fix the issue, instantly finding any other computations it has impacted and any results that are faulty as a result. Since both input and output are standardised, you’ll be able to see problems earlier. Data corruption is less likely when financial software is simple to synchronise with other systems you use.
- Increased productivity: By eliminating the need for manual processing, finance software allows staff members to spend less time on repetitive duties and more time using their skills. Routine tasks can be automated, such as managing payroll, sending and receiving invoices, and creating MTD reports, while other processes can be made more efficient. For instance, expense software requires manual input and approval but performs computations and maintains file organisation on its own.
- Greater security: It’s simpler to stop the leak of confidential information because fewer people need to interact with the system. This not only reduces the company’s susceptibility to corporate espionage but also helps to safeguard the privacy of employees, clients, and consumers, making GDPR compliance simpler. For example, if numerous employees are working on a project, you can have a very decent notion as to who viewed the project financials within a specific time frame. You can manage precisely who has access to data at different stages of processing and you can track which devices are utilised to access it.
- Allows for quicker approvals: Manually entering inter-company approvals is a time-consuming procedure that frequently takes a lot of effort from the workers. Extremely long email chains frequently need to be reviewed and approved in businesses that use manual processes, with each step being carefully documented. By reducing the amount of time this takes, leveraging keywords, and applying AI for fact-checking, automated processing benefits businesses. Although maintaining records is still crucial to guaranteeing the calibre of the work, it doesn’t demand any more work.
- Greater transparency: By connecting every component of your financial management system through automatic financial processing, you may have a better understanding of the overall state of your business. This makes it simpler to spot trends and pinpoint areas for improvement. It makes every part of auditing quicker and simpler because you can instantly determine who was in charge of any anomalies in the data and direct queries accordingly. It considerably lowers the possibility of fraud going unnoticed. Investors are attracted to systems that are more transparent because they feel more confident that business practises are ethical.
You won’t want to waste any time integrating automation into your business operations once you realise why it is so crucial. Your finance team will be able to concentrate less on administrative tasks and more on the things that actually matter to your company: keeping an eye on markets and competitors, seeing business possibilities, and figuring out how to make your money work harder. You’ll be able to tell how analytical they are by how their skills emerge, and you’ll learn just how strong they are. Given that boredom is frequently stated as a cause for leaving a job, this is likely to produce a workforce that is happier, more engaged, and more devoted.
Automation of your financial procedures is one of the simplest improvements you’ll ever make, even if all new software necessitates some initial adjustment. You’ll be glad you did because it offers increased data integrity, efficiency, security, and transparency.
Who we are
Itas is a multi-award-winning Sage partner. Having started in 1995 with just one customer, we now support over 200 clients nationwide. They know we are always there to provide a helping hand, whenever they need us. Trusted by our customers for over 20 years, Itas has been built on referrals from customers and IT professionals that love the expert yet personal service that we offer.
If you would like to know more about how Itas can help your business with finance automation, Sage implementation and improve purchasing control, you can get in touch at info@itassolutions.co.uk, call us on +44 (0) 1824 780 000 or contact us via our website.