5 Ways Finance Teams Save Time With Automation

5 Ways Finance Teams Save Time With Automation

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Finance teams are well versed in time-consuming, repetitive tasks. Most days begin and end with team members inputting data into a computer, scanning documents, tracking the payment status of an invoice, and managing client accounts. While all of these tasks are essential in the flow of a business, they take up a large amount of the workday and leave departments at risk for mistakes and errors.

“Finance departments can save their teams 25,000 hours of avoidable rework caused by human errors by deploying Robotic Process Automation (RPA) in their financial reporting processes.”

The addition of automation in finance teams can save approximately 30% of a full-time employee’s day, according to this research.

Gartner Inc. report

We’ve rounded up five ways that professionals in Finance can save time with automation.

Accelerated Invoicing Processes

Receiving payment for services rendered is critical to the financial health of any business. However, managing invoices can be a daunting task. Finance professionals must maintain records of due dates, payment reminders, and past due invoices. The constant status check of invoicing can take up an excessive amount of time.

Implementing robotic process automation can reduce the time that finance teams spend completing these tasks. RPA can send invoices, set payment reminders, and alert teams of overdue bills without manual labor.

End-Of-Day Processes

A survey from Samewave showed that 90% of the people surveyed only one-fourth of their day was spent on creative work.

This suggests that approximately 75% of the workday is spent on repetitive tasks, that could be automated. 

More about this topic: How To Reduce Time Spent On Repetitive Tasks

In the finance industry end of the day processes, like examining sales data and tracking inventory are very time-consuming. Implementing RPA can reduce time on these end of day tasks, and provide time for tasks that require expertise.

Automated Data Entry

Entering data is time-consuming in any industry, particularly in finance. With the ever-flowing stream of invoices, billing, receipts, and account management duties – there is often no time for tasks that could grow the company.

More about this topic: How To Overcome Data Entry Challenges In Accounting

Introducing data entry automation can greatly save the accounting department time. The team can begin to automate invoicing, receipt tracking, and the billing process. Not only will automation save time, but also prevent human errors.

Accounting Procedures

The accounting department must always keep their eyes peeled open for any errors, duplicate, or unpaid invoices. Much of their time is spent continually checking documents, and their work to prevent costly mistakes.

More about this topic: Top 5 Automation-Ready Processes in Accounting

Utilizing Robotic Process Automation can save time by automatically extracting information from invoices and purchase orders. RPA can also monitor and reconcile payments without manual oversight. This will allow time for other valuable tasks.

Vendor and Customer Inquiries

Every staff member can relate to the pain of an overflowing inbox. Finance teams feel this pain to a higher degree, due to urgent inquiries from customers and vendors.

These requests often have simple responses but take hours to get through each day. By incorporating RPA, these responses can be automatically sent without delay – saving hours of employee time.

Final Wrap Up

The implementation of robotic process automation (RPA), can save finance teams excessive amounts of time in several ways, such as:

  • Invoicing
  • End-Of-Day Processes
  • Data Entry
  • Accounting
  • Vendor and Customer Inquiries

The reduction in time gives skilled employees the opportunity to provide more value in their work with complex duties.  Book a demo and see how to save time in your finance team today.