Finance Automation: How It Works & Its Benefits

Teams at financial companies are often tasked with plenty of repetitive and boring jobs, like checking and reconciling bank and broker statements, data inputting, and error checking. These tasks are important to ensure the smooth running of the company and the fact that your clients receive the best service possible, but they don’t have to be so tedious. Instead, you can use finance automation to save your team time and your company money.


What Is Finance Automation?

Finance automation is the process of getting a computer to do repetitive tasks on your behalf. This can include sourcing and sorting data, creating reports, run calculations and valuations, and much more.


What Kind of Software Is Required by Finance Automation?

Currently, there are numerous off-the-shelf software brands that offer tools that can help with this, but the reality is that these almost never cover all the repetitive tasks you need taken care of.

A part of why that is that they tend to be designed to do one specific job in a specific way. Another part is that they have to appeal to a wide variety of users and user needs to make them financially viable.

That’s why we recommend finance automation software that is built around your company’s processes, and which gives you the possibility to customise the following factors:

  • Parameters: these define the remit of the software and allow you to control it.
  • Priorities: this lets it make choices based on your rules.
  • Limits: be they soft or hard, limits help the system know whether to notify and take action.
  • Suspension: based on the above, the system should know when it’s out of its depth and revert the decision-making process to a human.


What’s Needed When Customising Finance Automation Software?

Your financial workload reflects the processing you make for your clients based on your procedure, knowledge, experience, and expertise. In fact, everything from which data we deem important to which tasks we prioritise is a matter of choice based on the information we have at hand.

This is exactly what needs to be imparted to the financial automation system, which has no intuition but can easily and flawlessly follow instructions

So, with that in mind, what is needed when investing in customisable finance automation software is a team of developers that can turn your unique process and way of working into code that feeds the system


Why Bother with Financial Automation?

At this point you may be wondering what the benefits of all this are. Well, they are simple but extremely important to any business.

  • Save Time: Repetitive tasks take up plenty of time, so you could save on hours of human labour every day… Just imagine how much time automated statement processing alone could save you, and then add everything else!
  • Reduce Errors: When human beings work on repetitive tasks, we tend to make mistakes. Computers aren’t like that. If anything, they prefer repetition.
  • Improve Your Opportunities: By working faster and reducing errors, a financial automation system could free precious time on more valuable tasks.

So, what are you waiting for? Get in touch with us to discover how we can help you set up a financial automation system!