Automating Financial Operations: Save Time & Money While Reducing Errors

In the financial services industry, several daily operations are manual, repetitive, boring, and error-prone. But did you know that many companies can save significant employee hours and increase productivity simply by automating the process? Here’s how automating financial operations works and why you should invest in it.

Daily Repetitive Tasks in Financial Operations

Some common daily repetitive tasks in financial operations include:

• Collecting statements
• Inputting data into accounting systems
• Producing reports
• Processing subscriptions and redemptions
• Booking buys and sells of financial instruments
• Verifying balances and costs

All of these processes take up countless human hours and, while boring, require the person’s full attention, as one mistake can lead to delays or financial losses.

What Financial Tasks Can I Automate?

With today’s technology, you can start automating financial operations across the board, ensuring your employees have more time on their hands to work on more important matters.

Tasks that can be automated include:

1. Data Collection
   • Connect via API or sFTP to read data
   • Logins to web portals automatically
   • Autonomously download files
   • Saving email attachments to the correct folders
2. Data Transformation
   • Reduce time spent on Excel tasks
   • Use dedicated software to transform data into the required format
   • Reduce the chances of making errors
3. Data Import/Input
   • Ensure higher levels of accuracy 
   • Save time on boring, repetitive tasks
4. Data Control
   • Be in control of your data
   • Use software for efficient data control 
   • Automated statement processing & reconciliation
   • Faster and more accurate
5. Data Reporting
   • Export data automatically
   • Producing custom reports or financial statements
   • Easily personalise reports depending on how much data is needed
   • Save time
   • Reduce errors

The Benefits of Automating Financial Operations

By automating these tasks, you can save significant amounts of time, lessen the risk of errors, and improve your workflow.

Apart from that, other noteworthy points include:

• A machine can automatically open a web portal and download files, without a person needing to do it manually. 
• A system can automatically save email attachments in the correct folders, making a tedious task incredibly easy. 
• Software can transform data into the required format, avoiding manual Excel errors.
• Software can efficiently control and reconcile data, doing so in a more accurate way.
• Automated reporting means you can produce custom reports in a fraction of the time.

Introducing AUTOMAN

If all this sounds helpful and you’d like to discover how it can help your business, then your next step should be to check out our data processing software, AUTOMAN. We have developed this tool—or, rather, set of tools—to automate all the repetitive tasks mentioned above and then some. 

Moreover, while there is an initial time and cost investment, automation through AUTOMAN will save you countless working hours and costs in the long run. This will result in daily tasks that normally take hours happening in mere seconds or minutes, or else completed overnight, ensuring final checks and approvals can be done at your own leisure. 

So, what are you waiting for? Get in touch with us to discover how automating financial operations could be the start of a new chapter for your company.