Home topics news Image Credit: Fauxels on Pexels News News Expert: Finance efficiency via automation this financial year Rosie Cairnes August 11, 2023 Will it be business as usual in your finance department over the upcoming 12 months, or are you planning a significant overhaul of your personnel and processes? For a growing number of Australian organisations, it’s the latter. Digital transformation is fast becoming an urgent imperative, as leaders look to their finance teams to add value, by providing quality business insights, strategic advice and exceptional customer service. Delivering the goods will be challenging for accounting teams that continue to operate in analogue mode; using spreadsheets and siloed legacy systems to try to optimise cash flow, balance the books on time and extract the information business leaders need to make timely, data driven decisions. Moving from manual to automatic mode For that reason, we’re likely to see widespread adoption of automated finance solutions over the next 12 months. The term ‘financial automation’ refers to the use of technology to automate many of the repetitive, routine tasks associated with the finance function – think reconciling accounts and producing statements and reports at the end of each month and quarter. Financial automation can slash the number of human hours required to complete these tasks and reduce the error rate down to almost zero. Saving time and money The time saved can be spent on value adding activities, such as ensuring business leaders have accurate, up-to-date financial intelligence at their fingertips. Automated