With increasing demands and often unforeseen challenges, agility has become a pivotal factor in an organisation’s financial performance. With these challenges, businesses are needing to find new, smarter, ways to work in order to remain competitive within their respective markets.
With the rise of AI and the sophistication of automation within enterprise resource planning (ERP) software, businesses are able to quite easily find and implement effective solutions to overcome mundane administrative finance tasks.
Additionally, such finance automation tools provide new functionalities, which are enabling businesses to take advantage of intelligent data-driven insights, enabling their teams to make informed decisions and stay ahead of the curve.
In this blog we’ll explain what finance automation is whilst exploring its capabilities and benefits to help you understand how advanced finance automation tools could positively impact your business.
What is finance automation?
Finance automation leans of the power of AI and advanced technology to streamline a business’ accounting and finance processes. With tools able to take on tasks such as general ledger journal entries and reporting, finance professionals (and indeed those with less experience working within finance but a role requirement) can focus on other priorities that demand their time. What’s more, sophisticated finance automation software, like Dynamics 365 Finance or Dynamics 365 Business Central, offer intelligent insight to help inform efficient, better decisions.
How automation can improve your finance processes
Speed up reporting
Say goodbye to dedicating Monday mornings to weekly and monthly reporting. Financial reporting automation tools can utilise your real-time data to generate accurate, visual reports that can easily be shared with stakeholders in minutes.
Streamline financial processes
From data entry to bank reconciliation, there are an array of financial processes that finance process automation can help with – and as time goes on, automation functionality built to support finance teams will only improve - Not only does this help free up resource for other pressing priorities but it also improves accuracy on complex tasks like invoice processing, by reducing the chance of human error.
Spot new opportunities & arising challenges
Advanced finance process automation tools can usually monitor financial trends over periods of time and highlight any trends or anomalies within the data, making it easier for your team to identify and adapt to key challenges and opportunities.
Improve decision making
With the combination of improved AI-driven insight and increased accuracy by removing the need for manual data input, you can trust on the precision and accuracy of your data, which will help finance professionals improve forecasting, budgets and critical business decisions.
Unlock agility and efficiency with Microsoft Dynamics 365
Both Dynamics 365 Business Central and Microsoft Dynamics 365 Finance offer advanced automation and AI capabilities, which have been proven to help businesses streamline their financial performances. Go beyond automation and see how these solutions can unite your data and teams to improve communication, collaboration and efficiency across your organisation.