Nowadays, automation plays a huge part in most industries and companies, no matter the size. In fact, investments in automation are constantly growing, with the Robotic Process Automation (RPA) market projected to blow up to a worth of £1.5 billion by 2025 (PR Newswire).
Investments in automation are constantly growing, with the Robotic Process Automation (RPA) market projected to blow up to a worth of £1.5 billion by 2025
It’s important to note that the rise of automation doesn’t necessarily mean that jobs will disappear. Instead, automation encourages businesses to work alongside technology to optimise their existing processes, and reduce the strain of manual, repetitive tasks on their employees. In this blog, we’ll take a look at how finance automation impacts business and their processes.
3 key impacts of finance automation
If you were to ask businesses why they chose to utilise automation, efficiency would probably be the most popular answer. In arduous processes within your finance function, automation and fintech tools can streamline relevant workflows through various software and tools. These tools vary from gathering data and generating reports to creating extensive insights. Furthermore, financial processes like accounts receivables management will benefit greatly from automation as softwares like Chaser, which can accurately chase customers with overdue credit at a set point in time, with personalised messages. This boosts business efficiency, with accounts receivable automation users often saving upwards of 15 hours per week on manual tasks.
Reduced human error
In many administrative processes, issues can arise in the form of inconsistency and inefficiency - which can be credited to human error. Of course, employees who have to deal with repetitive, mundane tasks are prone to mistakes, so encountering occasional workplace mishaps is not uncommon. But with finance employees dealing with vast amounts of customer information and money every day, businesses need to be more proactive in reducing the costs of human error. This is where automation comes in. As companies automate more financial processes, the more they mitigate any issues due to human errors and free up employee time for more meaningful work. Furthermore, data collection is more accurate with automation, as well as employee payroll and financial reporting, as they're no longer subject to human errors.
Improved customer relationships
Automation can also improve relationships between you and your customers. This can be seen in Chaser’s accounts receivable software, which further humanises invoice reminders through customisable email templates that can be scheduled on multiple smart sequences. Moreover, customers will see developments in efficiency and processing times as you automate your financial processes — further improving customer retention, response times and satisfaction rates.When implemented strategically, automation will help businesses reach their goals with speed. Cumbersome processes often found in the finance and accounting departments can now be streamlined and made efficient through automation. In such a competitive market, being efficient is essential to helping your business grow. So, make sure to explore tools and services that can automate your financial processes.