Is financial automation too hyped? Absolutely not.
Financial automation is every financial expert’s dream come true. Yet, manual systems continue to be pervasive in financial reporting and analysis – a process that drains both time and money. If we hope to move ahead in the financial world, we must implement systems and make use of software that will do the heavy lifting and the easily automated processes on our behalf. Our aim should be to ultimately work smarter in order to better serve our clients. Because the truth is that what clients really want is speed, accuracy, reliability and consistency. These may all be achieved using financial automation software. There is nothing noble about delaying financial reports because of time wasted completing processes manually. Financial automation can be used to facilitate budgeting, forecasting, consolidation, Corporate Performance Management and Financial Reporting and Analysis in general.
Here is how financial automation can facilitate these processes:
- Financial Automation Saves Time and Money
It is ironic that so many organizations continue to use manual financial processes that cost both time and money when the aim of financial management is to maximize profits and to minimize costs. The more time it takes for a process to be completed, the more it is going to cost the organization. The saying that “time is money” is even more relevant in the field of finance and accounting. Every minute wasted doing something manually may be measured in dollars and cents lost or thrown away.
- Financial Automation Reduces Errors
By using financial automation software, organizations can easily eliminate a significant percentage of the mistakes that are made from manual processes. The more manual a financial system is, the more prone it is to human error. Automation is what is going to help to cut down on the number of steps necessary which means fewer chances of error. While financial automation will not eliminate all errors since it still depends on human input, the fact that it reduces the number of steps of information input, means that error is automatically and significantly reduced.
- Financial Automation Makes Financial Report Preparation Simpler
The simpler a process is, the easier it is going to be for users to complete specific financial tasks. Common financial tasks such as budgeting, forecasting, consolidation, and financial reporting and analysis may all be made simpler with financial automation software.
Several organizations depend heavily upon Microsoft Excel to prepare financial reports. While Excel has some amount of automation built in, there are other types of financial automation software that can easily integrate with Excel to make the financial reporting processes even simpler.
If your organization is spending too much time preparing financial reports that are regularly riddled with errors, it may be time to invest in financial automation software. Apart from helping you to save both time and money, financial automation software will help you to reduce the occurrence of human error, as well as help to make financial reporting simpler. The most common financial processes may all be automated.
- Best of the best Financial Automation Solution
If you are still looking for a solution that can strike a good balance between its capabilities and its price tag, check out Performance Canvas Financials. Performance Canvas Financials (pcFinancials) was built from the ground up by the experts behind world class solutions i.e. IBM Cognos, SAP BPC, Hyperion Enterprise, and Frango Consolidations. Performance Canvas Financials was created to address the needs of the market not addressed by current solutions and for only a fraction of the price.
DSPanel offers cutting edge technology platform for business analytics, planning, and visualization. DSPanel designs, builds, and operates with the end users in mind. Performance Canvas was created by DSPanel to answer the unarticulated needs of the market not addressed by previous available solutions. With Performance Canvas, information is transformed into valuable business insights for the business executives to utilize in their decision-making process. DSPanel currently has over 2500 organizations deploying their solutions.