The business landscape has changed and become increasingly competitive due to the advent of technology. A lot of businesses are reluctant to shift from their current tech stack and add new solutions which could actually aid and streamline their core business processes including finance. Speaking about finance, a lot of companies worldwide are afraid to invest in finance software for business due to a myriad of reasons. One of the most common reasons to not use enterprise-grade financial software is the costs associated with such solutions.
However, what most companies do not realize is that financial automation software automates mundane tasks, saving time and money in the long run. For instance, even today, companies of all shapes and sizes continue to use dated spreadsheets and data entry methods. We believe that it is a good time to move away from dull and grey financial accounting and turn to finance automation.
The benefits of using the best finance automation software are plenty. However, you can only reap these benefits if you decide to shift your financial activities using modern financial automation software.
In this article, we will try to understand what financial automation solutions are and their benefits. We will also explore some of the best financial automation tools available in 2022.
What are financial automation tools?
Financial automation tools are tech solutions that are transforming the way financial services are carried out. Besides, the best finance software for business helps financial departments and professionals work efficiently. In the financial world, there are a bunch of time-sensitive processes that need to be completed to ensure that business processes are running smoothly.
These tools can replace an array of time-consuming and repetitive tasks. This means that your financial team can turn their focus to ideation, problem-solving, and creating strategies. Besides, the best finance software for business seamlessly integrates with your existing technologies, providing a bird’s eye view of your company’s finances.
What are the benefits of using financial automation software?
Financial automation tools simplify your financial processes, saving you time, and also reducing errors. Some of the benefits of using financial automation software include:
There is no denying that humans make errors, and we do not blame them. However, finance automation helps you prevent these errors, accelerating your financial processes and making them more accurate.
It is a proven fact that automation helps save time. You can help your employees perform meaningful tasks instead of spending time on tedious activities. In addition, when you automate your financial processes, you eliminate the risk of being dependent on a key stakeholder or other bottlenecks, which eventually could delay other phases of your business.
Every business’s finance is regulated. However, each business should adopt and comply with the evolving regulatory landscape. Financial automation tools help you modify, restructure, and adapt your business according to these regulatory changes.
There are tiny details with which the finance team has to work with. It could get very time-consuming to find, format, and transform data for each requirement, causing your workforce to work for extended periods. This could result in dwindling employee satisfaction.
However, you can rely on financial automation tools to complete these repetitive tasks using robotic process automation.
Best financial automation tools
With a plethora of financial automation tools to choose from, picking a tool for your business can be a bit confusing. Based on research, online reviews, and customer testimonials, we have compiled a list of some of the best financial automation tools available.
1. Microsoft Dynamics
Microsoft Dynamics is a financial automation software that automates critical finance tasks and functions in between, making it an ideal tool for businesses. Hence, accounting functions including inventory, financial planning, and payroll are all in sync on this platform. The only downside of using this tool is that it has a bit of a learning curve.
Read our Microsoft Dynamics review to learn more about its features, pricing, and other specifications.
Xero is specifically designed for small businesses and accountants. It provides all the important features to facilitate seamless and smooth financial automation. Since the tool can be used even by non-accountants, it has garnered considerable popularity over the years. Since the platform pulls in data directly from banks, bookkeeping becomes a breeze.
Non-accountants and financial advisors have access to financial information, allowing them to make informed decisions. In addition, Xero can also integrate with other business systems including e-commerce, CRMs, and more.
Quickbooks is an ideal financial automation tool for small businesses, mid-sized companies, and freelancers. These end-users can easily manage their payroll, payments, and accounting. In addition, Quickbooks also automates financial accounting processes to simplify taxes, enabling you to deliver and track invoices seamlessly.
You can read our Quickbooks review to learn more about the tool’s features and pricing plans.
BlackLine primarily focuses on credit card management and reconciliation. The platform is a useful financial automation tool to assist you with the financial close process and prevent fraud. You can also use BlackLine to automate account receivable, create management reports, and reconcile accounts. Besides, you can create management reports using Blackline.
Workflow automation in finance
As financial services are becoming more digital, the number of transactions made every second has increased. In addition, new information is being fed into financial systems every second. This is why it is imperative to ensure that there are no speed breakers in your workflows.
This is where workload automation comes into the picture, making it possible for you to stay afloat with how things work in the world of digital finance. Financial automation software enables businesses to maximize their potential as it handles a series of high-volume processes.
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