The Rising Importance of Automation in Accounting

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The Rising Importance of Automation in Accounting

Sarah Dawson, CFO Tech Outlook | Wednesday, March 10, 2021

Automation makes firms more competitive by taking an innovative approach to accounting through cloud-based computing and automation, allowing firms to focus more on customers and less on the back office.

FREMONT, CA: The process of employing the latest tools and techniques in the finance and accounting sector has consecutively been in trend. The gradual development in the scenario has turned the complications into opportunities for unearthing new experiences. The emergence of automation made finance and accounting more proficient than previously. However, the vital impact of advanced algorithms and intelligent machine learning has rapidly driven the concept and procedures of manual concepts in this field. The upcoming techno-driven trends in finance and accounting automation forecast its emergence and futuristic scope. Here is what automation brings to finance and accounting.

• Rapid Insight and Analysis

Financial departments are being called on more by sales, marketing, HR, and operations to offer data faster than ever. With all of this data flooding in, financial departments struggle to keep up when using manual methods. Without automation, teams are forced to spend hours gathering data. This leaves little to no time for analysis, reporting, and other key recommendations.  Automation changes all of this because data and finances of each enterprise dimension can be automatically connected to one accounting system. Now, manual financial processes can give way to cloud-based platforms that simplify reporting, planning, forecasting, and analytical functions.

• Revenue and Risk Assessment

With access to accurate information drawn from each organization's component, finance executives can run scenarios with many sets of variables. Automation allows users to draw from a much broader selection of data to assess potential risks in existing markets and opportunities in new ones. Automation also helps companies create and manage comprehensive reports, thereby providing greater insight into financial results' quality and sustainability. Financial experts can drill down into data within seconds. Being able to assess different areas in the market is invaluable to an organization.

• Expand Business

Every firm wants to expand its business. To this, firms will need a modern and innovative accounting solution with finances in check with multi-national compliances. Automated accounting functions enable corporate finances to comply with regulations, provide multi-language and multi-currency support, and automatically help accounts from local subsidiaries.

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