Finance function automation
What is finance automation?
Finance function automation is increasingly becoming a strategic business priority for the office of the chief financial officer (CFO). To address an evolving economic landscape and plan for future growth, leading companies are leveraging automation across various finance functions, including accounting, budgeting, invoicing and reporting. By automating these processes, organizations can achieve greater efficiency, reduce the risk of errors and free up finance professionals to focus on value-added tasks and strategic initiatives that drive growth and innovation.
The importance of finance function automation
You can unlock your finance organization’s potential by aligning state-of-the-art technology with an optimized finance operating model. Automation can help you adapt to the following trends that may affect your finance function:
- Industry disruption: Whether it’s due to changing customer expectations, new technologies, regulatory updates, economic conditions or new market entrants, moving your finance function toward a fully automated, data-driven approach will enable you to take preemptive action to meet industry disruption head-on.
- Regulatory shifts: Regulatory agencies are increasing their focus on customer protections, data retention policies and fair treatment of disadvantaged communities. Automating regulatory compliance enables you to make centralized updates and ensure that these changes are reflected throughout your tools and applications.
- Security and risk: Cybercriminals are becoming more sophisticated and increasingly bold. According to the Special Report: Cybersecurity 2024, 30% of middle market executives surveyed reported experiencing at least one ransomware attack or demand in the previous 12 months, up from 23% two years earlier. Automating financial security controls protects your organization against ransomware and other cyberthreats.
- Skilled labour shortage: Automating manual processes reduces staffing requirements and boosts employee retention by engaging existing talent in more interesting and fulfilling work.
- Process innovation: New technologies such as generative AI, machine learning and big data can truly transform the finance function. Automation will lay the foundation to make the most of these new technologies as they become widely available.
How RSM can help
Our tailored solutions combine technology evaluation and deployment with modernization of the overall finance and accounting function. The goal is to maximize value realization through a business-led, technology-enabled approach. RSM is uniquely positioned to support the office of the CFO in its automation journey, focusing on a variety of functions, including:
- Chart of accounts optimization
- Financial close and consolidation
- Financial reporting and disclosures
- Treasury management
- Procurement and accounts payable
- Accounts receivable and cash application
- Financial planning and budgeting
- Public company disclosures
- Management reporting and key performance indicator analysis
Innovative automation solutions
Transform your finance service delivery model with automation that aligns with your business goals. Contact RSM today to learn how you can leverage the latest technology solutions to optimize results for your finance operations.