Finance automation is the use of software to automate key finance-related tasks like bank reconciliation, report downloads and MIS reporting with minimal human intervention. It enables finance departments to streamline processes and ensure that everything runs as smoothly as possible.
Finance automation is no more a ‘good to have’ for businesses. It has become a necessity to replace error-prone manual finance functions. To thrive in the competitive landscape, finance professionals need to take on the role of a crucial strategic business partner rather than doing time-intensive repetitive manual accounting tasks.
There have been various theories around finance automation replacing finance professionals. However, with time, it has become clear that automation in finance empowers finance teams to unlock their highest potential rather than replacing them.