Tally Automation

3 Ways Financial Automation Can Benefit CFOs

September 22, 2022

Tally Automation

3 Ways Financial Automation Can Benefit CFOs

September 22, 2022

Financial automation is affecting the whole F&A Industry. Financial planning and analysis are essential for any business to move forward and CFOs are the ones to do so. 🙃

With the advancement of technology, CFOs are not just limited to taking care of financial health and records, they have to plan, balance and strategize the corporate financial and business goals.

As a CFO, You must have been facing challenges spending time on these planning and strategising because of various issues such as lack of collaboration, lack of accurate real-time information, lack of time and the list goes on. 

Well, Financial automation can be your saviour!

What is Financial Automation?

When you use third-party automated softwares for automating your daily financial tasks such as bookkeeping, data entries, financial statements reconciliation, accounts payable, accounts receivable, etc. This process is known as financial automation.

It can help you save time, improve accuracy, and make better decisions. It can also help to manage risk and compliance.😄

How Can Financial Automation Benefit CFOs & Teams?

1. Improved Productivity by cutting out manual work🥳

Manual tasks such as making financial reports and financial close takes too much time.

The finance team spends most of their time collecting, sorting and managing these types of data and sheets.

This is where financial automation can help you and your team. With the help of automation software, you can collect all the data on the same platform with the in-built client and team modules to share data on this accounting automation software.

Also, you can manage and sort them very easily as this type of softwares provides many sorting filters in-built.

Financial automation will help you get your work done faster and you can do your other important tasks in the saved time! 

2. Better collaboration with team members and clients🤝

Set of papers jumping from one table to another without getting approved. Did this ever happen to your financial team? Documents are getting stuck in the approval process?

If yes then you must know that there is a problem with communication and collaboration in your team.

With the help of financial automation, you can bring all your clients and co-workers together on one platform. 

Better Communication! How?🤔

  • Your clients can upload their data, financial statements, etc in .XSL, PDF, Scanned PDF format with accounting automation software like Suvit.
  • You & your team will also get notified when the client uploads data. 🔔
  • Clients can also check the progress of their work.🦾
  • You can also track the progress of your team’s work progress.

Better Collaboration! How?🤔

  • Keep all your documents in one place on the financial automation software.
  • You can share documents with your team members through financial automation software.
  • Also you can manage the accessibility of documents too!😃
  • Ask for approvals on this cloud-based accounting software only.
  • Access files directly from the software. 

This is how financial automation will manage things pretty smoothly and help you build a better collaboration system and better communication in the team!

3. More Strategic thinking with Auto-generated actionable insights🤔

A study shows that 70% of CFOs rely on Excel for budget planning and forecasting. Don’t you think that this can drive your planning in the wrong direction if the data in excel have any errors?

That’s where financial automation helps. Accounting automation software automatically generates data analysis reports with the help of CRM integration and its advanced technology.

These data-driven plans help you and your business to move forward. 

But how can financial automation help you and your team with this?

These accounting automation softwares come with CRM integration and provide you with dashboards to do the necessary analysis.📉

With access to real-time data and analytics, you can determine which area/section of your business needs to be worked on!

Which Finance Processes Can be automated?

  1. Accounts Payable
  2. Accounts Receivable
  3. Payroll Management
  4. Expense Reconciliation
  5. Bank Statement Reconciliation

With the evolution of tools and technology, you need to be more alert and wise about how you plan and strategize your business. Financial automation software helps you to save time, and boost the productivity and visibility of staff members.

The main advantage you can say is that you can focus more on value-added activities!

So what are you waiting for? Switch to accounting automation with Suvit!

Why Choose Suvit As Your Financial Automation Software?

  • 100% data accuracy.
  • Scan any file type such as PDFs, Scanned PDFs, XLSs and find your data entries done in tally.
  • It cuts out all the paperwork.
  • In-built client modules will help you and your clients be well-informed about the work updates.
  • Suvit is a cloud-based software. Keep all your data safe in one place.
  • Suvit will provide a dashboard on the homepage, which will display analyzed reports of many financial activities.
  • Upload your bank statements and reconcile them with the help of automation.

If you are looking for an accounting partner, then Suvit is the one for you!

To avail of the mentioned benefits, Register Here! 

(No Credit Card Required)We are providing 7-day free trials, in case you want to join accounting automation!

FAQs

1. How do you automate a finance department?

  • You can automate your finance department in many ways such as using Accounting Automation Software, Cloud-Based Software Integration, Use of OCR (Optical Character Recognition), Automate Data Entries, etc.

2. Can financial statements be automated?

  • Yes, with the help of the right accounting automation software, you can automate your financial compliances and reporting.

3. What is finance automation software?

  • An accounting software developed using advanced technologies which helps you automate your financial tasks such as bookkeeping, expense management, reconciliation, etc.

4. What accountings tasks can be automated?

  • Accounting tasks such as data entries, bank statement entries, voucher entries, Reconciliation,making and verifying financial statements, etc can be automated.
Ankit Virani

Ankit Virani

CEO Suvit

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