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How Financial reporting automation Works

Financial Reporting Automation Works

Financial reporting automation is a game-changer. It's transforming how organizations handle their financial data, ensuring compliance, security, efficiency and accuracy — all effortlessly. This means your finance teams no longer spend hours compiling and validating reports; instead, they're empowered to focus on strategic initiatives and value-adding activities, such as analyzing trends, identifying opportunities and driving growth. As part of finance process automation, financial reporting automation tools are helping organizations improve their financial performance and position themselves stronger in the market.

Reports to Revelations

Move aside manual and error-prone work, intelligent automation (IA) is here to take over. Made up of a combination of cognitive technologies including robotic process automation (RPA), machine learning (ML), artificial intelligence (AI) and others, IA is revolutionizing the financial reporting landscape. It’s making financial reports smarter, more accurate and more reliable — it’s time to harness the power of automation to take your financial reports to the next level.

Making Your Financial Reports Better with Automation

The financial maze
Help your people work smarter
A strategic long-term partner
Making better Financial Reports with Automation

The financial maze

The process of financial reporting today is not without its challenges. Even with the abundance of software systems and reporting tools, financial professionals still face obstacles that hinder the accuracy, timeliness and effectiveness of compiling their financial reports. These challenges include complex financial systems, compliance concerns and the need for real-time data analysis. Automation is the best solution to help solve them all.

100k

hours returned to
the business annually

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99%

reduction in time for
producer share reporting

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30%

of employees redeployed
to higher-value work

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Elevate Strategic Decision-Making

Benefits of Automating Financial Reports

Easy-to-use

Prebuilt financial reporting automation tools are easy for users to adopt and use. Features typically involve intuitive graphical interfaces that allow workers to navigate and interact with data seamlessly. These tools also often include built-in templates and standardized processes catering to users of all technical levels.

Better insights

Machine learning (ML) algorithms can analyze large volumes of financial data from multiple sources in real-time to uncover hidden patterns, trends and anomalies. This automatic data analysis provides valuable and highly relevant insights for financial managers to extrapolate.

Time-saving

Generating financial reports now takes minutes, not days. Automated statement reconciliation significantly reduces the time it takes to prepare reports in the financial reporting process. Digital workers take over manual data entry, validation and reconciliation, so that financial professionals can focus on analyzing the results.

Improved efficiency

Digital workers outpace humans in tasks such as data search and entry, eliminating delays caused by manual financial processes. Additionally, they operate 24/7, ensuring tasks are completed around the clock without any dips in quality or productivity. Human teams are then free to focus on higher-level tasks, leading to improved efficiency.

Enhanced data integrity

Intelligent automation in finance and accounting ensures data integrity and confidence by minimizing the risk of human error. No matter how careful human workers can be, mistakes slip by. With automation, adherence to predefined conventions means your data will be accurate, consistent and reliable. This also results in significant cost savings from rework or fines.

Better compliance

Automation software provides better audit trails, reducing the risk of fraud by catching errors and issues sooner. Having everything digital also means you can easily search and look back to historical records and one source of truth for reports: no more version 1, version 2, final version or final version 1.

Use Cases for Automating Financial Reporting

Expense management
Budgeting and forecasting
Accounts payable and receivables
Financial statements
Tax reporting

Expense management

Automation streamlines financial expense reporting by employing digital workers to oversee expense submissions, approval workflows and reimbursements. These digital workers can swiftly and accurately generate reports based on predefined criteria in real-time, empowering human workers with the information needed for better decision-making and forecasting.

IA and RPA help by:

  • Enforce expense policies by flagging and rejecting expense submissions in real-time.
  • Automate expenses review and approval in real-time.
  • Create real-time dashboards to monitor current expenses.
  • Utilize AI to gain visibility into spending patterns and budget utilization.
  • Automatically track expenses and flag any significant expenses or items that have exceeded the allocated budget.

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