The finance reports outline the data of the accounts payable to analyze the performance of the company and helps in planning the budget accordingly. Organizations are moving towards automating the financial reporting as it helps them in time & cost savings, being audit-ready, and gain total visibility on accounts payable.
The automation of financial reporting combines data from different sources and creates a comprehensive & very structured report. It allows companies to have more control over process and data and, therefore, better efficiency, as the finance team can have additional time to focus on more valuable tasks.
In this blog, we are discussing the benefits of automating your financial reporting process using finance automation software.
What are the benefits of automating the financial reporting?
Time Saver – Generating financial reports manually is very time consuming and tedious process. Automated financial software can significantly decrease the timeline, combine data from different sources, and create reports in just a few minutes.
Improved Efficiency – Automation software speeds up the process of gathering data and generating reports. There is no need to search for any earlier reports. The system can easily fetch years-old details in under minutes so that the finance team can focus on more important things.
Cost Reduction – Instead of taking printouts of each an every report and then filing it in a paper file, you can save money by going paperless! System-generated reports can help you with data segregation and also present it to you in a very intuitive way. With the reports being digital, you can cut costs in buying quires of paper and the paper files as well.
Reduced Fraud & Risks – When the financial reporting is manual, it can lead to some human errors. By automating the financial reports, all the data gets linked to the original sources and can be traced back to their actual source, thus increasing the transparency. By generating reports digitally, there is a very less probability of fraud
Audit Ready – Financial automation tool creates audit trails that allow finance teams to get complete visibility on each of the payouts. With the digital footprint, auditors can get a comprehensive understanding of any payment that has occurred along with the timeline.
Which financial tool can help in automating the financial reporting?
A Finance automation tool like Finly can help you in automating the reports of accounts payable and help you to reduce business costs. The machine-learning powered finance automation software allows businesses by gaining complete control & visibility in streamlining and automating their accounts payable.
Finly not only automates the financial reporting, but also provides:
Comprehensive Reporting Structure – Finance automation software helps in creating a structured report of all the accounts payable in a single dashboard. CFOs can get a combined report on the various expenses that are occurring in their organization. Based on the report generated, they can plan their budget accordingly.
An Interactive User Interface – In the manual method, all the data is dumped either to an excel or powerpoint and customized the whole thing is an added task on itself. Analyzing massive datasets without any intuitive representation can be intimidating. A finance automation tool can offer an intuitive interface, the ability to customize according to finance teams requirements.
Deep Actionable Insights – A normal financial data would be very raw and consists of large unprocessed sets that are usually in the form of numbers and can be quantitative or qualitative. Finly can provide a digitized financial report can help in analyzing information and drawing conclusions. It can help in discovering insights which can then influence decisions and drive change.
By using a finance automation tool like Finly, companies have more control and visibility over processes and data, thus having a higher team efficiency and allowing finance teams to be more productive by enabling them to make data-driven decisions.