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What is Accounting & Finance automation and how can it help your

The financial world is always expanding, and the COVID-19 (Coronavirus) pandemic brought in severe challenges regarding its growth. At this point, it’s very important to use all the technology you can to speed up the process and really make it stand out. With that in mind, finance automation can help your company improve its productivity very quickly. What kind of financial services can be automated? Let’s find out.

Payroll solution

Around 45% of the financial tasks can be automated with software or AI. The payroll tasks are definitely a part of those tasks. There are a vast range of automated payroll solutions where you just add the employees to the system, their banking information and desired wage. You also choose when the payroll is processed and that’s it. The system will automatically do any wire transfer, the employees get paid and you don’t have to worry about payroll anymore. It’s seamless, convenient and it gets the job done very well.

Automated invoicing

Another task that can be tricky for finance professionals is invoicing. Creating invoices manually is time-consuming and full of challenges. With help from finance automation, you get to automate the accounts receivable process. That means you are noticed when you have invoices you have to pay, not to mention the system can notify clients that have overdue invoices.

Corporate tax solutions

There are tools you can use to upload receipts, invoices and bills, then the tool will extract all the necessary information and offer you a scannable, searchable document. This saves lots of hours, allowing you to access all the finance content you need very quickly and with amazing results every time.

Fraud detection

A financial organization can implement software which automatically detects any kind of suspicious activities. In case that happens, the account is blocked and the user is notified. A lot of banks already use this type of system, and it’s slowly spreading to a vast range of different industries. This type of system relies on predictive analysis and machine learning, it studies the regular account tasks and it automatically notifies something that seems out of the ordinary.

Personalized financial services

Thanks to machine learning and big data, finance companies are able to fully personalize financial services in a very comprehensive and professional manner. It’s a very important aspect to think about since finance professionals can have access to all the necessary information to provide customers with the best experience and quickest resolution.

Conclusion

There are many ways through which automation can help your business. Not only do you get to save time by fully automating tasks, but you can also gain access to data that’s already been processed for you. This type of thing saves a lot of time and money, and it allows your financial business to grow and deliver higher quality services to every customer. You can hire a consulting professional to help you figure out how to automate everything, and you will see a huge difference!

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