Renata Witebska, Head of Finance at Qurate Retail Group Global Business Services, suggests how to manage finances in an organization and indicates which financial processes can – and even should – be automated.
large companies and also achieve financial savings.
Renata Witebska, a finance expert with cyprus telephone number data many years of experience, suggests how to use automation to be more efficient, effective, and help your company achieve better results.
Offshoring , outsourcing , and centralization have been the norm in companies for decades. But now, CFOs have to make a decision about automation. Of course, it may turn out to be a tempting option, but the benefits may be insignificant. It is most important to understand what processes or types of activities can be automated. To fully seize the opportunity to move into the future, it is necessary to rethink the processes and
functioning of companies automate financial focused on technology.
Finance organizations perform a wide range of activities, from collecting basic data to making complex decisions and advising business leaders. As a result, the potential for efficiency improvements through automation varies by function and technology. McKinsey estimates that current technologies can fully automate 42% of finance activities and most of another 19%. And they may soon become standard solutions in corporate finance.
How to identify the processes we want to automate?
The analysis of our processes is key. It will indicate which of them are repeatable, transactional, manual and easy to automate google ads b2b: how to overcome platform limitations and which in turn are important from the point of view of the company’s operations. If we have already identified several such repeatable processes, we still have to consider which of them is the most valuable in terms of our company’s operations. Therefore, in the analysis of the return on investment, we evaluate not only the time that we can save in terms of money, but also other intangible (qualitative) factors, such as compliance (compliance with regulations), audit (audit, control) automate financial , etc. We must also remember about processes that are by definition difficult to automate – where the human assessment factor is very important, such as audit. Although in this case, robots have recently appeared to handle the audit process.
What processes in finance can we automate?
We can automate all manual transactions that require data entry into the accounting system. Issuing sales invoices ej leads settling receivables and payables (from the moment of downloading an electronic invoice, through reading data from the invoice using the OCR tool, to posting in the system on defined accounts and processing payments). We can also carry out all mass mailings, using a robot for automatic mailing addressed to contractors, e.g. payment demands or accounting notes, etc. Account reconciliation and creating or verifying reports, for which we use Excel, are ideal processes suitable for automation and the use of RPA robots that create advanced macros to perform calculations in Excel. We can also create robots to enter and update our suppliers’ data, which is a very tedious and manual process.
What to look for when choosing the right software?
There are also many companies on the market that offer their dedicated solutions for individual processes, e.g. PTP, OTC, but a thorough analysis of our process and comparison with that supported by the given software is always necessary. When choosing a partner to implement RPA, we can reach for global players such as: UiPath, Automation Anywhere, Blue Prism, but also dynamically developing local companies, e.g. First Byte, which is the creator of the Wizlink tool for process robotization.