Science & AI

5 Automation Tips and Tricks for Finance Businesses

You may be already using some business automation features in your operations. Adopting automation can help you streamline your finances.

You may be already using some business automation features in your operations. Adopting automation can help you streamline your finances. There are several opportunities to utilize AI in businesses, so your business should choose whatever tools are available and affordable for your business.

Move with the Trends

Every year, there are several innovative technologies in machine learning, robotic process automation, and AI. There are so many tools for all businesses, from the smallest businesses to the large ones. These new tools can help you streamline your operations.

These new tools are able to help you with tasks, such as invoicing, documentation, data collection, data entry, and records reconciliation.

Most organizations believe that their organizations do not have the effectiveness they need to handle the rapid changes in the business.

Automation is the future of most businesses. Your business needs to realize that automation is here to stay. If you implement automation technology today, your business will be in better shape in the next few years.

Use Data Governance Tools

In the age of business automation, businesses need to protect their data. The integrity of your data determines how much customers will trust your business and its operations.

There are several factors that affect the accuracy of the data collected, these factors can be internal or external, and they include policies in the organization and outdated numbers.

You can use available data governance tools for data validation to create a platform where customers can access data and protect their data integrity.

Use AI for Business Internal Audits

Business audits take time. Auditing relies on data acquisition. For the auditor to have the best audit, they need to collect raw business data, check the accuracy of the data, and then perform the audit. The auditor may also need to consider external data from sources beyond the company.

Today, many businesses keep their data in virtual format. AI is able to perform several repetitive tasks that are time-consuming. These tasks include data acquisition, which is challenging for auditors.

The tech is also able to reduce the time it takes to acquire data, pull out documents, and convert the documents into a format that can be used. You can then leave humans to only analyze the audit.

There are vendors, such as AuditMap.ai that are able to offer a combination of AI and human audits. AI will do the repetitive tasks while humans will analyze the results from the study.

Integrate Accounting Systems with your ERP

If you need the best automation for your business finance, you need to link the digital business systems. Most financial service providers offer services that link the accounting systems and ERP.

If you consolidate these two systems, you are able to manage all aspects of your business from a single platform. For some of the systems, such as Xero, you are able to access your business finances at any time, manage business data security, and understand the financial health of your business in real-time.

Optimize Accounts Receivables

Today, there are more banks and fintech that use AI-powered systems to automate accounts receivables and eliminate friction. For instance, J.P. Morgan’s Integrated Receivables enables increased efficiency and the system can be scaled to make it accommodate all sizes of businesses.

Businesses also need to use account reconciliation software. Several financial institutions have been using automation tools to improve efficiency in rule-based tasks.

These same automation tools come in handy in bank reconciliations. Other services, such as loan servicing software can streamline your business finance operations to streamline your loan repayment process.

Increase Revenue

Your business has the potential to increase revenue through automation. Before you adopt any automation tech, however, you need to look at the return on investment (ROI). This will help you know the tools that your business can afford and which you should keep aside.

Large businesses can adopt all the automation tools they need to automate their businesses. However, small businesses can only have a few tools and implement others as their business expands.

Only about 10% of businesses have intelligent automation in all their processes. Your business can be among the ones that benefit from automation if you ride the wave. You will increase the efficiency of your business operations, and you can focus on more meaningful tasks.

Photo by Andrea De Santis