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Even as industries increasingly embrace automation, corporate finance departments nevertheless rely on manual processes. That is a locating from the State of Automation in the Back Office Report from Auditoria: Nearly 60 % of economic specialists mentioned present back workplace systems are not sufficiently automated.
Nearly 60 % of finance really feel there is a tipping point inside the back workplace, as present back workplace systems are not meeting their requires. While other departments are embracing sophisticated technologies, finance is stuck in the early aughts, wasting valuable time and sources on manual tasks that could be automated.
Accounts Payable is the most manual back-workplace approach. Almost a third of finance specialists think that the Accounts Payable involved the most manual work inside the
finance back workplace, followed by Accounts Receivable.
The outcomes clearly indicate that finance is fed up with the present status quo, with manual tasks taking up the majority of their day. Time spent on repetitive tasks is the top rated challenge for finance specialists, followed by time spent checking and updating information. Additionally, more than 50 % of finance specialists want a reduction in these forms of tasks. Many are prepared to embrace automation, as a third of specialists indicated that an investment in new technologies to boost business enterprise processes inside the next year was a top rated priority for them.
In brief, the outcomes of the Tipping Point: 2021 State of Automation in the Back Office report indicate that the corporate finance back-workplace have to embrace automation to survive in the digital-initially corporate atmosphere. Now more than ever, finance have to shed the reputation that they are slow to adopt new technologies and use sophisticated systems, enabling the back workplace to contribute more straight to the strategic development of an organization.
Auditoria carried out an on-line survey of 622 US-based finance specialists in spring 2021 among the ages of 30-60+. Titles incorporated Chief Financial Officer/Chief Accounting Officer, Controller, VP/Director/Manager in Finance or Accounting, Finance Specialist/Professional (Accounts Payable, Receivable, Collections, Treasury, Tax, Audit, and so forth.) or IT/ Finance Support.
Read complete Tipping Point: 2021 State of Automation in the Back Office Report from Auditoria.