Automation happens when a combination of machines and computer programs undertake tasks previously executed by humans, improving efficiency, productivity, and delivering huge cost benefits, leaving humans to pursue more critical tasks.
Along with functions such as IT, HR, taxation, customer service, and taxation, automation has made immense progress in the finance industry to execute repetitive, programmable activities with minimal human intervention. Accounts payable, receivables, journal processing, and reconciliation are some of the financial operations that finance teams have started automating. Automation not only reduces overhead expenses, shortens budget cycles, but also ensures accuracy, and reduction in manhours. Automation has the same fundamental goals: to align business activities with the company’s overall strategy, to become more efficient, and to better serve its consumers.