Seven Benefits of Finance Automation + One bonus perk that may prove to be the most valuable of all

The benefits of finance automation are manifold and include improved efficiency, accelerated productivity, reduced costs and increased profits, improved scalability, increased employee value, higher employee satisfaction and better data. But there is another benefit that goes beyond the income statement and direct to your company’s balance sheet: automation can increase the value of your business.

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The first key indicator your company is a prime target for Finance Transformation: The percentage growth of Finance Function expenses exceeds percentage revenue growth.

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If you have been part of our community for a while, you know our framework for teaching revolves around the Four Pillars of CFO Success: Accounting, Finance, Treasury and Leadership.

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Management guru Peter Drucker is often quoted as having said, “You can’t manage what you can’t measure.” Because of this, data and analytics (D&A) provide the necessary visibility required for businesses to measure and manage their performance. Measurements like KPIs (key performance indicators) drive business behavior, results and an organization’s culture. However, the most critical aspect of D&A is identifying exactly what data elements you should track.

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The Financial Planning & Analysis (FP&A) world continues to transform from what I like to call Financial Planning & Reporting (FP&R)—an emphasis on reporting—whereas FP&A emphasizes analysis. The old days of being a former accountant who crunches numbers no longer cuts it. With how quickly things change in today’s world just looking back at explaining what happened is not enough.

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