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Financial Process Automation
Quixy Editorial Team
January 30, 2024
Reading Time: 8 minutes

We all know finances are the backbone of any and every business. Regardless of the industry, financial efficiency and effectiveness obviously lead to growth and success. And with no-code business process management (BPM) platforms available in the market, achieving it is not difficult; trust us. Businesses across departments and industries are exploring no-code platforms for Financial Process Automation to streamline accounts and finance processes. Automating processes takes only a few days with no-code, and voila! All weary accountants amidst manual calculations and redundant processes are going to rejoice.

Did you know?
According to the Accenture Finance report, financial process automation would eliminate up to 40% of the transactional accounting work that the finance department does today! Isn’t that awesome when almost half of your work is automated? This means the team can open so many other windows to create business value by giving more time to decision-making, predictive analysis, and performance management.

Let’s understand what Financial Process Automation is and do for us all!

What is Financial Process Automation?

Adopting automation is no longer a choice but a strategic imperative. Financial Process Automation (FPA) heralds a new era, transforming traditional workflows into streamlined, error-free processes. From compliance to customer service, FPA is revolutionizing how financial institutions operate. Join us as we delve into the intricacies, benefits, and future landscape of Financial Process Automation, where efficiency meets innovation. Welcome to the forefront of financial excellence.

What Is No-Code Financial Process Automation?

No-Code Finance process automation (FPA) is the use of no-code apps to automate key finance-related tasks like accounts reconciliation, journal entries, and preparing financial statements with minimal human intervention.

It automates many of the practices you practice on a daily basis and integrates with your financial systems. Financial Process Automation may include document capture (paper, email attachments, fax, EDI), data capture and validation, user-centric approval, and exception processing, and system-centric automation for all Finance departments.

With no-code apps that help financial process automation, you can totally forget about all your repetitive everyday tasks and focus on value-driven projects and tasks.

Financial Process Automation lets you do the following making time for more strategic decisions-

  • Build and automate processes that avoid late payments
  • Streamline the credit decisions
  • Find out higher percentages of vendor discounts
  • Get rid of unproductive operations

Learn everything about No-Code here, including FAQs, resources, and how different departments and industries can benefit.

What can you achieve with Financial Process Automation?

Let’s look at what Financial Process Automation can do to boost your product and service mix and transform your business through 2 lenses- Service & Business.

Obviously, a boost in service and product will transform business and make it successful but it’s still crucial to understand the distinguishable factors affecting both.

Let’s look at where FPA can boost your services and the processes involved in delivering them!

Financial Process Automation

1. Budget Management

Financial Process Automation helps you get rid of inefficient excel based budget spreadsheets. We all know how much time is spent on spreadsheets per week, and trust us, it costs a bomb, time and energy-wise too!

Instead, automate the budget approval process and track employees’ usage of financial resources. You should and can build a custom dashboard with the reports and charts to get insights that you need for efficient tracking and decision-making and get that budget bang-on!

Also Read: Budget Planning & Expense Tracking Solution for Informed Decisions

2. Purchase Order Management

Filling out purchase orders in spreadsheets every time is not the most interesting task, right? So, just automate the purchase order workflow, including indent submission, approval, and purchase order issuance. You can generate purchase orders from the system, too, and there, you’ve just reduced so many possible manual errors!

3. CapEx and OpEx Management

We know CapEx & OpEx management is your thing, but how about making it easier? Manage and streamline all CapEx and OpEx request submissions and approvals through automated workflows as per your company’s processes and policies. The real deal is the analysis, and let’s give that clarity and a proper overview with the use of advanced reports and dashboards over any period.

4. Invoice Management

Invoices from all over the company may become a bit too much to handle. So, streamline both incoming and outgoing invoice management processes through automated workflows that take care of necessary verifications and approvals. Simply generate invoices from the system to avoid any errors from manual entry. And don’t miss out on payments by sending out automated email and SMS alerts for pending payments.

5. Contract Management

Poorly managed contracts can create huge financial liability for the company. Streamline your end-to-end contract lifecycle, including receipt, review, approval, signing, and storage of contract documents.

Also Read: Enhancing Efficiency and Security: Tracking IT Assets in Banking Branches 

6. Accounts Payable Management

Ensuring your business’s invoices and bills are paid properly is also one of the most important jobs out there. Automate accounts payable processes and workflows.

You can make sure that all the bills are paid on time in an organized manner without any duplicate payments. And simply make your process paperless and reduce manual effort.

Also Read: Use-Cases of No-Code in Extending Digital Banking Services 

7. Employee Expense Management

Payroll can be too complex to manage manually. Not only do you have different salary levels to account for: but there are also holiday entitlements, employee expense sheets, etc., to account for!

Enable employees to submit expense claims through the self-service portal. They can upload travel expenses along with supporting bills using any device from anywhere. And don’t worry about approvals and verification because you can automate it as per company processes and procedures for the swift processing of claims. And because of automation, avoid those unnecessary errors from manual processing.

Automate expense management process to receive, verify, and process these claims and eliminate paper trails to reduce manual effort. You can also collect Income Tax Savings declarations from employees to calculate tax deductions for payroll processing.

Also read: A Complete Guide to Workflow Automation Software

How No-Code Finance Process Automation helps transform your business!

1. All the Time for Strategic Initiatives

By embracing the automation of routine accounting, administration, and compliance tasks, you can free up time, and teams can deliver global operational efficiencies and be leaders for growth. With financial process automation, you can reduce operational costs and shine a light on new avenues of growth by making more time for strategic initiatives that drive value and profits.

2. Ensuring Substantial Consistency

At the end of the day, each human is different and their way of doing things- even if it’s doing the same task. Even standard processes, such as double-entry bookkeeping, can differ among people. Automating processes ensures greater consistency within teams, reducing the chances of mistakes and information gaps and having a standard procedure.

3. Risk assessment

Financial risks, if not assessed, can cost you a whole company! We all know the dangers of not analyzing risks! With good Financial Process Automation, you can actually access the most accurate and timely information from throughout the organization, and you’ll be to run scenarios of different variable sets – such as interest rate, inflation, or currency fluctuations – to determine both potential risks in existing markets and prospects in new ones. Over time, FPA will automatically assess risks and minimize them!

Also Read: No-Code in the FMCG Industry: A New Era of Innovation

4. Enable global expansion

Having a global reputation and presence indicates growth and leadership across companies, and to achieve that, FPA plays a big role! Automated financing functions allow corporate finance to comply with regulations in various countries, provide multi-language and multi-currency support, and automatically support the accounts of subsidiary companies.

5. Embrace Opportunity

Embrace Oppurtunity

The end of a good story is a happy ending, but guess what? FPA isn’t even the end of the story but the beginning of a better and enhanced workspace!
The automation of finance brings a great deal of innovation and practical transformations that will continue to drive technological advancements right before our eyes. And that is something we can all invest in.

Now, we know what you might think: so many benefits and advantages, but where do I start with FPA? And as FPA has got you covered, so have we!

Newsletter

Also Read: Top 10 No-Code Startups Disrupting Industries

How to Start Automation in Financial Services?

Picture a world where the complexities of financial processes are simplified and operational efficiency takes center stage. This transformation is not fueled by grand gestures but by the subtle power of no-code and low-code automation tools. Learn how these unassuming tools quietly reshape the future of financial operations, one automated task at a time. Welcome to a new era of sophistication and efficiency in finance.

1. Assess Current Processes: Identify the mundane tasks that desperately seek a touch of magic. With no-code and low-code, turn the ordinary into the extraordinary.

2. Define Objectives: Clearly articulate your financial wishes – from faster processing times to impeccable customer service. Let no-code and low-code be your magical companions in achieving these aspirations.

3. Select the Right Tools: Choose tools that resonate with the financial spell you wish to cast. No-code and low-code options are your magical artifacts, offering flexibility and customization at your command.

4. Start with Low-Risk Processes: Dip your toes into the magical waters with low-risk, routine processes. Watch as no-code and low-code unveil quick wins, creating a ripple of enchantment.

5. Ensure Data Security and Compliance: Guard your financial kingdom with the shields of data security and compliance. Choose no-code and low-code platforms that stand as guardians of industry standards.

6. Implement Robotic Process Automation (RPA): Unleash robotic allies through no-code and low-code solutions for tasks like data entry and invoice processing. Witness seamless operations as if guided by invisible hands.

7. Workflow Automation: Let the enchantment of workflow automation spread across your financial realm. With no-code and low-code wands, orchestrate processes with harmonious collaboration.

8. Intelligent Document Processing: Conjure the wisdom of intelligent document processing using no-code and low-code prowess. Extract information effortlessly, as if deciphering magical scrolls.

Also Read: How Financial Management Systems Save You Time & Money 

9. Employee Training: Illuminate your team with the brilliance of automated processes crafted with no-code and low-code. Empower them to dance alongside the magic, ensuring a smooth transition.

10. Continuous Monitoring and Optimization: Be the vigilant wizard, regularly monitoring and optimizing spells cast with no-code and low-code. Adapt and refine as if tweaking the incantations for better outcomes.

11. Expand Automation Gradually: Like a wizard honing new spells, gradually expand automation using no-code and low-code wonders. Witness scalable magic, evolving with each enchanting step.

12. Measure and Analyze: Set the enchanted compass to measure the impact of your magic. Analyze the key performance indicators guided by no-code and low-code efficiency.

13. Customer-Centric Approach: Direct the magic towards customer experiences. Automate processes impacting interactions with the finesse of no-code and low-code, creating a symphony of delight.

14. Collaborate with Experts: Seek wisdom from fellow wizards – automation experts with mastery in no-code and low-code. Collaborate to weave intricate spells tailored to financial services.

As you navigate through financial enchantment, let the LCNC magic unwrap, turning every challenge into an opportunity for financial wizardry!

Also Read: Navigating Automation Challenges in BFSI Industry 

Conclusion

To foresee is to succeed, and that’s what financial process automation does for you! It paves the way for a better workplace by giving you the time to do all the brainy strategic work. It ensures that your team will spend more of their time developing high-value, forward-looking businesses and that your team has the opportunity to be one of your organization’s most significant strategic advantages.

And before you start thinking, where do I get all of this and which is the best platform to look at, we’ve got something for you!

Quixy is an innovative, top-performing no-code platform that specializes in financial process automation. Quixy’s platform helps you automate any business process and build simple to complex enterprise-grade applications in hours and days instead of weeks and months, all without writing any code.

Ready to transform your business? Get started now and experience the power of automation and app creation, all without the need for coding skills.

Frequently Asked Questions(FAQs)

What is an example of financial automation?

An example of financial automation is automating the process of invoice processing. Instead of manually entering and approving invoices, financial management software can scan and process them, reducing human effort and errors.

Why automate finance processes?

Automating finance processes streamlines tasks like data entry, payment processing, and reconciliation. It reduces errors, speeds up operations, and allows finance teams to focus on strategic activities.

What is financial automation?

Financial automation involves using technology to automate routine financial tasks, such as invoicing, payroll, and expense management, to improve efficiency and accuracy.

How do banks use automation?

Banks use automation for various tasks, including transaction processing, account management, fraud detection, and customer service. It enhances speed and accuracy while reducing operational costs.

Is automation a FinTech?

Automation is a part of FinTech (Financial Technology). FinTech encompasses a wide range of technologies and innovations in the financial sector, with automation being one of the tools that drive efficiency and customer service.

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