Time for finance departments to reap automation benefits

CFOs have always been interested in improving the way their finance department works because the impact on the rest of the organisation is so massive.

A key enabler of finance department efficiency is the automation of its processes. Accenture suggests that 80% of finance processes can be automated, with the result that documents are much more accurate because manual input is minimised or eliminated, and finance professionals find themselves with more time to perform work that addsGiven the benefits, it’s astonishing that more South African companies have not implemented the automation of their finance processes.

Given the benefits, it’s astonishing that more SA companies have not implemented the automation of their finance processes.. COVID-19 and the Russian invasion of Ukraine have driven home the importance − and fragility − of supply chains. Automated and thus smoother issuing of purchase orders and processing of invoices support stronger relationships with suppliers who are now holding the balance of power.

rules relating to how VAT-registered businesses must use e-invoicing. VAT-registered companies must submit their returns electronically and provide invoices as supporting documents.A new generation of automation platforms and a solid body of knowledge is making automation more realistic for even mid-market companies. And as take-up continues, prices inevitably come down.

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