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The importance of sound financial planning cannot be stressed enough.
Proper bookkeeping sets the stage for a steady stream of cash flow and empowers effortless decision-making around key business strategies and operations.
Yet too often, finance teams are bogged down by clunky manual processes. So much of their precious time is wasted away mashing up data from one spreadsheet to another.
Numbers speak even louder. The latest CFO Magazine survey shows that financial planning analysts, on average, spend three-quarters of their time collecting data and cleaning balance sheets.
Manual accounting is also a painful stitch in time. The monotonous steps involved in the process leave a big gap for human errors, and once the stitch bursts open, more time is blown trying to unravel the mistakes.
Odds are, you’ve assembled your financial team to work out where your business stands and devise strategies to improve profit margins. It’d be a shame to let outdated finance processes prevent them from doing their jobs.
Let’s be honest. Collecting and coding invoices into a system, not to mention the seemingly endless back and forth across departments required to get there, aren’t the most exciting of tasks for anyone. Worse yet, a tiny entry error can render the whole process amount to nothing, leaving no choice but to go through the painstaking ordeal all over again.
Altogether, manual workflows make up for a truly nasty piece of work. Luckily, a handful of technology solutions out there can automate core finance tasks and responsibilities.
Embracing automation, however, is the easy part. The real challenge lies in the limits of interoperability. Slick processes lead nowhere unless disparate systems can seamlessly exchange data with one another and interpret the shared information accordingly.
This is where AdOps come in handy.
By leveraging an end-to-end single source of truth that collates relevant metrics from various channels to present a bird’s-eye view of data, AdOps platforms can help break down data silos and streamline the accounting cycle.
Automating financial processes comes with a set of perks. But it wouldn’t make sense for you to take the leap before fully understanding what automation can bring that your business doesn’t already have.
Here we list out the major benefits you’ll see after introducing AdOps to your workplace:
Whether it’s tracking invoices, reconciling ledgers, or cross-referencing planned budgets with actual costs, every accounting task starts with crunching in the numbers. Done manually, your team is left to spend hours, if not days, poring over spreadsheets, collating reports, and manually double-checking thousands of data points.
AdOps, by contrast, brings your in-house data over to a single workspace and automatically updates new pieces of input from the connected accounts, allowing your finance team to zone in on unlocking actionable insights.
To err is human; to forgive, divine.
Such sentiment rang true back when quills and parchments were the only means of putting information down. It’s not easy to accept human error with the same grace when dedicated software is out there to automate standard processes without ever getting distracted or tired.
Nearly nine out of ten spreadsheets contain mistakes or gaps in information. - Forbes
Again, a single typo or a small rounding error can seriously mislead the results of a report. It could save you a whole lot of headaches if you were to leave the tasks prone to manual slip-ups in the hands of AdOps.
Expense management is a common source of frustration – the main culprit being rampant data silos spread across the organization, which often leads to constant bickering over reconciling accounts, invoices, and reimbursements.
AdOps is the perfect tool to stop this merry-go-round of misery. The interactive workspace included in AdOps can serve as a focal point of reference to ensure everyone works off of shared data instead of referring back and forth between two different datasheets.
None of the employees would be there if you thought they weren’t worthy of discretion. No matter how much trust you have in them, however, it’s never a good idea to leave sensitive financial data out in the open.
Adriel’s dashboard comes with a built-in user management feature to snuff out the slightest possibility of fraudulent activities. As an administrator, you can set the perimeters of access rights to a report or dashboard folder.
The less time your team spends on automatable tasks, the more time they have to work on high-level initiatives that move the needle.
So, spare your brilliant financial staff countless hours of wasted energy and help them do what they are supposed to by embracing AdOps.
