Amazing Ways Intelligent Automation Creates Value in Finance

Nowadays the economy affects how companies reap profit which in turn affects how they would choose to spend their earnings. Because of this, companies determine further development based on the value in finance. As a result, accurate, appropriate and efficient financial management is a must. Not only good governance of their finances helps them survive but also, it helps them ensure they're relevant and competitive. Similarly, financial management automation is available to cater distinct needs of every imaginable small and medium business. Since companies have different needs, strategies, or plans, and sizes so they are carefully assessed. This is because it would affect the decision to purchase an appropriate financial automation system.

Financial Planning in Enterprises

Financial planning is a systematic approach whereby the financial planner helps the customer to maximize his existing financial resources. By utilizing financial tools to achieve his financial goals enterprises use automation. Planning is compose of financial resources (FR), financial tools (FT), and financial goals (FG). Further, financial planning happens when companies manage to strategically plan their current budget to obtain its goal. The formula is FR + FT = FG. 

To simplify what financial planning is one may define it as a process of achieving purposes in life through effective financial management. These purposes in life may be to own a beautiful house or having money deposited in the banks for the family’s future, most especially the children’s education. Thus, financial planning is also a process so that he can see in terms of financial stability. With this in mind, he can perform his tasks, identify his future needs and things he should do to attain all his goals in life.

Hiring a Financial Planner to Increase Value in Finance

Financial planners (FP) guide how to attain life’s goals. During planning, one can see the big picture of the situation of his finances. Financial planners should offer recommendations best suited for the business, especially the use of automation. Budgeting, savings, taxes, insurances, and retirement planning are all included in financial planning. The planner must work on one financial issue without avoiding or excluding those components. Financial planners differ from financial advisers. This is because financial advisers might be looking only at one aspect of the financial issue of the industry. 

Moreover, the idea is that a financial planner creates value in finance. FP is someone who can advise on how to attain the financial goals of the business. Further, he is both goal oriented and client oriented at the same time. At the same time, he coordinates with all the company managers during the planning stage. But, it does not mean that he has all the responsibilities of a lawyer nor an accountant. When he develops a professional relationship in the company he is just like a member of the organization.

Financial Planner and their rights and obligations:

If a company decides to work with an FP it is important to know their rights. These are: 

1. Must work with integrity and develop trust. When a good relationship is mutual between the manager and the financial planner, then the organization will become successful. 
2. Has the right to objective advice. The financial planner should make good recommendations regarding the business that must be followed by the manager. 
3. Has the right to a competent planner. He is only qualified to give investment advice or stock brokerage services if he has a license. This is a requirement by the law. 
4. Has the right to be treated fairly. He needs to clarify the automation services that will be served and what is the return of the services. 
5. Has the right to a diligent planner. The financial planner must explain the details about the business, its goals, and objectives

Automating Financial Operations

In financial planning, financial managers and business owners agreed that the use of the automation technology has a great impact when planning for the business. Even in financial decision-making, managers agree that automation creates value in the finance of the company. It has a great impact because of the financial data accuracy. 

Finance automation is using the latest tech advances to automate accounting operations to create value in finance. It enables finance departments to streamline processes and ensure that everything runs as smoothly as possible.

Finance process automation can have multiple effects:

• Reproduce accounting forms with standard information pulled from a common database
• Integrate data transfers and other routine work with only one system
• Automatically route financial processes
• Finance automation helps executives make key strategic decisions that require human experience, intuition, and decision-making abilities
• Improve accuracy with financial process automation

How to automate to create value in finance

Here are some ways to effectively and easily automate your accounting processes to create value in finance of your company:

1. Standardize Your Financial Processes. Take note that before you consider automating your processes on a digital platform, sketch out the workflow and form on a whiteboard.
2. Create a Digital Form and Workflow. Build the perfect form to capture all the important information you need. Then you can customize it to make it even more useful for your team.
3. Integrate With Other Software. Sometimes a third-party application, like Integromat, can help you with connecting these different tools.

So, what’s next?

We hope this blog has been helpful for you in terms of improving your company’s financial health. If you are looking to use financial management automation software that provides you with stress-free budgeting, check out Integromat. Sign up for their free workshop and learn how to automate your financial processes.