It has always been beneficial for finance teams to close the books early and accurately. However, for CFOs and finance teams, having to deal with these tasks timely and efficiently is often a struggle. Manual planning and reporting can require longer planning times, inaccurate forecasts, and many misalignments between departments.
Thankfully, financial reporting automation has come a long way. Long and arduous tasks that eat up the finance department’s time can now be completed promptly.
In this article, we’ll explore a few reasons why finance teams should automate their financial planning and reporting.
Automation Can Help Identify Errors Quickly
Not only can automation help free up time for finance teams to focus on value-adding tasks for the company, but it also paves the way for teams to close their books early, so they get a better understanding of the company’s financial status. Doing so also ensures they can identify errors and make the necessary adjustments quickly. Reducing manual interventions gives businesses greater control, which minimizes error and reduces overhead costs as well.
Automation Can Help Assess Risk Effectively
With markets unstable than ever before, CFOS needs to always be in the know with current trends and risk factors. With automated financial planning and reporting, finance teams are given ready access to crucial financial data, enabling them to quickly test different scenarios to identify potential risks in the market or with a current opportunity.
Adapt to Changing Regulations and Financial Practices
Automating your financial planning and reporting process also makes it easy to adapt to new regulations and financial practices quickly. Today’s current FP&A software is scalable enough to adapt to fresh updates and requirements. Current software also has internal controls and procedures in place that auditors can quickly check to ensure the company’s financial processes are aligned with industry best practices.
Deliver Value-Driven Insights
Another advantage of automating financial processes has the ability to gather reliable insights that are crucial to making critical business decisions. When a business decides to automate their financial processes and integrate automation across different sectors in the organization, they can rely on gathering more accurate data and reports compared to doing tasks manually, which is prone to errors.
Track and Develop New KPIs
And because more value-driven insights are made available to finance teams due to automation, organizations can track and develop new metrics and key performance indicators from harnessed data such as customer satisfaction (CSAT). As a result, data ups a business’s competitive edge and can likewise use it as capital.
EFP Cloud for Financial Planning and Reporting Automation
CFOs are frequently under constant pressure to analyze and provide crucial business insights to the company. Business owners and CEOs turn to CFOs to provide timely and strategic data, and financial automation gives them enough legroom to complete these tasks with the support they need to deliver strategic insights with greater efficiency and accuracy. When financial tasks no longer have to take a large amount of time, finance leaders and their teams can focus on crafting the right strategy to lead business success.
EFP Cloud is a revolutionary financial planning and reporting solution that helps businesses automate arduous financial tasks and reports, ensuring they are accurate and error-free enough to drive real value to finance teams. It also comes with live forecasts and intelligent workflows that make financial planning and reporting quick and easy. If you’re on the lookout for an FP&A solution that supports financial automation for your growing business, EFP Cloud is worth considering.
Contact us today to learn more about EFP Cloud’s packages and understand how to tailor these to fit your business needs.