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About finance function automation
The role and expectations of CFOs and their finance teams is changing rapidly. Emerging technologies continue to evolve, and demand for data is ever
increasing.
Delivery of the traditional role of finance in meeting regulatory and financial reporting requirements has to be balanced with the need to look to the future for scenario planning, analysis and forecasting to provide strategic insights to the business.
Add to the mix technological transformation, robotic process automation and AI, and the expectations on finance teams – large and small – is high.
Finance automation is becoming a necessity to enable finance to:
- move away from time consuming manual processes
- streamline tasks across accounting, budgeting, procure-to-pay and reporting
- improve the quality of data, control environment and timeliness of reporting
- position finance to support the business with modern tools, timely data and insights for decision making.
The value of finance function automation
Streamlining processes, improving data quality, and enhancing reporting tools are key to enabling your business to respond quickly to trends that can affect business operations and performance, such as:
Global or industry disruption
Changing economic conditions, customer expectations, new technologies, and global events can influence your business rapidly. Automation gives your finance team the visibility needed to anticipate disruption and act early and fast.
Regulatory changes
Automating regulatory compliance helps you update requirements centrally and ensure changes flow through systems quickly and consistently.
Security and risk
Automating financial security controls better protects your organisation from ransomware and other cyber threats.
Skills and capabilities uplift
Automating manual processes helps retain talent by freeing up employees to focus and develop analysis storytelling and automation skills to complement existing skills.
Process innovation
With rapid progress in generative AI, machine learning and big data, improved data quality and automation creates the foundation to adopt and scale new capabilities.
How RSM can help
RSM brings deep experience across finance transformation and automation and will work with you to assess the current state of your finance function and support implementation of new processes and technologies to unlock real value. We focus on:
- Improving finance function efficiency and performance
- Optimising the chart of accounts to support faster financial close and reporting
- Turning financial data into actionable insights
- Planning, budgeting and forecasting processes
- Clear and consistent management reporting, KPI reporting, and performance analysis
We can also support change across your finance team to embed new ways of working, and help your people build the capability needed to effectively leverage an enhanced finance environment.
Meet our automation professionals
Maria Williams
Maria is a Partner in the Sydney Audit & Assurance division providing CFO Advisory Services to clients. She has extensive expertise in finance transformation, corporate reporting, accounting advisory, project management, and audit.
Deepak Keshavamurthy
Deepak is a Partner in the Melbourne Audit & Assurance division providing technical accounting and financial reporting advisory services, with a focus on supporting clients through complex standards including AASB 18 and broader financial reporting requirements.
Rikus van Der Berg
Rikus is a Senior Manager in the Sydney Audit & Assurance division.
Sam Crosswell
Sam Crosswell brings over a decade of experience across financial reporting, CFO advisory, and technical accounting, having worked with both RSM UK and RSM Australia.
FAQs
Finance automation is the use of technology to reduce manual finance work, improve accuracy, and speed up processes like reporting, budgeting and reconciliations.
Finance automation helps your business in many ways. It improves the accuracy and consistency of financial data, and allows for greater financial oversight and visibility of performance. It also reduces delays caused by manual processes, and gives leaders faster access to reliable reporting, budgeting and forecasting information.
Consider finance automation when you need faster, more reliable financial information to support decision making, and want to save time and resources by making finance team operations more efficient.
A finance automation specialist helps identify, design and implement ways to automate finance processes to improve efficiency, accuracy, and access to financial insights.
Looking for assistance from our finance automation team?
See how the expert team at RSM Australia can help your business by contacting the team today.
Looking for assistance from our finance automation team?
See how the expert team at RSM Australia can help your business by contacting the team today.
