Financial Close Automation: 4 Reasons to Modernize
Did you know relying on manual processes and spreadsheets leads to human error and more time spent on routine tasks? While manual methods may be seen as the status quo for many mid-market organizations, it’s more crucial than ever to recognize the benefits of automating your month-end close processes.
4 Reasons to Automate Your Financial Close
Reason 1: Relying on Manual Processes and Spreadsheets Leads to Human Error
The human eyes are not meant to catch every discrepancy and error. In fact, 80% of companies found deficient controls after an event and subsequently had to restate their financials.
Reason 2: Automation Reduces Time Spent on Routine and Repetitive Tasks
There’s no doubt that spending time on manual and tedious processes can lead to overwork and burnout for finance and accounting teams. Highly-educated accountants and finance personnel spend approximately 65% of their time on manual, low-value processes.
Reason 3: Top Performers Use Automation for their Finance & Accounting Processes
Those who have implemented finance process automation have seen greater benefits from their automated process. In fact, top performers experience 46% lower audit fees, drastically improving their return on investment.
Reason 4: Technology is an Essential Investment for a Company’s Continued Growth
Investing in a solution that solves your organization’s challenges in the month-end close is crucial to tackling bottlenecks and scaling back-office operations.