The Time for Finance Automation is Now
- By Liz Briggson
- June 17th, 2022
According to a recent “Future of Jobs Survey” by the World Economic Forum, 50% of current employees will need to develop new skills by 2025. This information comes at a time when much of the accounting and finance workforce feels burned out in their jobs.
How can an already overworked industry develop new skills to meet the needs of tomorrow’s rapidly changing organizations? The answer is: Automation. In a 2021 Gartner Survey, CFOs identified digitization and automation as two of the most impactful technologies over the next three years. Today’s successful organizations are in the midst of a significant transformation away from transactional work such as data entry and manual accounting to technology-aided analysis. Organizations that embrace this movement will enable their finance employees to develop new skills and bring value through work focused on big data, analysis, and decision-making.
One of the biggest transactional pain points in the finance industry is manual account reconciliations during the period-end close process. Reconciling the general ledger is a critically important task for finance teams, but the value should come from the analysis of the accounts, not the tedious and time-consuming work of a manual reconciliation process. This is an area of finance that is ripe for automation. When organizations automate their account reconciliations, not only will they reduce inevitable errors from manual work, they will also empower their finance teams to move away from “doing” the work and move to “analyzing” the results.
If your organization is still performing manual account reconciliations or your current software solution is not meeting the needs of your team, we invite you to learn more about SkyStem and ART.
The ART features include:
- Reconciliation/Close Process Automation
- Balance Sheet/P&L Variance Analysis
- Account Certification
- Reports & Dashboards
- Email Alerts and Data Security
- Audit Management
- account reconciliations