In a constantly changing context, where overseeing financial, accounting, and operational processes is increasingly intricate for organizations of all industries, implementing financial automation has become a necessity that yields many other advantages beyond efficiency. The principles of regulation and competition that affect industries are persistently transforming, as well as the associations with customers and suppliers; a greater number of competitors and diversified business areas are emerging. Financial inclusivity is accelerating, and companies are broadening their reach to novel nations and markets. The volume of information is growing exponentially, and manual processes necessitate greater capacity and controls to manage this vast quantity of data and the potential for operational risk. Consequently, organizations require automated financial reconciliation solutions to confront the various obstacles of this new reality and the present demands, which require speed, technological innovation, and control. Some organizations have created financial and operational control automation systems to face these challenges. Alternatively, some have opted to purchase robust solutions that require the ability to be easily adapted to rule changes - a crucial characteristic in today's business landscape. However, a significant portion of these solutions may entail high financial costs and may not be agile enough to meet the rapidly changing demands of the moment. Keep reading to learn more.
What is financial automation? Financial automation aims to enhance the efficiency and dependability of standardizing and processing data by leveraging technology, which minimizes the risks arising from repetitive and manual tasks. As a result, finance and accounting teams can allocate their time to more strategic activities and make informed decisions that provide a competitive edge to the business. Consequently, the increasing investments in technology adoption enable organizations to integrate multiple sources and manage their data efficiently. According to Gartner, 33% of CEOs and CFOs have identified the automation of their back office processes as one of their top 3 investment priorities for the next two years. One of the options available for automating financial, accounting, and operational processes is the adoption of SaaS platforms or Software as a Service. These platforms enable businesses to leverage technological solutions without installing and maintaining complex software on their devices. All the information is hosted in the cloud and on the service provider's servers, which provides total availability, control, backup, and traceability of the processed data.
Why automate financial processes? Achievements like expanding an organization into new markets, launching new products, or creating new business units raise the amount of information that needs to be processed, requiring companies to respond efficiently to unique needs. Regardless of the situation, there is only one requirement: to securely, nimbly, and efficiently consolidate the large volume of information associated with the organization's movements and operations in a single location. By automating financial control processes, organizations can reconcile substantial amounts of information in less time, reduce manual tasks, mitigate risks - specifical operational risks - and maintain complete control and traceability of processes. To realize the maximum potential benefits of implementing these technologies, utilizing financial automation solutions that are easy to implement, require minimal management efforts, and facilitate efficient operation and adaptation to change is crucial.
No-code/low-code technology for operational and financial automation The traditional tools are unsuitable for addressing the dynamics of a complex financial environment. Various alternatives have surfaced to enhance efficiency. No-code/low-code technology has become increasingly significant because it is easy to implement and scale. This technology allows end-users to integrate solutions without coding or programming knowledge. Doing so enables financial teams to become more independent and less reliant on technology departments for configuring various functions.
Simetrik: The no-code/low-code solution that meets these needs Simetrik is a financial automation solution that utilizes no-code/low-code technology, offering high adaptability and scalability for operational and financial control. With its user-friendly interface, the solution connects multiple sources of information into one reliable tool, simplifying the reconciliation process. With Simetrik, finance teams can quickly customize criteria and analyze data, efficiently identifying and managing reconciliation inconsistencies. The solution empowers finance teams to produce secure, accurate, and reliable reports that aid in decision-making and audit processes without the need for technical knowledge. As more organizations realize the importance of implementing automation systems to enhance efficiency, solutions such as Simetrik are becoming increasingly relevant. In fact, by 2024, Latin American companies are expected to redirect their IT budgets towards adopting Software as a Service solution in various areas. Find the advantages your organization can achieve by implementing financial reconciliation automation through Simetrik. Share this article Easily automate your company's conciliation processes. Do it yourself in 3 simple steps Schedule a Demo