Financial automation is no longer just a "good to have" for businesses. It has become a necessity to replace error-prone manual finance functions. To compete, finance professionals must take on the role of a key strategic business partner rather than time-consuming, repetitive manual accounting tasks.
There have been various theories about finance automation replacing finance professionals. However, over time, automation in finance has been shown to empower finance teams to unleash their highest potential, rather than replace them.
No matter how experienced an accountant, they cannot avoid basic human errors. While human errors are forgivable, mistakes in accounting can lead to serious repercussions. Even an additional zero or a typo error can cost a business huge sums of money.
Financial services firms spend insane amounts of money on teams of analysts who investigate transaction alerts and conduct "Know Your Customer" reviews.
Online insurance payments can be processed through a third-party payment service or through an insurer's internal platform. Such software partially automates the payment process, allowing consumers to manage their premiums and avoid late payments.