Efficient financial management

Automation helps to manage finances better
Imagine a world where finance and controlling teams spend less time performing routine tasks or searching for errors or inconsistencies and more time focusing on strategic analysis and decision making. Automation in financial management, enhanced by the use of artificial intelligence, has the potential to make this vision a reality.

In today’s business world, automation is essential for companies striving for greater efficiency and accuracy. Many already use ERP systems or specialized financial software that support central financial accounting processes in a semi-automated way. These systems already achieve a high degree of automation, for example in the automatic recognition and posting of accounts payable invoices.

However, companies often still rely on manual steps for reporting, other typical controlling tasks and closing, with Excel still playing a central role. This manual or semi-manual approach is not only time-consuming, but also harbors significant sources of error. An incorrect cell reference in a complex formula can lead to serious errors in the financial data.

This is the reason why we help many customers to automate such tasks to a large extent, thus ensuring that the Excel files, which are indispensable in many companies, are always 100% correct and consistent.

In addition, automation in the area of financial reporting allows for faster and more reliable results as systems process data in real time and ensure compliance automatically. In budgeting and forecasting, intelligent algorithms replace cumbersome and error-prone spreadsheets, provide a quick, well-founded basis for decision-making and accurately predict future trends.

Risk management also benefits from automation: tools detect risks early and monitor risk thresholds, which contributes to a more stable financial environment. In addition, automation reduces costs by eliminating repetitive manual tasks and allowing teams to focus on value-adding activities.

All of these techniques have been known for years and are used by companies to varying degrees depending on their level of awareness. With GenAI and other AI tools, automation in the financial sector can now be taken to a new level. AI tools can suggest solutions in cases that the algorithm did not foresee. After human review and validation, these suggestions can be automatically integrated into the algorithm’s rule set. The same algorithms can also check the rule set for consistency and completeness. GenAI can also support regular reporting by automatically generating draft texts or presentations for management and shareholders. This list of possibilities can be extended even further.

Automation, coupled with artificial intelligence, speeds up processes and improves accuracy, thereby significantly reducing costs and risks in the finance sector. These advantages make automation a central element in the transformation of the finance functions of modern companies, which we can also see in our daily project work.

Ready to optimize your financial operations? Contact AGILIS today to find out how you can work with us to take your finance operations to the next level of efficiency.
Christophe Berger
Christophe is founder and CEO of AGILIS. Besides his work as consultant and manager, he is always observing the business word and adores commenting on subject that seem relevant to him.