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Even as industries increasingly embrace automation, corporate financial services still rely on manual processes. This is a finding of the state of automation in the Auditoria Back Office report: almost 60% of finance professionals said that current back office systems are not sufficiently automated.
Almost 60% of financials believe that there is a tipping point within the back office, as current back office systems do not meet their needs. As other departments embrace advanced technology, finance is stuck in its early stages, wasting valuable time and resources on manual tasks that could be automated.
Accounts Payable is the most manual back office process. Almost a third of finance professionals believe that accounts payable involved the most manual work within the company.
financial back-office, follow-up of accounts receivable.
The results clearly indicate that finance is fed up with the current status quo, with manual tasks taking up the majority of their day. Time spent on repetitive tasks is the number one challenge for finance professionals, tracking time spent checking and updating data. In addition, more than 50% of finance professionals want a reduction in these types of tasks. Many are poised to embrace automation, as a third of professionals have indicated that investing in new technologies to improve business processes over the next year is a top priority for them.
In short, the results of the Tipping Point: 2021 State of Automation in the Back Office report indicate that the corporate finance back office must embrace automation to survive in the digitally driven business environment. Now more than ever, finance needs to shake off the reputation that it is slow to adopt new technologies and use advanced systems, allowing the back office to contribute more directly to an organization’s strategic growth.
Auditoria conducted an online survey of 622 U.S.-based finance professionals in spring 2021, aged 30 to 60 and over. Titles included CFO / Chief Accountant, Controller, Vice President / Director / Head of Finance or Accounting, Finance Specialist / Professional (Accounts Payable, Customers, Collections, Treasury, Tax, Audit, etc.) or Support IT / financial.
Read the full Tipping Point: 2021 State of Automation in the Auditoria Back Office report.
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