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Automating finance means creating the conditions!

The focus of these projects is often on the introduction of individual tools that are intended to improve efficiency and transparency within certain areas of the company. Examples include new tools for invoice entry as well as travel expenses or supporting tools for the annual financial statements or consolidated financial statements.

In these projects, it is important to look at the entire process and data flow, because the lack of querying data or information in processes can lead to problems with the automation of finance. This applies to both conventional technologies and new technologies such as AI.

An example of this assumption is tax determination. The focus of sales tax is not on accounting information but on logistics information. In order to successfully find tax codes, logistical parameters (such as the delivery location or material) must be queried so that the tax codes can be determined for appropriate tax reporting. Similar examples can be found in the provision calculation, investment process, etc.

In order not to lose the automation potential, the financial functions must also be included in operational processes that are not necessarily directly linked to finance. They should examine your requirements carefully and critically question which data is needed to automatically derive bookings, tax codes or specific reporting requirements.

Remember, the basis of automation is data, not technology. Data creates the foundation of digitalization and should therefore become the focus of transformation.

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