This Labor Day, vow to end manual labor for the finance team.
There’s no better way to celebrate Labor Day than getting back to its roots and improving life for an overworked, often undervalued set of workers. This Labor Day, resolve to end all tedious and, frankly, unnecessary manual labor for your finance team. They work hard to play a valuable role in any organization, but are often wrestling with archaic tools and inefficient processes. The result can be long hours, employee burnout, and even high turnover.
Back when the concept of Labor Day was first introduced, Americans routinely worked 12-hour days, seven days a week in conditions we now see as inhumane. While we’re not saying today’s finance professionals are working in similar conditions, they do face unnecessary obstacles. And we predict that in the not-too-distant future, we’ll all wonder why changes weren’t implemented sooner — the same way we now look at working conditions from the 19th century and shake our heads.
Just consider these stats:
- According to the Journal of Accountancy, 87% of finance pros put in overtime to finish their monthly close. This is unnecessary extra work. A spend management platform that automatically syncs transactions to the general ledger can dramatically reduce the time-to-close.
- In our Benchmark Survey of Finance Professionals, 38% of our respondents told us that their teams spend more than 25% of their total time on manual tasks.
- 42% of our respondents said their team gathers documentation for audit trails manually. Again, this is completely unnecessary with a spend management platform that includes all documentation for the spend lifecycle in a transaction record.
- 41% said they fix errors manually. Automated processes reduce the risk of mistakes, particularly in error-prone functions like categorization.
The kicker is that this waste of time, effort, and talent doesn’t have to happen anymore. The accounting automation and consolidation of a spend management platform can empower finance pros to spend more time on high-value tasks, and less time doing things like CSV file uploads, manual bank reconciliations, and chasing down receipts. It’s truly a revolution in how finance work is done.
How an accounting automation revolution helps the bottom line.
When accounting automation eliminates manual labor, the results ripple across a company and affect more than just the people previously doing the work. Here are some of the benefits:
- Reporting and forecasting are more accurate. Manual work is inherently prone to mistakes. Plus, when financial statements aren’t updated in real time, the resulting time lag makes it difficult to determine exactly how much money is actually available at any time.
- Opportunities to control costs surface. The increased visibility of a spend management platform highlights unnecessary spending like duplicate subscriptions or unnoticed automatic renewals.
- Turnover is reduced. Staffing issues in the back office can have far-reaching implications for a business. According to a PWC report, about one quarter of surveyed CEOs canceled or delayed an important initiative because they didn’t have enough financial staff. Other research shows that up-to-date technology improves employee satisfaction and retention, particularly among Millennials.
- There’s more time for strategic work. Without having to spend hours on manual work, finance pros can focus on making an impact at their company. Instead of tracking down invoices, they can track down wasted spend. Instead of matching POs to invoices, they can examine data to find ways to improve revenue. Instead of fixing errors on expense reports, they can do FP&A work.
No matter how you celebrate Labor Day, take some time to appreciate the work done by the finance department. If you’d like to make a commitment to improving their working lives, start by scheduling a demo!
Airbase offers a one platform solution to manage all non-payroll spend. It provides oversight and control over spending with real-time reporting and automatic syncing directly to your general ledger. Control all payments – physical cards, virtual cards, ACH, and checks – from one place. Close faster. Empower employees. Control spend.
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