Did you know that a whopping 73% of global executives said they are incorporating automation and artificial intelligence in their companies?
There’s no doubt that the technological revolution has affected almost every industry, especially finance. If you want a way to manage your business expenses and other tasks, you can now find endless options to choose from to make your life easier.
Read on and learn everything you need to know about finance automation!
What is Financial Automation?
Financial automation is the process of finance companies incorporating technological advances like AI and robotic process automation (RPA) into their daily activities.
For years, companies have been looking for ways to outsource mundane tasks like data processing or preparing financial statements.
Automation has made this possible. Executives can benefit from lower business costs, while workers can devote more time to complex tasks requiring human attention. They also eliminated outdated and error-prone processes that were causing executives more problems.
Overall, the more automated the finance industry has become, the better equipped businesses are to give their clients much better service.
How Can Finance Automation Benefit Your Business
The fintech revolution has dramatically changed the way many businesses handle their finances. Here are three ways an automated financial industry can help your business flourish!
You Can Pay Your Workers Much Faster
Many financial transactions and administrative tasks like payroll processes have become more seamless thanks to advances in finance and business automation.
For example, financial management platforms like Ramp can create payroll reports, set up direct deposits, and even organize tax withholding and deductions.
What used to take weeks to do can now be completely set up and forgotten about in just a few hours. Your employees will also appreciate knowing that they’ll be getting paid on time each week.
Virtual Corporate Cards to Track Your Expenses
With the world becoming more technologically savvy, virtual corporate cards have taken over the business world. They allow you to create a system that works for your business.
With virtual cards, you can:
- Set each card to a specific employee to better keep track of transactions
- Turn cards on or off whenever you need to
- Create vendor-specific cards to control funds
- Set virtual cards based on specific categories of your business expenses
With a virtual card system, things like employee fraud and unanticipated expenses become a thing of the past.
Platforms like Ramp offer virtual cards to better serve business owners. But if you want to explore other options, try out these Ramp alternatives instead!
Automating Your Finances Will Help Your Business Succeed
As technology transforms the financial world, you can take advantage of these changes.
Gone are the days of paper checks, making financial statements by hand, and unplanned expenses. As you read in our guide, finance automation takes care of these problems and will help you take control of your business expenses in no time.
Check out our blog for more valuable finance tips for your business!