Business

From Documents To Digital Data: How To Automate Your Financial Office

Time is money, especially in the financial sector. The longer it takes your office to meet requests for paperwork, the less efficient and effective you are. It’s also important to note that the sheer volume of documentation that passes through your offices each day can add up to a fortune spent on paper, ink and more.

This is why investing in automation for handling your documents can provide your operations with a significant boost. It is said that utilizing hard copies costs businesses approximately $120 billion each year, which presents a powerful incentive to consider the alternatives.

In addition to the money it could potentially save your company, there are other benefits that automating your paperwork can bring. For instance, it can make data recovery in the event of a disaster much smoother. It enables you to take additional steps for securing your most sensitive information. Above all else, process automation means you and your staff will spend less time aggregating and retrieving documents. This gives you more latitude to interact with clients and build stronger relationships with them.

There are numerous tools and tactics you can use to take advantage of this technology. These include machine-learning AI, which can extract information from scanned documents in a fraction of the time it would take an employee to enter data manually. Recurring invoicing can be programmed to be scheduled as often as needed, taking the burden off your team’s shoulders. Expense modules can handle the job of handling prepayments and accruals.

When compared to shuffling paperwork by hand, automation has a lot to offer you. Not only can it reduce errors and speed cycle times, but it also frees you to focus your attention on more important tasks.

To learn more about how automated techniques and technologies can make a real difference in your operations, take a closer look at the accompanying resource.

Infographic created by DFIN

Colton Eva
the authorColton Eva