How Automation Can Help You Reduce Costs and Scale Your Business

When Institute of Management Accountants (IMA) President Jeff Thomson penned an article about the prominent trends that would affect accounting in 2021, “automation will no longer be debated” topped the list. Results from the most recent IMA survey back up that prediction. While the majority of businesses are just beginning to reap the
benefits of automating financial processes—less than one-quarter of those surveyed said their processes were largely automated—they do realize its potential and are taking steps to prepare.

As more processes are automated, the work required in accounting and finance roles is shifting, the survey found, as professionals move from being reactive and transactional to proactive and analytical. More than half of those surveyed by IMA said their work had become more analytical in the last 18 months, and 92% said the transactional processing they’re responsible for would significantly decrease over the next five years and they’d need to become more analytical.

Professionals in this space are optimistic about how automation across financial processes can help their organizations, and, true to form, they’re very realistic about how to get there. Automation can’t work without a solid, reliable data infrastructure, so it’s no surprise that more than two-thirds of the businesses surveyed have implemented or are currently implementing cloud-based accounting software to build that foundation.

Download the whitepaper below to learn more.