# Automating Repetitive and Time-Consuming Finance Functions Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2016-11-23 Category: TECHNOLOGY Category URL: https://financedigest.com/category/technology Meta Title: Revolutionising Finance Teams with Automation Technology Meta Description: Discover how automation technology tools can free up your finance team from manual tasks, allowing them to focus on strategic decision-making. Learn more! URL: https://financedigest.com/automating-repetitive-and-time-consuming-finance-functionshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/measurement-finance-perform-1736844369208-compressed.jpg) _**Andy Bottrill**, Regional Vice President at BlackLine_ The point of using the best automation technology tools in any company’s finance team is simple: it frees up finance directors, accountants and other finance executives from repetitive, boring and time-consuming manual work. No more long hours of overtime in the office updating spreadsheets or compiling weekly or end-of-month reports. Which, in turn, allows them to concentrate and focus on far more valuable and productive areas such as [big data](https://www.financedigest.com/marine-big-data-market-to-expand-at-cagr-of-21-5-during-forecast-period-tmr-insights.html "Marine Big Data Market to Expand at CAGR of 21.5% During Forecast Period – TMR Insights") analytics, compliance and fraud monitoring and detection. The results of our most recent research into the changing roles of finance [teams](https://www.financedigest.com/finance-teams-using-ai-outperform-peers-as-demand-for-skills-grows.html "Finance Teams Using AI Outperform Peers as Demand for Skills Grows") at medium and large UK businesses threw up some interesting insights into the ways in which British business decision-makers perceive their accounting and finance departments. CFOs and their teams are often considered to be an underutilised resource, with over one-third (34%) of those surveyed noting that CFOs and their [finance teams are still under-valued in the business](https://www.financedigest.com/business-finance-the-fintech-evolution.html "Business finance: the fintech evolution"). That’s why we passionately believe in [developing the best tools and technologies](https://www.financedigest.com/nano-one-awarded-10-million-from-sustainable-development-technology-canada.html "Nano One Awarded million from Sustainable Development Technology Canada") to help and assist enterprises to automate their financial processes in the best way possible. By doing this, you are making a direct investment and showing a strong vote of confidence in your FD or CFO and their team. **[Continuous Accounting:](https://www.financedigest.com/building-and-construction-to-continue-accounting-for-nearly-half-of-tower-cranes-sales-globally-fmi.html "Building and Construction to Continue Accounting for Nearly Half of Tower Cranes Sales Globally: FMI") agile, cloud-based technologies** The real buzz in finance tech right now is around Continuous Accounting, which is basically a term to refer to the process of freeing up finance teams from the repetitive drudgery of compiling time-consuming spreadsheet-based reports. Instead, Continuous [Accounting is the intelligent](https://www.financedigest.com/now-is-the-time-for-banks-to-introduce-intelligent-account-analysis.html "Now Is the Time for Banks to Introduce Intelligent Account Analysis") application of agile, cloud-based technology to help finance teams transition away from old-school manual accounting methods. Plus, it means smoother workflows, fewer last-minute late night or weekend “crunches” and unfailingly accurate [data](https://www.financedigest.com/whose-role-is-it-anyway-why-finance-underpins-data-led-digital-transformation.html "Whose role is it anyway? Why finance underpins data-led digital transformation") and visibility of all necessary and relevant financial information at all times. It’s a clever use of [automation to enable AI-driven real-time reporting in order to free up the key financial executives within a business](https://www.financedigest.com/why-no-code-beats-custom-software-and-turnkey-solutions-for-business-automation.html "Why no-code beats custom software and turnkey solutions for business automation"). It’s a superb example of [technology being used to help and inspire ambitious CFOs to become the thriving CEOs of the future](https://www.financedigest.com/nutragenomics-market-overview-forthcoming-technologies-future-trends-latest-insights-by-share-outlook-till-2022-2029.html "Nutragenomics Market Overview, Forthcoming Technologies, Future Trends, Latest Insights By Share, Outlook Till 2022-2029"). All of this means that [data analysis](https://www.financedigest.com/comparative-analysis-of-the-best-data-room-providers.html "Comparative Analysis of the Best Data Room Providers") is going to be the main job of finance teams in the future, with Accenture predicting that productivity in finance will increase by a factor of two to three times by 2020, with organisational costs declining by 40%. There’s little wonder that our results also show that the vast majority (82%) of CFOs are now embracing cloud [applications as the future for their business](https://www.financedigest.com/lane-change-assist-systems-market-overview-business-growth-development-factors-application-and-future-prospects.html "Lane Change Assist Systems Market Overview – Business Growth, Development Factors, Application And Future Prospects"). They [don’t need](https://www.financedigest.com/you-dont-need-magic-to-anticipate-your-customers-needs-just-the-right-tech.html "You don’t need magic to anticipate your customers’ needs, just the right tech") their teams to sweat the small stuff, when software can do that. They want them to be working on tasks that add real [value to the business](https://www.financedigest.com/three-ways-data-unlocks-business-value-for-financial-organisations.html "Three Ways Data Unlocks Business Value for Financial Organisations "). **Adopting finance automation and [artificial intelligence](https://www.financedigest.com/types-of-artificial-intelligence.html "artificial intelligence")** The widespread and positive media reaction to the government’s recent Science and Technology Committee’s report on [‘Robotics and Artificial Intelligence’](http://www.publications.parliament.uk/pa/cm201617/cmselect/cmsctech/145/14502.htm?utm_source=145&utm_medium=fullbullet&utm_campaign=modulereports) for the UK is a particularly interesting case in point. Lots of national media picked up on the importance of truly understanding and responding to the opportunities opening up by the latest AI and [automation technologies](https://www.financedigest.com/being-nimble-and-responsive-in-banking-and-business-has-arrived-thanks-to-accounting-automation-technologies.html "Being Nimble and Responsive in Banking and Business Has Arrived, Thanks to Accounting Automation Technologies"). [BBC News](http://www.bbc.co.uk/news/technology-37618579), the [Financial Times](https://www.ft.com/content/7b6271a8-8f09-11e6-8df8-d3778b55a923) and the [Daily Mail](http://www.dailymail.co.uk/sciencetech/article-3834090/The-government-NOT-prepared-robot-uprising-MPs-warn-millions-Brits-lose-jobs-AI-machines.html) all reported on the types of skills we need to develop in a “post-AI world” discussed within the report, with technological automation and AI applications being seen in a positive light. The most encouraging thing here is that the [debate is centred around](https://www.financedigest.com/uks-kwarteng-mini-budget-was-essential-in-resetting-debate-around-growth.html "UK’s Kwarteng: Mini budget was essential in resetting debate around growth") the “human cost” of new technologies, robotics and AI (i.e. on headcount reduction) that is all too often associated with [reports on automation](https://www.financedigest.com/impact-com-named-a-market-leader-in-research-in-actions-partner-management-automation-report-and-in-g2-winter-reports.html "impact.com Named a Market Leader in Research in Action’s Partner Management Automation Report and in G2 Winter Reports") and AI in the enterprise. “Instead of focusing on job creation or destruction, some [witnesses considered the potential for robotics](https://www.financedigest.com/robot-operating-system-market-is-witnessing-a-sustainable-growth-due-to-increase-in-demand-scrutinized-in-the-new-analysis.html "Robot Operating System Market is witnessing a Sustainable Growth Due to Increase in Demand Scrutinized in the New Analysis") and AI to support, or augment, existing roles,” the report notes. Interestingly, and as I intimated above, Dave Coplin, Chief Envisioning [Officer at Microsoft](https://www.financedigest.com/microsoft-unveils-ai-office-copilot-in-fast-moving-race-with-google.html "Microsoft unveils AI office copilot in fast-moving race with Google"), also thought that by framing the “conversation \[as\] all about humans versus machines” the discussion began “on the wrong foot”. “Tech had never been about humans versus machines…the story, certainly from our perspective, in the personal computer [revolution is about how we augment humanity and how we enable](https://www.financedigest.com/the-open-banking-revolution-enabling-accessible-and-inclusive-finance.html "The open banking revolution – enabling accessible and inclusive finance") human beings to rise up and achieve more than they could on their own.” And this is our mantra. [Tech is about enhancing](https://www.financedigest.com/boosting-gender-equality-in-tech-the-importance-of-mentorship-to-enhance-diversity.html "Boosting gender equality in tech: the importance of mentorship to enhance diversity") the potential of humans and of the organisations that they work in. At BlackLine we are offering our customers a simple yet vital change to their [finance function – replacing spreadsheet-based manual processes with automated](https://www.financedigest.com/why-do-modern-finance-functions-strive-for-automation.html "WHY DO MODERN FINANCE FUNCTIONS STRIVE FOR AUTOMATION?"), cloud-based ones. Which, we believe, will directly enable our best accountants and most talented CFOs to unlock their true potential and put them on [track to a CEO](https://www.financedigest.com/russias-largest-lender-sberbank-on-track-to-profitability-says-ceo.html "Russia’s largest lender Sberbank on track to profitability, says CEO") role. Exceptional accountants can become inspiring and excellent CEOs, but only if they are allowed to focus their time, [energy and effort](https://www.financedigest.com/factbox-europes-efforts-to-shield-households-from-soaring-energy-costs.html "Factbox-Europe’s efforts to shield households from soaring energy costs") on what matters. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---