# Don’t let compliance trip you up: how tech can ensure you’ve tied up your contracts 
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2020-03-04
Category: TECHNOLOGY
Category URL: https://financedigest.com/category/technology
Meta Title: Finance Compliance Automation: Boost Productivity
Meta Description: Discover how automation technology can streamline document creation, enhance accuracy, and save time for finance professionals amidst increasing regulatory
URL: https://financedigest.com/dont-let-compliance-trip-you-up-how-tech-can-ensure-youve-tied-up-your-contractshtml

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_By **Mike Skelly,** Chief Financial Officer at AbacusNext_

For finance professionals, remaining compliant is a crucial part of the job—and that pressure is only amplified by Brexit and its still-unknown economic impacts. Since the economic crash in 2008, the spotlight has been firmly placed on experts to ensure history does not repeat itself and to prevent another recession.

The financial workforce is feeling the [burden of the growing](https://www.financedigest.com/tinnitus-management-market-to-top-us-3-2-bn-driven-by-growing-burden-of-hearing-disorders-fmi.html "Tinnitus Management Market to Top US$ 3.2 Bn Driven by Growing Burden of Hearing Disorders: FMI") complexities of compliance, which can sometimes lead to mistakes. Employees must [spend inordinate amounts of time](https://www.financedigest.com/its-time-for-banks-to-spend-on-digital-mortgage-journeys.html "It’s time for banks to spend on digital mortgage journeys") triple checking legally binding contracts, draining time and resources and reducing job satisfaction.

[Data entry has been named the ‘most hated office task’ in research](https://www.financedigest.com/businesses-seek-better-access-to-data-to-support-environmental-objectives-bright-data-research-reveals.html "Businesses seek better access to data to support environmental objectives, Bright Data Research Reveals") recently conducted by LinkedIn. Yet many professionals are still using manual processes for document creation, such as copying and pasting from old documents into the latest version,and then entering the new data. The problem with this method is that it [creates opportunities](https://www.financedigest.com/tire-materials-market-to-create-an-incremental-opportunity-of-us-99-99-bn-by-the-end-of-2028-fmi.html "Tire Materials Market to create an incremental opportunity of US$ 99.99 Bn by the end of 2028 – FMI") for data entry mistakes, inconsistencies, and out-dated information accidentally remaining in the document.

Fortunately, [automation technology](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") can help lift this burden from your workforce.

**Introducing automation**

Document automation can significantly enhance [productivity and support](https://www.financedigest.com/the-cancer-supportive-care-products-market-to-stay-innovatively-persistent.html "The Cancer Supportive Care Products Market to stay innovatively persistent") employees’ ever-growing workloads.By functioning as a template, with the user inputting all the [data in an interview-like process](https://www.financedigest.com/crowdsourcing-of-data-to-drive-the-high-throughput-process-development-market.html "Crowdsourcing of data to drive the High Throughput Process Development Market"), document automation tools generate a document that is consistent, accurate, and contains and all correct legally binding information.

For finance professionals, a wide range of documents can be created via document [automation software](https://www.financedigest.com/guide-to-the-most-affordable-marketing-automation-software.html "Guide To The Most Affordable Marketing Automation Software"), including:

- Loan applications
- Employee contacts
- Non-disclosure agreements

Here are the [top](https://www.financedigest.com/top-5-security-technologies-that-every-finance-institution-workplace-should-consider.html "Top 5 Security Technologies That Every Finance Institution Workplace Should Consider") three reasons why financial professionals should automate these repetitive document creation tasks whilst ensuring that contracts are watertight.

1. **Ensures legislative accuracy**

Laws in the current political [climate are subject to change](https://www.financedigest.com/exclusive-hsbc-fund-arm-toughens-thermal-coal-policy-to-curb-climate-change.html "Exclusive-HSBC fund arm toughens thermal coal policy to curb climate change") at a rapid pace. It’s increasingly difficult for finance specialists to [stay ahead of the curve and up to date with the latest regulations](https://www.financedigest.com/german-regulator-stays-vigilant-as-meta-changes-vr-headset-rules.html "German regulator stays vigilant as Meta changes VR headset rules").

Document automation software allows all documents to be updated from one central location. This means that any new laws and regulations that [must be included in current documentation only need](https://www.financedigest.com/the-three-must-haves-of-cyber-security-that-you-need-to-stay-cyber-safe.html "The three “must haves” of cyber security that you need to stay cyber safe") to be updated in one place for it to appear in any new documents going forward, saving time and improving accuracy.

2. **Eliminates [human error](https://www.financedigest.com/outthink-raises-10-million-to-tackle-human-errors-behind-data-breaches.html "OutThink raises million to tackle human errors behind data breaches")**

Mistakes happen,but decreasing the amount of interactions humans have with a document eliminates the chance of human error.

When [finance experts use manual processes](https://www.financedigest.com/gary-mcgaghey-explains-how-cfos-can-strengthen-decision-making-processes-and-reimagine-the-finance-model.html "Gary McGaghey Explains How CFOs Can Strengthen Decision-Making Processes and Reimagine the Finance Model") such as copy and paste,it can lead to inconsistencies and omissions within a document. If this happens, a loan application could potentially be rejected, as it will be non-compliant. This could lead to intervention from the Financial [Services](https://www.financedigest.com/integrated-finance-the-advantages-of-using-financial-infrastructure-as-a-service.html "Integrated Finance: the advantages of using financial-infrastructure-as-a-service") Authority.

Switching to [automation means consistency in the input information and minimal opportunities](https://www.financedigest.com/automated-weather-observing-system-market-segments-opportunity-growth-and-forecast-by-end-use-industry-2021-2031.html "Automated Weather Observing System Market Segments, Opportunity, Growth and Forecast by End-use Industry 2021-2031") for mistakes to be entered.

3. **Guarantees efficiency**

Using this technology has been known to [save companies](https://www.financedigest.com/5-saas-tools-to-help-your-company-business-save-money-in-2022.html "5 SaaS Tools To Help Your Company/Business Save Money in 2022") up to 80% of the time they would usually spend on these kinds of documents.

Many document [automation technologies](https://www.financedigest.com/covid-19-makes-the-case-for-technology-and-automation-for-business-development-in-professional-services.html "Covid-19 Makes the Case for Technology and Automation for Business Development in Professional Services") have built-in proof reading capabilities. By cutting down the review process, automation can save the workforce time and brainpower that could be spent on other [business critical](https://www.financedigest.com/marketing-communications-is-a-business-critical-pillar-now-and-in-a-post-pandemic-future.html "Marketing Communications is a business-critical pillar now – and in a post pandemic future") tasks.

Implementing this [technology can also help businesses distribute](https://www.financedigest.com/how-distributed-ledger-technologies-are-transforming-esg-reporting-for-financial-intermediaries.html "How Distributed Ledger Technologies are transforming ESG reporting for Financial Intermediaries") team resources more evenly. By standardising the document creation process, senior [experts can delegate to junior team](https://www.financedigest.com/white-bullet-expands-emea-team-with-the-appointment-of-anti-piracy-and-brand-safety-experts.html "White Bullet expands EMEA team with the appointment of anti-piracy and brand safety experts") members with confidence that the work produced will be of the same quality.

**Compliance tied up**

By centralising regulations, standardising processes and documents across the company, [finance specialists can navigate complex finance landscapes with ease and confidence that their documents are watertight and compliant](https://www.financedigest.com/making-sure-you-are-compliant-when-working-in-the-finance-industry.html "Making Sure You Are Compliant When Working in the Finance Industry").

The time and brainpower saved by integrating automation software into everyday tasks can completely transform the [way in which finance experts practically do business](https://www.financedigest.com/five-ways-businesses-can-prepare-themselves-for-the-digital-economy-be-kaler-pilgrim.html "Five ways businesses can prepare themselves for the digital economy – Be Kaler Pilgrim"). Employees can be confident that the documents created [meet compliance standards](https://www.financedigest.com/beijing-meets-state-air-quality-standards-for-first-time-in-2021.html "Beijing meets state air quality standards for first time in 2021") without spending hours upon hours reviewing and proofreading. This in turn helps companies grow, by allowing the people at the heart of the business to concentrate on tasks that need more of a [human touch](https://www.financedigest.com/building-a-relationship-led-bank-requires-a-more-human-touch.html "Building a relationship led bank requires a more human touch") such as client support, innovation and creativity.


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