27 Sep
Nowadays, businesses are constantly looking for ways to optimize their operations, and finance departments are no exception. The rise of automation tools has transformed how companies handle essential financial tasks. These tools reduce manual errors, save time, and improve overall efficiency by streamlining processes that were once cumbersome and time-consuming.
In this article we will highlight six of the best finance automation tools available, explaining how they can help your business become more efficient and automated.
Table of Contents
1. Netsuite
Netsuite is a cloud-based system that helps you manage all important business tasks in one place.
For finance teams, it automates things like paying bills, managing inventory, processing orders, and importing data from different sources.
By keeping all your business information in one spot, Netsuite gives you a clear, real-time view of how your company is doing. This makes it easier to reduce manual work, find ways to improve, and avoid mistakes, helping your business run more smoothly.
2. Pleo
Expense management has traditionally been a time-consuming process. From employees submitting receipts to finance teams processing them, the manual workflow can create inefficiencies and delays. Pleo changes the game by introducing an automated, real-time expense management system.
With Pleo, employees are issued company cards that are linked to the Pleo app. Whenever a purchase is made, employees simply take a picture of the receipt through the app. The finance team gets instant notifications, allowing for full transparency and efficient management of company spending.
This tool not only saves time for employees and managers but also reduces the risk of errors in expense reporting. By automating the entire process, Pleo offers a simple solution to what was once a labor-intensive task.
3. Penneo Sign
Most finance departments handle a lot of paperwork, which often involves printing, signing, and scanning documents. This process takes a lot of time, isn’t very efficient, and isn’t eco-friendly.
Penneo Sign helps businesses simplify this by automating the process of signing and managing documents. With Penneo, finance teams can sign documents digitally and track all document activity in a secure system.
Using Penneo Sign makes it easier for finance departments to work faster, follow rules and regulations, and maintain trust and transparency in handling documents.
4. Risika
Does your business take risks when dealing with other companies? Offering credit is like giving a loan, and sometimes businesses put in a lot of effort only to find out their client can’t pay.
That’s where Risika comes in. It helps B2B companies reduce these risks by providing easy-to-use tools for risk assessment, customer segmentation, and relationship building. Risika automatically monitors the financial health of companies, especially in the Nordic region, and alerts you whenever there’s a change with your customers or partners.
With Risika, you get real-time updates, saving you time and reducing the chance of human errors. This way, you can focus on strengthening relationships and growing your business without worrying about unnecessary risks.
5. Zapier
Zapier is an online tool that helps you connect your apps and services, allowing you to automate boring, repetitive tasks. Instead of doing things manually, Zapier lets your apps work together easily.
For example, if you want to share real-time information between your ERP and e-commerce platform, or move data between your ERP and CRM, Zapier makes it simple. You just set up a workflow, and it handles the rest, saving you a lot of time.
With over 3,000 apps you can connect, Zapier helps reduce manual data entry so you can focus on delivering more value to your customers.
6. Plecto
Finance teams often work with different departments, so it’s important to have a clear view of the whole business. Plecto helps by offering an all-in-one dashboard where you can see real-time data and get everyone involved in your company’s growth.
With Plecto, you can easily track performance data across different systems and areas of your business. This helps finance teams stay on top of budgets, cut down the time spent on making reports, and focus more on important decisions and future planning. It’s a simple way to make your daily work more efficient.
The Benefits of Finance Automation Tools
As businesses embrace digital solutions, finance departments are seeing a lot of positive changes. Let’s look at some of the key benefits that come with using finance automation tools:
- Saves Time: By automating everyday tasks, finance teams can quickly eliminate repetitive work. Instead of spending hours on Excel sheets, they can rely on these tools to handle most processes, which ultimately promote productivity and efficiency.
- Ensures Consistency: When tasks are done manually, it’s easy to see differences in how they’re handled. However, with automation, everything follows the same process every time, ensuring consistent and reliable results.
- Reduces Errors: Since human errors are a common issue in manual tasks, automating these processes dramatically cuts down mistakes. This leads to more accurate financial data, making decision-making smoother.
- Prevents Fraud: Another great benefit of finance automation is its ability to increase transparency. By keeping an audit trail of all activities, it becomes much easier to monitor everything and reduce the risk of fraud.
- Provides Better Data Insights: Automation tools collect more accurate and detailed data, which helps you identify trends and opportunities. With these insights, finance teams can make smarter decisions and drive further growth.
Conclusion
Finance automation tools have the potential to transform your business by eliminating manual processes, reducing errors, and providing real-time data insights. Whether it’s automating expense reports with Pleo or visualizing company performance with Plecto, these tools offer tangible benefits that lead to greater efficiency and improved financial decision-making.
As businesses continue to evolve, embracing finance automation is no longer a luxury-it’s a necessity. By adopting tools like Netsuite, Pleo, Penneo Sign, Risika, Zapier, and Plecto, companies can remain competitive. Automating finance isn’t just about saving time; it’s about unlocking new opportunities for growth, accuracy, and long-term success.
Marjina Muskaan has over 5+ years of experience writing about finance, accounting, and enterprise topics. She was previously a senior writer at Invyce.com, where she created engaging and informative content that made complex financial concepts easy to understand.
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