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The #NextStep in Digital Innovation

The 5 steps when preparing for automation



Many organizations fear finance transformation projects. Stories of failed attempts and the confusion of figuring out exactly where to start to lead to many quitting before they even begin. Finance teams must embrace this journey and embark on it while building a culture of continuous improvement. Success often means adapting, innovating, and improving.

With these in mind, here is a look at six-mile markers for finance automation:

1. Analyze your current state

What are your biggest challenges? Ask your team for help with identifying the most painful, inefficient, and risky accounting processes.


2. Design your future state

Think over what your ideal design would be, starting with the easiest tasks and areas with excess risk exposure.


3. Optimize & automate processes

First, improve and standardize your processes, then automate wherever possible.


4. Finance Automation

Monitor your process closely and ensure automated processes are more efficient and continue to yield expected results.


5. Review results & controls

Regularly, review the outcomes of your Finance Automation initiatives. What worked, what did not?


Combining the knowledge gathered from the Review stage, return to Step 1, and focus on new risks and more challenging automation projects.

By implementing process standardization, technical automation, and constant analysis, finance teams advance beyond transactional accounting execution to become a strategic partner to their companies, generating continuous improvement in the quality, accuracy, and efficiency of accounting operations.

Indeed, the first step is the hardest, but a journey always begins with a single step.