Without automation, accounting and finance professionals can feel like they are stuck in a never-ending cycle of mundane tasks and paperwork.
But once you embrace the power of automation in accounting and finance?
You break free from the chains of manual labour and gain valuable time with the freedom to focus on more meaningful and strategic tasks. But what exactly should you do with all that extra time?
To help you make the most of your newfound efficiency, we’ve put together a list of 25+ things to spend your time on once you’ve automated your accounting and finance processes.
Our survey
In a recent survey we conducted, we asked accounting and finance professionals this all-important question:
“If you had more spare time thanks to automated processes, how would you spend it during your working day?”
The results were intriguing.
1. 14% would spend their saved time on forecasting 🔮
Out of the 4 options, forecasting was the least popular choice. This is not surprising as forecasting is often seen as a complex and time-consuming task. However, with the right finance system in place, forecasting can be quick and easy.
2. 21% would spend their saved time on more thorough analysis/reporting 🧮
Analysis and reporting are core tasks for many accounting and finance professionals. Almost every professional in this field spends some of their time on these activities. So it is not surprising that only a fifth of respondents said they would spend their extra time on these tasks.
3. 21% would spend their saved time on risk management ⚠️
Given the uncertainty in the world of finance, it is no surprise that accounting and finance professionals are keen to spend their time on risk management. By identifying and addressing risks early on, finance professionals can hopefully avoid potential problems in the future.
4. 43% would spend their saved time on professional development 💪
This was the most popular choice, with almost half of the respondents saying they would spend their extra time on professional development. Professional development can take many forms, from upskilling to staying current or taking training courses to obtaining new certifications or learning new software, as long as it helps accounting and finance professionals improve their skills and knowledge.
More things to spend time on
Aside from these four options, what other activities could you spend your time on once you’ve automated your accounting and finance processes?
Here are some additional ideas:
5. More mental bandwidth for creativity 🎨
With automation handling routine and mundane tasks, accounting and finance professionals can spend more time coming up with innovative solutions to problems and creating different or better ways to do things.
6. More time = Less stress for time-sensitive tasks ⌛
With less pressure to complete tasks quickly, accounting and finance professionals can take their time to do things properly. This is especially important for tasks that are time-sensitive or require a high degree of accuracy.
7. Less time on mundane tasks = more time feeling excited and motivated about work 🙏🏽
Mundane tasks can be draining, and they can make it difficult to stay motivated at work. When you use automation to reduce the amount of time spent on these tasks, you can use the extra time to do work that you’re actually passionate about.
8. Greater opportunity to reduce costs and save money 📉
Automated processes allow the accounting and finance team more time to save the organisation money and increase profitability by analysing expenses and looking at possible improvements in cash flow management, reducing debts, negotiating with suppliers, cost control, forecasting, maximising pricing, planning for profit, and better reporting of information to facilitate better decision-making.
9. More time for proper critical thinking 🧠
Critical thinking is one of the most important skills for any accounting or finance professional. Once you’ve automated your work and have successfully freed up your time, you can use the free time to really think through problems and come up with the best possible solutions.
10. More time to build stronger relationships with stakeholders 🤝🏻
As the finance function becomes increasingly automated, accounting and finance professionals have the opportunity to use the freed-up time to develop stronger relationships with clients and stakeholders. This includes ensuring they understand the work that the accounting and finance team is doing and addressing any questions or concerns they may have.
11. More time to understand the business 🤔
With automation taking over routine tasks, accounting and finance professionals can refocus their time on gaining a deeper understanding of different areas of the business and how they impact one another. This knowledge can be used to identify areas for improvement and provide valuable insights to the rest of the organisation.
12. More headspace for business outlook and strategy 📆
Automation allows accounting and finance professionals to spend more time on the strategic direction of the organisation. This includes working on the business outlook and strategy to ensure the organisation is on track to achieve its goals.
13. More time to empower team members 🚀
Accounting and finance professionals have a wealth of knowledge and expertise that can benefit other team members. By automating routine tasks, they have more time to train and mentor junior staff and share their knowledge with other departments.
14. More time to improve processes ⚙️
Automation can help to improve accounting and finance processes, but it’s important to review and improve these processes regularly. With more time freed up from automating tasks, accounting and finance professionals can focus on making processes as efficient and effective as possible.
15. Greater opportunity to develop new ideas that generate business value 💹
The accounting and finance team is well-positioned to identify new ideas that can generate value for the organisation. Automation allows them to use their freed-up time to develop these ideas into tangible business proposals.
16. More time to meet expectations and business goals ✔️
With automation in place, accounting and finance professionals have more time to work on meeting the business’s various goals, from revenue growth to cost reduction to customer satisfaction.
17. More time to meet deadlines and avoid penalties 📝
Automation helps to improve the accuracy and speed of financial reporting, reducing the likelihood of missing deadlines and incurring penalties. With more time freed up from automating tasks, accounting and finance professionals can focus on meeting deadlines and avoiding penalties.
18. More times for ad hoc tasks that pop up unexpectedly 🔥
In finance, there are always unexpected tasks that pop up. Automation allows accounting and finance professionals to redistribute their freed-up time to deal with these ad hoc tasks as they arise.
19. More time to predict trends that could affect the organisation and plan accordingly
Automation gives accounting and finance professionals more time to identify trends that could affect the organisation and plan accordingly. Understanding these trends can help the organisation avoid negative impacts and take advantage of positive ones.
20. More time developing and implementing financial policies 💷
Accounting and finance professionals play a crucial role in developing and implementing financial policies. Automation allows them to focus their time and energy on this important task, ensuring that policies are effective and fit for purpose.
21. More time liaising with auditors and external parties 🕴️
Accounting and finance professionals are often the points of contact for auditors and other external parties. Automation gives them more time to deal with these parties, ensuring that the organisation is compliant with regulations and meeting all necessary deadlines.
22. More time networking (online and offline) 🗣️
Networking with other professionals in the field can provide valuable insights into the latest developments and trends. It can also help generate new ideas and solutions to problems. By automating processes, accounting and finance professionals can use their extra time to network both online and offline.
23. More time writing and sharing expertise 💡
Sharing knowledge and expertise can help to build a professional reputation and generate new business leads. Automation allows accounting and finance professionals to use their freed-up time to write articles, blog posts, and whitepapers for the company blog and LinkedIn.
24. More time for yourself 🔋
It is important to remember to use some of the extra time provided by automation to take care of oneself. This includes taking breaks to relax and recharge and focusing on activities that bring joy and happiness.
25. More time participating in cross-functional teams to improve business processes 🌟
Automation allows accounting and finance professionals to have more time to collaborate with other departments and teams in the company. By participating in cross-functional teams, they can work on identifying and improving business processes that will benefit the whole organisation.
26. More time providing financial advice and support to senior management 💼
Automation also allows accounting and finance professionals to spend more time providing financial advice and support to senior management. They can assist in strategic decision-making by providing accurate and timely financial information, forecasting, and analysis. This can help to improve the overall performance of the organisation and increase profitability.
Conclusion
The benefits of automation are clear. It can have a significant impact on the accounting and finance team, the organisation, and the individual. For the accounting and finance team, automation leads to improved accuracy and efficiency, freeing up time for more strategic tasks.
For the organisation, it means better decision-making, improved financial planning, and reduced risk of penalties. And for the individual, it provides opportunities for career growth and satisfaction.
We hope this list of 25+ suggestions has provided ideas on how to use the extra time gained from automation to improve your work and career. If you would like to learn more about how we can assist you, please do not hesitate to contact us.