Automating your finance function

Article

Automating your finance function

Robotic process automation is disrupting the private market finance function for the better

Our global survey of 1,900 private company leaders, Global perspectives for private companies, found that private businesses are taking advantage of automation, cloud and analytics to maximise their resources. Along with these technology advancements, businesses are recognising the importance of holding onto engaged and highly skilled employees to carry out higher value work.

Strong private businesses are meticulous about investing in the right capability to drive their growth strategies. They are also focused on outsourcing the functions that can be more efficiently delivered by others. For example, a common misconception is that small and medium businesses have ineffective finance teams.

Our view is they’re not ineffective - but incomplete by design, which is a good thing. For example, it may not make sense to invest in full-time tax capability when you can access this as needed from a trusted source. You need to consider what skills will really drive business growth and how to access the skills you may only need from time to time.

Deloitte Private has worked to implement a robot that undertakes month-end journal processes, allowing the client’s finance team to take on more meaningful tasks.

Watch our video with Deloitte Private’s Chief Strategy Officer, Michael Clarke, on automating the finance function and what it can mean for your workforce.

Published : February 2018

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