Guide: How to choose the best finance automation solution for your business

Apr 23, 2024
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Automation Digital transformation

Automation is at the heart of digital transformation, and the finance function is ripe for automating processes like planning and budgeting, treasury management and source to pay. Finding the right solution to meet all your finance process and automation needs can be a challenge, as there is an overwhelming number of options on the market with multiple, often overlapping capabilities. The key is to take a comprehensive, step-by-step approach to selecting the right solution.

To start, uncover where your finance and accounting team’s most manual functions may fall short and recognize where you need to improve.

Automation may be right for your business if:

  • You still use spreadsheets to manage finance instead of newer, more robust technology.
  • Your auditors identified financial statement adjustments or internal control deficiencies.
  • Your system doesn’t scale as your organization grows.
  • You struggle with finding and training new employees.
  • People in your organization lack visibility into financial data they need to make insight-driven decisions.
     

Compare the top automation solutions

This guide includes a comparison of nearly 20 popular finance automation solutions for workflows such as treasury management, source to pay, lead to cash and source to report. We've compared favorites like BlackLine, Coupa, Kyriba, Workday Adaptive Planning, Workiva and more.

Blackline
Coupa
Kyriba
Workday adaptive planning
Workiva

Avoid the pitfalls to make an informed decision

In our latest guide, “How to choose the best finance automation solution for your business,” you’ll learn what you need to consider and how to begin the tool selection process to best meet your finance automation needs. In it, we reveal common pitfalls and how to avoid them, including:

Planning
pitfalls

Such as lacking a business case with a projected return on investment or failing to secure leadership buy-in.

Technology
pitfalls

Like investing in tech with overlapping functionality or deploying new systems without a clear data governance strategy.

Transformation
pitfalls

Including buying new software before evaluating the efficiency of current processes or the quality of the data you use.

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