How to choose the best automation software for your finance team

Business process automation (BPA) involves using technology to automate complex and repetitive tasks, streamline workflows, and improve your teams’ efficiency. BPA platforms are the most deployed form of automation, according to McKinsey, as they can be most horizontally applied. Survey findings from McKinsey show that prioritizing automation has become increasingly important for achieving efficiency gains. For a full summary of business process automation read our article “What is business process automation?”
AI business process automation

Why Finance Teams Should Have Automation Software

Finance teams are often bogged down by repetitive tasks like data entry, invoice approvals, and reconciliation. Platforms like Transformance can handle these tasks quickly and accurately, freeing up your team to focus on strategic activities. For instance, instead of spending hours manually entering data, an automated system can handle it in seconds, reducing the risk of human error and allowing your team to concentrate on analysis and decision-making.

Determine the Problems You Need to Solve

As a first step, it's crucial to identify the specific problems your finance team faces. Do you struggle with manual data entry errors? Are you looking for better ways to manage your invoicing process? Understanding your pain points will help you find a solution tailored to your needs.

Modern platforms like Transformance can address these issues with AI-powered workflows, ensuring smoother operations and fewer errors.

The Basic Functionality of Any Workflow Automation Solution Should Include

Workflow Automation

Workflow automation is the backbone of any automation software. It allows you to set up predefined processes that automatically execute tasks based on certain triggers. For example, when an invoice is received, the system can automatically route it for approval and then process the payment once approved. This reduces manual intervention and speeds up the process.

Comprehensive Transformations

Effective automation software should offer comprehensive transformations to adapt to your specific needs. This means the ability to customize workflows, integrate with other systems, and adjust to evolving business requirements. Look for software that offers flexibility and scalability to accommodate your future growth. Platforms like Transformance excel in delivering customizable and scalable solutions for finance teams.

API Readiness and App Integration

In today's interconnected world, API readiness and app integration are vital. Your automation software should seamlessly integrate with existing systems like ERP, CRM, and accounting software. This ensures that data flows smoothly between applications, minimizing the need for manual data entry and reducing the risk of errors.

Custom Process Apps

Custom process apps allow you to tailor the software to your specific business needs. Whether it's a unique approval workflow or a specialized reporting tool, having the ability to create custom applications ensures that the software aligns perfectly with your requirements.

No Code

No-code platforms are becoming increasingly popular for their ease of use and flexibility. With a no-code platform, you can design and deploy workflows without needing extensive programming knowledge. This is particularly beneficial for finance teams who may not have dedicated IT resources but still need robust automation capabilities.

Consider Other Areas of Your Business That Could Benefit from an Upgrade

While focusing on finance is crucial, it's also worth considering how automation could benefit other areas of your business. For instance, if your HR or sales departments are also struggling with manual processes, a comprehensive automation solution could offer cross-departmental benefits. Evaluating these areas can help you choose a solution that provides the most value across your organization. Platforms like Transformance are designed to scale across multiple business units, ensuring consistency and efficiency throughout your organization.

To make an informed decision, read our article “11 Tips for choosing the right business process automation software”, which includes a downloadable checklist for your firm.

Decide if You Need an On-Premise or Cloud Solution

When choosing automation software, you'll need to decide between an on-premise or cloud-based solution.

On-Premise Solutions

On-premise solutions are installed locally on your servers. They offer greater control and security but require significant upfront investment and ongoing maintenance. They can be a good fit if you have strict regulatory requirements or need to keep sensitive data on-site.

Cloud Solutions

Cloud-based solutions provide flexibility and scalability. They are often easier to implement and maintain, with lower upfront costs and the ability to scale as your business grows. Cloud solutions are particularly beneficial for organizations looking for agility and ease of access.

For businesses looking to achieve rapid ROI and scalability, cloud-based platforms like Transformance offer powerful automation and integration capabilities with minimal setup time.

Define Your Criteria and Search Solutions

With a clear understanding of your needs and whether you prefer on-premise or cloud solutions, it's time to define your criteria. Here's a framework to help you evaluate potential options:

Must-Haves

These are essential features that your new system must include to be successful. For example, a cloud-based automation platform offers flexibility to grow with your business, which is a crucial must-have. Ensure that the software you choose has the core functionalities required to address your most pressing needs.

Should-Have

These features are important but not as critical as must-haves. For instance, advanced analytics might be a should-have feature. While they add significant value, your business might still function well without them initially.

Nice-to-Have

Nice-to-have features are those that would improve your team's experience but aren’t essential. For example, the ability to create unlimited custom business apps can be a great bonus but isn’t critical to your day-to-day operations.

Actions to Take When Deciding on a Business Process Automation Platform

Choosing the right business process automation (BPA) platform involves several key steps:

Get a Demo

Request a demo to see the software in action. This will give you a clear idea of its functionality and how it fits with your existing processes.

Ask for Case Studies

Review case studies to understand how the software has benefited similar organizations. This can provide insights into its effectiveness and help you gauge whether it’s a good fit for your team.

Try Out a Free Trial

Many software providers offer free trials. Take advantage of these to test the software in your environment and assess its ease of use and integration capabilities.

Get Started

Once you’ve selected a solution, work with the vendor to implement and customize the software according to your needs. Platforms like Transformance provide expert support and seamless implementation to help you get up and running quickly. Ensure proper training for your team to maximize the benefits of the new system.

Takeaways

What Should I Look for in a Business Process Automation Solution?

When selecting a BPA solution, focus on finding one that addresses your most pressing needs and aligns with your business’s size and growth plans. Ensure it has the core functionalities necessary for efficiency and accuracy in your finance operations.

How Should I Define My Requirements for Business Process Automation?

Define your requirements by prioritizing your pain points and needs. Make a list of must-haves, should-haves, and nice-to-haves to guide your evaluation process and ensure the solution you choose meets your criteria.

What Are the Best Resources for Choosing a Business Process Automation Platform?

Before making a decision, read reviews, explore case studies, and talk to colleagues who have experience with BPA solutions. These resources can provide valuable insights and help you make an informed choice.

Summary: How to Choose the Best Automation Software for Your Finance Team

Choosing the right automation software for your finance team can improve efficiency while reducing manual tasks and minimizing errors. Start by identifying the problems your team faces and determine whether an on-premise or cloud-based solution is the best fit for your firm. Ensure the software has essential features like workflow automation and API readiness. Define must-haves, should-haves, and nice-to-haves. Lastly, take advantage of demos and free trials to ensure the solution aligns with your needs.

If you’re looking for a scalable, AI-native solution to automate your finance operations, explore Transformance today and discover how we can help you transform your workflows with ease. Get in touch for a free consultation.

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