What software tools are relevant to automation within Finance?

This is the last of a four-part webinar series all about automation in Finance. Hosted by Chris Tredwell, he was joined by fellow GrowCFO member and automation specialist Joe Paget who takes us on this automation journey.

Anyone looking at driving automation into their business in the near future will find great value in this series as Joe explains how to begin, common use cases, building a digital transformation culture and explore the tools available from a ‘been there done it’ perspective.

As a Chartered Accountant (FCA) with 20+ years of experience acting as FD, COO and MD across a diverse set of industry sectors, Joe has always been focused on addressing areas of inefficiency and low productivity. As technology has advanced, he was able to drive improvements in business processes and develop his teams to free them from the more mundane aspects of their roles, focusing instead on improved decision-making and delivering a better customer experience.

Following the successful sale of the Brookson Group out of PE ownership earlier this year, Joe founded 4thRevolution to use his experience to support other finance teams to automate their processes by building applications once, creating repeatable routines that increase productivity and accuracy, whilst creating a valuable data set that aids analysis and decision making.

During this session we covered;

Chris and Joe discussed the importance of automation in finance functions and the various software tools available to achieve it. They highlighted the need to explore functionality within existing finance software, consider third-party tools, and mentioned Joe’s company, For Revolution, which helps customize and automate processes using any software. 3:41
Joe and Chris discussed the importance of assessing the functionality of existing accounting software and exploring if it can meet the changing needs of the business. They also mentioned the option of integrating third-party solutions or automation software to fill any gaps in functionality but cautioned against using multiple systems that don’t communicate with each other. 9:00
Chris and Joe discussed the importance of finding finance software that meets at least 80% of your needs and the potential signs that your current system is no longer fit for purpose. They also highlighted the benefits of automation tools such as bank feeds, OCR technology for receipts and invoices, and procurement platforms in improving efficiency, accuracy, and compliance in financial processes.13:28
Chris and Joe discussed the benefits of automation in saving costs, reducing errors, and improving efficiency in the orders of cash process. They also mentioned the importance of focusing on the most impactful areas first and considering integration with existing CRM or ERP systems for a tailored solution.18:24
Joe and Chris discussed the importance of integrations between ERP and CRM systems, especially for mid-market businesses. They also mentioned the use of automation tools like Zappier and recommended exploring different platforms and tools to reduce manual reconciliation processes. 23:25
Chris and Joe discussed the benefits of using Zapier as a low-cost and user-friendly tool for integrating systems. They also highlighted the key functionalities to consider when selecting project management accounting software, such as cost tracking, revenue recognition, resource management, and time tracking. 29:01
In the conversation, Joe and Chris discussed the importance of exploring the functionality of existing tools and considering third-party software to meet specific business needs. They also highlighted the key features to look for in forecasting software, such as the ability to analyze multiple scenarios, integrate with other systems, and utilize data science capabilities. 34:04
Chris emphasized the importance of having a unified ledger to ensure accurate and balanced data for self-service and real-time information. He believed that as analytics and data availability increase, it becomes crucial to establish a strong foundation before utilizing valuable tools. 44:35
Chris, Kevin, and Joe discussed various topics related to finance transformation, automation, and prioritizing efforts. They also mentioned upcoming events and resources for further learning.