0224 Would You Hire This Person

In finance, where time is of the essence, every minute counts. The month-end close is a critical process that demands precision, accuracy and efficiency. Finance teams often struggle with tight deadlines, late nights and the constant pressure to deliver results quickly with fewer resources.

But what if there was a solution that could step in as your trusted ally, working tirelessly to expedite your month-end close and help you achieve more in less time? Imagine hiring a ‘virtual employee’ who could seamlessly integrate into your team, eliminate manual tasks and significantly reduce your month-end close timetable.

This isn’t science fiction; it’s the reality of modern finance powered by automation.

The cost of manual processes

Manual processes have long been the norm in finance. Many tasks have traditionally relied on human actions and intervention, from data entry to reconciliations. While human expertise is invaluable, repetitive, manual tasks can lead to inefficiencies, errors and delays. They can also adversely impact staff retention. 

Let’s break down the costs associated with manual processes during the month-end close:

Time-consuming tasks: Manual data entry, reconciliations and calculations take up a significant portion of your team’s time, resulting in longer hours at the office, extended workdays and potential burnout.

Errors and mistakes: As fatigue sets in, the likelihood of errors and omissions increases, requiring time-consuming investigations and manual corrections.

Missed opportunities: The time spent on manual tasks could be better utilized for strategic analysis, decision-making and value-added activities.

Enter the ‘virtual employee’

Imagine a solution that seamlessly integrates into your financial team, working 24/7 without rest or fatigue. This ‘virtual employee’ is not bound by office hours, vacation days or the limitations of human endurance. Its sole purpose is to optimize your month-end close process.

Automation is the key to unlocking these benefits. Finance teams can reclaim valuable time and resources by automating repetitive tasks such as entry, reconciliations, adjustments, accruals and reclassifications. Finance automation can handle a wide range of financial activities, ensuring accuracy and precision.

Calculating the savings

Let’s put this into perspective: What would the impact be if this ‘virtual employee’ could reduce your month-end close timetable by just 3 working days?

Time savings: Three extra days in your month means more strategic planning, analysis and decision-making time.

Cost reduction: Fewer hours spent on manual tasks translate to reduced labor costs.

Improved accuracy: Automation minimizes the risk of errors and financial discrepancies and provides better audit trails.

In conclusion, the question isn’t whether you would hire this ‘virtual employee’; it’s whether you can afford not to. Automation is changing the game in finance, offering a powerful solution to expedite the month-end close and achieve unprecedented accuracy and efficiency.

The choice is clear: Embrace automation, reduce your month-end close timetable and position your finance team for success in the fast-paced world of modern finance. The ‘virtual employee’ is ready to join your team—will you hire it?

Sign up for a demo of record to report automation by Redwood at https://www.redwood.com/finance-automation/demo/

About The Author

Shak Akhtar's Avatar

Shak Akhtar

Shak Akhtar, General Manager of Finance Automation at Redwood Software, possesses extensive experience in finance and IT. With an accounting background with IBM and roles at SAP®, BEA and Wolters Kluwer/Tagetik, he brings a wealth of hands-on knowledge as he leads global initiatives in finance automation and record-to-report (R2R), facilitating client-led financial transformation.