Recreating accounting and finance Many industries have been influenced by automation and now it is time for Accounting and Finance to take the plunge as well. Automation is gradually reducing the need for manual data entry thereby, saving businesses a great deal of time and effort. As we speak, many established organizations around the world are already in the process of computerizing their finance division in order to achieve the efficiency it brings to the company. Which, is why it is important to understand its’ process and benefits for anyone internal or external to the industry. One of the most significant areas that can be improved through automation would be, automating your accounts payable process and invoice management. Which, allows you to route the invoices in a way that, it gets approved and paid as soon as possible through which the company will be able to reduce costs via attaining early payment discounts while, eliminating the chances of misplacing the documents altogether. This trend comes especially useful when the company has to face the annual audit, which creates a stressful environment for all employees of the finance department. Due to the need of a highly detailed audit trail in order, to comply with the Sarbanes-Oxley Act of 2002, the financial information of a company needs to have proper document management. Automating financial information not only saves the organization’s, auditors and the employees’ time but also, ensures its’ confidentiality as it enables access to see who viewed what documents and when, which may be convenient in the event of a fraud allegation. The monthly close process, is another area that is streamlined by automation. This process of preparing transactions, journal entries and financial statements at the end of each month evidently takes up most of the finance department’s time thus, reducing their efficiency. As a solution to this, many types of accounting software packages have been introduced, that can be customized according to your company’s needs. These software programs ensure more accuracy and speed while also freeing up the finance department to focus on analyzing financial information and to develop new strategies than just reporting the numbers to the relevant users. In short, integrating automation into your company’s finance function will not only make it more efficient and effective but also, open many new doors for your employees and the organization as a whole.