{"id":9061,"date":"2023-02-20T06:21:00","date_gmt":"2023-02-20T11:21:00","guid":{"rendered":"https:\/\/www.sage.com\/en-ca\/blog\/?p=9061"},"modified":"2026-01-15T11:40:43","modified_gmt":"2026-01-15T16:40:43","slug":"drive-efficiency-and-growth-with-automation","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-ca\/blog\/drive-efficiency-and-growth-with-automation\/","title":{"rendered":"Drive efficiency and growth with automation"},"content":{"rendered":"
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\n\t\t\t\t\t\t\tTechnology & Innovation<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t
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\n\t\t\t\t\t\tDrive efficiency and growth with automation\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

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\n\t\t\t\n\t\t\t\t\"\"\t\t\t\tTeresa Meek<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n\n\n

Manual processes are productivity killers. They can create reporting errors which can lead to increased compliance risk and impact many parts of your business. This post will explore how Artificial Intelligence (AI) and machine learning (ML) can reduce these risky manual-reporting processes. We\u2019ll show how AI workflows can increase efficiencies, improve accuracy, uncover new insights, and free up your finance teams\u2019 time for effective strategy planning.<\/p>\n\n\n\n

In this article, we will cover:<\/p>\n\n\n\n

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  1. The fix for human error<\/strong><\/a><\/li>\n\n\n\n
  2. How algorithms can provide agility <\/strong><\/a><\/li>\n\n\n\n
  3. Why automation offers a hassle-free workflow<\/strong><\/a><\/li>\n<\/ol>\n\n\n\n

    Error is human, but there\u2019s a fix for that <\/h2>\n\n\n\n

    In the finance sector, human error creates an average of 25,000 hours of avoidable rework costing $878,000 per year, according to Gartner<\/a>. Numbers like this are why the manual route is anathema to successful business practice, and why you should prioritize organizational efficiency over habit.<\/p>\n\n\n\n

    \"\"<\/figure>\n\n\n\n

    Foundry\u2019s 2021 Digital Business Study<\/a>, found that improving employee productivity and performance was the top objective for organizations\u2019 digital business strategy. Easily invest in your team by freeing up some of the tasks that hold the biggest risk of errors, as these manual-entry mistakes would otherwise directly impact business performance.<\/p>\n\n\n\n

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    Managing modern finance in a time of unprecedented change.<\/h2>\n\n\t\t\t\t\t\t\t\t\t
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    Modern business requires speed and agility, starting with the finance and accounting systems
    that underpin every facet of operations.<\/p>\n

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    \u201cWhen people have to gather and process information manually from different sources, it\u2019s inefficient, and can create errors that cause a ripple effect,\u201d says Scott Freedman, director of marketing for Sage Intacct.<\/p>\n\n\n\n

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    By using AI and ML-based automation, you can speed up workflows and catch costly mistakes. Automation streamlines previously manual processes to help finance teams close your books sooner, giving you more time to focus on strategic tasks. You\u2019d be in good company, as 50% of organizations are actively researching or piloting AI and ML initiatives, according to the Foundry study. <\/p>\n\n\n\n

    Algorithms and agility <\/h2>\n\n\n\n

    By ingesting large volumes of data from financial applications across the organization, ML algorithms can gain a sense of where data should be placed and what kind of numbers are appropriate for a given field.<\/p>\n\n\n\n

    \u201cFor example, if someone makes a duplicate entry in an expense report, an algorithm will flag the manager,\u201d Freedman says. Sorting out errors at this stage prevents an audit being held up down the road. The system can then automatically remind you if you need to make a decision, or approve a change, saving your employees from chasing the task manually.<\/p>\n\n\n\n

    You\u2019ll find many common financial processes can be automated, and algorithms can import information from one software application into the form fields of others. Some solutions can even generate reports and send them out to stakeholders, saving you even more time. <\/p>\n\n\n\n

    Private investment firm Halstatt<\/a>, used the automated processes in Sage Intacct to reduce the time employees spent compiling consolidated reports, and a board book that took up to 100 hours, now takes only minutes. The company\u2019s expense-reporting application now automatically posts journal entries and triggers check payments, lowering fees from $36 per check to less than $4.<\/p>\n\n\n\n

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    Managing modern finance in a time of unprecedented change.<\/h2>\n\n\t\t\t\t\t\t\t\t\t
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    Modern business requires speed and agility, starting with the finance and accounting systems
    that underpin every facet of operations.<\/p>\n

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    <\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tDownload now<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\"people\t\t\t<\/div>\n<\/div>\n\n\n\n

    Automation for a hassle-free workflow<\/h2>\n\n\n\n

    Automation ensures that the data Halstatt uses is correct\u2014and creates an audit trail to prove it. As a result, external auditors spend 2 weeks onsite rather than 6, and the company is saving $100,000 a year on fees and preparation. Overall, Halstatt\u2019s accounting efficiency has increased 60%, giving the company the resources to create an alternative investment structure that has led to a $26 million investment.

    \u201cAutomating simple procedures can save organizations staggering amounts of time and money,\u201d Freedman says. \u201cBy eliminating repetitious tasks, you can develop strategies that drive growth.\u201d<\/p>\n\n\n\n

    See how you can apply a more efficient automated workflow to your organization, with Sage Intacct<\/a>.<\/p>\n\n\n\n

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    Managing modern finance in a time of unprecedented change.<\/h2>\n\n\t\t\t\t\t\t\t\t\t
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    Modern business requires speed and agility, starting with the finance and accounting systems
    that underpin every facet of operations.<\/p>\n

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    <\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tDownload now<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\"people\t\t\t<\/div>\n<\/div>\n\n\n

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    Subscribe to the Sage Advice Newsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t
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    Get a roundup of our best business advice in your inbox every month.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tSubscribe<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\"\"\t\t\t<\/div>\n<\/div>\n\n

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    Browse more topics from this article<\/h3>\n\t\t\t<\/div>\n\t\t\t
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