Business expenses are often a source of friction – the time wasted, the chore of filling out forms, the reimbursement delays. Automation platforms such as Soldo not only simplify this process, but also boost performance. 

Many businesses still see automation as complex, pricey, or risky. What do they need to know? 

First, there is no need to be afraid. Automation is everywhere now, simplifying our daily lives. It has spread to all sectors and has brought with it undeniable progress. Automation is such an integral part of our day-to-day that we would have a tough time living without it. 

On the B2B side, companies are embracing platforms such as Salesforce, HubSpot, and QuickBooks – to save them time, money, and effort. And so, when we talk about business process automation, especially within the finance function, it is not about cutting staff.  

Above all, automation helps assign resources and speeds up processes. This results in new performance gains such as more control and fully accurate data. CFOs and their teams spend around 30% of their time on admin tasks. This is counter-productive – automation can get them done in less time, without effort.  

Automation also gives employees the chance to focus on their expertise or even increase their skill set. And in the current war for talent, development is a step towards retention. 

When implementing an automated system, what matters most – the short-term or the long-term goals? 

There are clear and immediate upsides to the introduction of automation in a company. More control means better monitoring of the current situation. And when implementing automation, it is important to identify your priorities. But thinking about how it can support business growth puts you ahead of the curve. 

Ask yourself which tasks, processes, or resources can help you solve short-term difficulties. Can they also benefit you in the long term? That is the sweet spot.  

Automation impacts the organisation and operation of the finance department. But how does it affect company-wide performance? 

Growing companies tend to adopt new technologies when they need them, resulting in a mix of disconnected systems. They work in silos, spreading out information across different applications, making it hard to keep track. 

One of the main advantages of business process automation software is centralisation. It brings together processes and makes them communicate with each other. Seeing everything in one place gives you a full, accurate overview of the business, which helps decision-making. 

With this kind of automation, companies are able to move away from quantity KPIs. Instead, they can use performance indicators to spot systematic errors and improve processes. We will leave the quantity to the machines and keep the quality and analysis. 

Why should businesses invest in more finance automation now? 

Since the pandemic started, companies have had to pay more attention to their cash flow. They have had to run more frequent forecasting scenarios and scrutinise potential cash leaks. The ability to have a real-time, accurate picture of the company finances became vital.  

Automating your expense process allows you to reconcile all transaction data across the company. Create reports by expense type or department, and improve spend policy compliance. You can connect with suppliers and track spending as it happens. You get instant insight into critical information, and more time to react, faster. 

At Soldo, we have learned how poor expense control affects business results. We asked 950 finance leaders and discovered one out of two companies was not sure of its working capital. They also didn't know the extent of the costs associated with poor expense management. 

If automating these tasks makes them easier and helps you keep an eye on your cash flow, you'll want to do it now. Especially if it means your finance team gets to do more valuable work. 

How does automation lighten the finance team's load? 

Automation software will enable you to delegate the validation of expenses, for instance. It relieves the finance team of the burden of managing requests and approvals. 

Imagine an employee makes a request for a one-off purchase that will require a specific amount. With Soldo, their manager can accept the request in one click – which generates a virtual card for them to use once, loaded with the requested amount. 

This gives the company a great deal of agility, especially when it comes to smaller or ad-hoc purchases. And once the card is used, the details of the transaction are categorised and shared with the company's accounting software. This is all automated, without delay and without effort. 

There are other examples, but this illustrates how 'working with the machine' can simplify a process. It allows you to have even more control, it empowers your team, and it saves everyone time. 

“At Soldo, we want to address the full scope of corporate expenses whilst also thinking about the individual experience. We automate business processes as well as specific tasks, such as expense reports. This relieves the finance team's workload – and everyone else's.” 

What type of expenses can automation help to manage? 

Companies have been increasing budgets for digital expenses. They have to: a lot of software is now subscription-based and there is a focus on online advertising. But tracking these purchases made by different people can be complex and time-consuming. And it often results in human errors and multiple purchases of the same subscription. 

Simplifying your bookkeeping and accounting can start with automating your reconciliation and reporting. An automation platform such as Soldo integrates with accounting systems to save you time and give you a wider view of spend. And it eliminates data-entry errors and slow admin work.  

Chasing receipts doesn't happen because expenses can be linked to an individual and you can get alerts when a card is used. This makes it much easier to stay on top of company spending. 

How do you ensure an automation project is successful? 

First, you must think about the long term: the automation project must address the current as well as the future needs of the company. You need to take the time to build specifications. You must be prospective and collaborative, so you can capture all the prerequisites. 

Second, you need to consider how it will work across the company. How will it affect the different stakeholders? The project must make sense at all levels, so get to know employees' needs to improve their experience. 

Then, this project should be included in a wider digital transformation plan. Most companies no longer question the need to digitalise, partly due to the recent shift in working ways. But system automation should be one of the major facets of their digitalisation, because it also helps to upgrade functions.  

Automation should be an opportunity to rethink your organisation and its business model – and to learn how you can do more with less. If this happens, you can call it a success.