Automating day-to-day transaction processing among priorities for finance leaders: Survey

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New Delhi: Day-to-day transaction processing, monthly management reporting and financial statement closing process are among the priorities for finance leaders in terms of automation and optimisation, according to a survey.

Leading consultancy EY India’s survey on ‘digital disruption in finance’, released on March 16, also showed that around 92% of finance leaders in India have started their journey to introduce digital interventions in finance but only 11% believe they are at an advanced stage.

The findings are based on a survey of 89 finance leaders, including Chief Financial Officers (CFOs), controllers and finance heads across Indian corporates.

“83% survey respondents indicate day-to-day transaction processing, monthly management reporting and financial statement closing process among their three top priorities to automate and optimise.

“In addition, 78% of respondents wish to prioritise the enhancement of existing capabilities of their Enterprise Resource Planning (ERPs) and data analytics using visualisation tools and Robotic Process Automation,” EY India said in a release.

As per the survey, 56% of participants demonstrated confidence in the completeness and accuracy of data generated by finance function, whereas only 22% were able to achieve this without significant manual intervention.

Sandip Khetan, Partner and National Leader, Financial Accounting Advisory Services (FAAS) at EY India said that technologies such as advanced data analytics, robotics, blockchain and Artificial Intelligence (AI) are creating new opportunities and driving finance transformation across industries and sectors.

“Companies need to be agile and innovative while thinking about leveraging technology for finance,” he added. Around 73% of the respondents indicated that their top three business case drivers for digital in finance as providing more reliable outputs, reduced manual intervention and increased automation.

Jalpa Sonchhatra, Partner, FAAS at EY India said automation in finance will lead to new role profiles for finance teams to grab by acquiring new techno-accountant skills.