15 Best Finance Automation Tools

Handling financial tasks manually can be tedious and prone to errors. Consider automating repetitive tasks, such as invoicing, expense tracking, and financial reporting, thereby freeing up your time for more strategic activities. This is where finance automation tools come into play. In this guide, we'll explore the world of finance automation tools and how they can transform your financial workflows. If you want to write and research faster with AI, understanding these tools is essential.

Meet Otio's AI research and writing partner. This powerful Financial LLM tool helps you equip the capabilities of AI to accelerate your writing and research processes. By integrating Otio into your workflow, you can make informed decisions about finance automation and much more.

Table Of Contents

• What Finance Tasks Can Be Automated

• Benefits of Automating Finance Tasks

• 15 Best Finance Automation Tools

• Tips to Automate Finance Tasks

• Supercharge Your Researching Ability With Otio — Try Otio for Free Today

What Finance Tasks Can Be Automated

1. Enhancing Customer Experience with Digital Assistants

Facing the challenge of managing over 3 million calls annually, a leading North American financial services organization sought to improve customer interactions. They implemented the Money Out Digital Assistant (MODA), a bot powered by financial process automation. This innovative solution captured client data from various applications in real-time, enabling customer service associates to focus on addressing consumer needs. The results were remarkable: a 92.5% reduction in call times, increased productivity for customer service associates, and enhanced customer satisfaction. This transformation not only benefited 360 employees but also set a new standard for automation in the finance industry.

2. Transforming Mortgage Operations through Automation

Cenlar FSB, the largest US mortgage sub-servicer, partnered with Accelerate to optimize its wire processing operations. By integrating Dispatcher bots, optical character recognition, and UiPath frameworks, they automated complex tasks that were previously handled manually. This digital transformation allowed them to automate 85% of wire payments, significantly reducing errors and processing times (a single wire is now handled in 16 seconds). The ability to process batches of 100 wires in just 27 minutes has boosted productivity and customer satisfaction, setting a new benchmark for mortgage process automation.

3. Streamlining Invoice Processing with RPA

Accelirate automated the credit dispute process for a Fortune 500 financial company that managed over 200 daily complaints. A single bot replaced the manual efforts of 350 full-time employees and four agents, saving more than 140 man-hours per month. This robotic process automation (RPA) solution handled information entry, case creation, documentation, and error-free processing within a 30-day resolution time. The benefits included monthly savings exceeding $16,000, faster dispute resolution, and improved customer satisfaction.

4. Ensuring Regulatory Compliance through Digital Integration

A Fortune 500 financial institution collaborated with Accelerate to implement a Banking-as-a-service model utilizing digital wallet platforms and Mulesoft's integration capabilities. Challenges such as real-time processing and regulatory compliance were addressed through the use of APIs, enhanced security, and optimized communication. The outcomes included $2.5 million in annual cost savings, a 150% increase in daily transaction volumes, and an 85% reduction in transaction processing times. These improvements had a positive impact on customer satisfaction, solidifying the institution's position as a leader in modern banking services.

5. Optimizing KYC Processes with Automation

A global financial services company automated its Know Your Customer (KYC) services by deploying an RPA bot. Previously, investigators spent 20 minutes per customer on a thousand monthly alerts, manually gathering information and filling out templates. The RPA bot automated case retrieval, data accumulation, and template preparation, processing cases based on priority and filling 80% of templates. After the agent reviewed the data, the bot documented it for the KYC team. This automation led to increased accuracy, reduced processing time, secured fraud alerts, and improved risk management.

6. Resolving IT Issues with RPA

As financial institutions continue to evolve and implement new technologies, the number of IT service desk tickets continues to increase. RPA can address these issues by resolving problems such as network errors and software glitches, minimizing downtime, and shortening resolution times.

7. Simplifying Budgeting and Forecasting

RPA automates the collection of data from various systems, loading it into financial models to facilitate budgeting and forecasting. This includes extracting historical data, gathering human resource information, and incorporating market and economic indicators. Bots can also perform comparisons of actual results against budgets, streamlining the analysis process.

8. Enhancing Internal Audits

RPA improves internal audits by automating tasks such as transaction sampling, report generation, and control testing. This increased efficiency allows audit teams to conduct 20% more audits annually and complete them faster, enhancing overall audit effectiveness.

9. Improving Contract Management

RPA optimizes contract management by extracting key terms, sending alerts for deadlines and renewals, and updating contract data. According to Automation Anywhere, this automation speeds up processing by 20%, reduces manual errors, and improves compliance.

10. Accelerating Cheque Processing

Accelirate collaborated with a leading North American bank to automate its cheque enrollment system, resulting in a 76% reduction in processing time. The average processing time decreased from approximately seven minutes to just 90 seconds, resulting in a savings of 225 hours per month. This automation allowed customer service representatives to focus on higher-value tasks while ensuring error-free processing.

Benefits of Automating Finance Tasks

Increased productivity 

Using technology to automate repetitive and time-consuming tasks enables the faster completion of deliverables, unlocking time to focus on more value-added tasks and drive higher productivity. For example, the integration of optical character recognition (OCR) within an accounts payable workflow solution can increase productivity and transparency in the accounts payable process. 

Cost management 

Integrating automation tools to complete tasks accurately and consistently, in alignment with your current processes, can lead to lower operational and personnel costs, resulting in increased profitability. For example, using a close management tool integrated with a quality assurance tool can help standardize and reduce the time required to complete month-end tasks. 

Improved quality 

Standardized processes can minimize the risks of human error and improve the quality of outputs, as work is done in a repeatable manner according to predefined standards. Leveraging a system lookup and data validation tool can help minimize manual data entry errors. 

Time for strategic initiatives 

Tasks requiring precision, such as data entry and complex calculations, can be automated, freeing up resources to focus on tasks that require creative thought, problem-solving, and client service. When you increase automation at the transactional level by reducing keystrokes and various lookups, you can have your staff spend more time on value-added tasks rather than being heads-down on data entry. 

Scalable processes 

Automating standard processes enables you to scale your business to handle increased workloads without needing to increase staff. These tools can grow with you, allowing you to upgrade to other platforms or integrate additional applications with minimal disruption. It is essential to select a technology stack that is both flexible and scalable to your business needs. A robust general ledger system will enable you to support your business as it grows and becomes more complex. 

Financial insights 

Budgeting and forecasting tools not only help you stay on track but also enable you to gain real-time insights into near-future performance. This allows your organization to pivot, collaborate, and adjust resources that support a service or product showing unexpected success or decline. Many budgeting and forecasting tools are affordable and provide simple integrations with your general ledger. 

Response time 

Automated tools operate on a global scale and run 24/7, enabling continuous processes and services essential for tasks requiring constant monitoring or quick response times. When selecting a technology stack, consider a cloud-based system that allows your teams to access it securely from anywhere in the world. 

Risk mitigation 

Automation can significantly decrease risks as it follows standard processes and security protocols that are created with your risk profile and governance needs in mind. You will want to ensure that the tools you use are vetted adequately from a security and compliance perspective. 

Product development 

By automating time-consuming processes, teams can redirect their focus to projects that require innovation and creativity, ultimately leading to the development of new products and services that drive business growth. There is a renaissance of new products and tools being introduced to the finance function. Identify a team within your practice to evaluate and assess the latest technologies to determine which may be the right fit for your organization. 

Technology investment 

Cloud-based technology can save you money by virtualizing your hardware. It can decrease or eliminate the costs of servers, data centers, and networking resources by relocating them to the cloud. 

Related Reading

• How to Improve Finance Processes
• Financial Reporting Challenges
• Financial Forecasting Techniques
• Financial Data Extraction
• Financial Statement Analysis Techniques
• How to Forecast Budget
• Market Research Challenges
• How to Do a Cost Analysis
• AI Financial Modeling

15 Best Finance Automation Tools

1. Otio: The AI Research Assistant for Finance 

Otio is an AI-native workspace designed for researchers, knowledge workers, and students who are overwhelmed by content overload. It helps users collect data from various sources, extract key takeaways, and create draft outputs using the information gathered. In the context of finance, Otio can help professionals stay up-to-date with the latest industry trends, regulations, and market analysis by automating the research process. 

Key Features

• AI-generated notes on all bookmarks (YouTube videos, PDFs, articles, etc.) 

• Chat with individual links or entire knowledge bases

• AI-assisted writing

• Web scraping capabilities to access diverse data sources 

2. Tipalti: Streamlining Accounts Payable and Global Payments 

Tipalti is a financial automation tool that focuses on automating accounts payable (AP) processes, global payment delivery, procurement, and expense management. It streamlines invoice processing, approval workflows, and tax compliance, enabling businesses to manage supplier payments across multiple countries and currencies with ease. 

Key Features

• Automated invoice processing and approval workflows 

• Tax compliance and reporting automation 

• Supplier management with self-service onboarding 

3. Zest AI: Smarter, Inclusive Lending Decisions 

Zest AI enables lenders to make more accurate risk assessments and optimize their lending processes through the use of artificial intelligence. By leveraging AI, lenders can enhance loan approvals while minimizing risk, thereby creating a more inclusive and efficient lending environment. 

Key Features

• Reduces risk while maintaining approval rates 

• Increases approvals without added risk 

• Supports protected classes 

• Integrates smoothly into lending processes 

4. Bill.com: Simplifying Accounts Payable and Receivable 

Bill.com is a cloud-based finance automation solution tailored for small to mid-sized businesses. It automates accounts payable and receivable processes, facilitates electronic payments, and syncs with popular accounting software to streamline financial operations. 

Key Features

• Automated invoice capture and approval workflows 

• Integration with QuickBooks, Xero, and other accounting software 

• Mobile app for on-the-go access 

• Automatic transaction synchronization 

5. Workiva: AI-Enhanced Financial and Regulatory Reporting 

Workiva is a cloud-based platform that assists with regulatory, SOX, ESG, audit, and financial reporting. The platform now incorporates generative AI to help draft narratives and automate controls, making reporting more efficient and accurate. 

Key Features

• Automates SOX testing and controls documentation 

• Streamlines ESG disclosures with tagging and collaboration 

• GenAI assistant pulls context from your documents 

• Built-in compliance controls with audit-ready traceability 

6. Kissflow: Customizable Finance Workflow Automation 

Kissflow is a workflow automation tool that includes finance automation solutions. It enables organizations to create custom workflows for financial processes such as purchase orders, expense claims, and invoice approvals. The platform also integrates with existing financial systems for a smooth experience. 

Key Features

• Customizable finance workflows

• Integration with financial systems 

• Real-time tracking and reporting 

• Mobile accessibility 

7. Anaplan: Connected Planning for Improved Performance 

Anaplan offers a Connected Planning platform that enables businesses to integrate planning across departments, fostering collaboration and informed decision-making. The platform supports scenario modeling and zero-based budgeting to optimize financial performance. 

Key Features

• Connected Planning platform 

• Scenario modeling 

• Zero-based budgeting 

8. NetSuite: Comprehensive Financial Management 

NetSuite is an ERP solution that provides real-time data and financial tools to support budgeting, forecasting, compliance, and other key business functions. The platform offers modular design, global support, and workflow automation to suit the needs of growing businesses. 

Key Features

• Modular design 

• Real-time data and customizable dashboards 

• Global multi-currency and multi-language support 

• Workflow automation 

• Inventory management 

9. AlphaSense: AI-Powered Market Intelligence 

AlphaSense uses artificial intelligence to analyze financial documents, earnings reports, and market news. The platform identifies trends and investment opportunities to help traders and analysts make informed decisions. 

Key Features

• AI-driven sentiment analysis 

• Accelerates investment decision-making 

• Market trend identification 

10. Dynamics 365 Finance

Global Financial Operations Automation Dynamics 365 Finance is part of Microsoft’s Dynamics 365 suite and focuses on automating and managing global financial operations. The platform offers real-time reporting and analytics to support data-driven financial decision-making. 

Key Features

• General ledger and accounts payable/receivable management 

• Budgeting and forecasting 

• Financial reporting and analytics 

• Automation of routine financial tasks 

11. MindBridge: Detecting Anomalies and Risks 

MindBridge is an AI-powered platform that analyzes financial transactions to identify fraud, errors, and inefficiencies. The tool provides real-time risk scoring and visualizations to help organizations address potential issues proactively. 

Key Features

• AI-driven anomaly detection 

• Real-time risk scoring 

• Dashboard visualization 

• Integration with Microsoft Fabric 

12. Spindle AI: Predicting Financial Trends 

Spindle AI leverages machine learning algorithms to forecast sales trends, market behavior, and business performance. This enables finance teams to make proactive, data-driven decisions based on historical patterns. 

Key Features

• AI-driven financial modeling and forecasting 

• Market fluctuation identification 

• Business performance prediction 

13. Expensify: Streamlining Expense Management 

Expensify streamlines expense tracking and management with features such as receipt scanning, automated invoice creation, and corporate card integration. The platform supports over 45 integrations to help reduce manual work and improve expense visibility. 

Key Features

• Spend management 

• Receipt tracking 

• Expensify corporate card 

• Fraud protection 

14. Datarails: Excel-Based FP&A Automation 

Datarails is a financial planning and analysis (FP&A) platform built on Excel that automates data consolidation, forecasting, budgeting, and reporting. The platform also features AI-powered Q&A chat capabilities to support finance teams. 

Key Features

• Centralized budget and forecast management

• “What-if” scenario analysis 

• Excel workflow integration 

• Fast implementation and onboarding 

15. SAP Concur: Automated Expense and Travel Management 

SAP Concur automates expense and travel management processes, allowing employees to submit expenses from any location. The platform also streamlines accounts payable tasks and offers tools to manage corporate travel more effectively. 

Key Features

• Mobile expense submission 

• Automated accounts payable integration 

• Travel expense capture

Tips to Automate Finance Tasks

Equip the Potential of Otio for Research Automation

Academic, market and internal research often require sifting through vast amounts of data from diverse sources. Otio is an AI-native workspace designed to tackle the problem of content overload, making it a valuable tool for automating research tasks. This tool enables you to collect data from various sources like bookmarks, tweets, books, and YouTube videos. It then helps you extract key takeaways with AI-generated notes and allows you to create draft outputs based on the information you’ve gathered. With Otio, you can significantly reduce the time spent on research and focus more on analysis and decision-making.

Implement Automation Gradually to Minimize Risks

While the benefits of finance automation tools are clear, it’s crucial to approach implementation methodically. Rather than attempting to automate all processes at once, start with one or two manual tasks that consume the most time and effort. Automate these workflows first, refining them as necessary before moving on to less urgent processes. This phased approach helps you manage the transition smoothly and reduces the likelihood of costly errors.

Train Your Team to Embrace Automation

Introducing new technology can be intimidating for employees, especially when it changes established workflows. To ease the transition, conduct training sessions to demonstrate to your team how to utilize the new automations effectively. Explain the benefits of automation, such as time savings and the ability to focus on more strategic tasks. By educating your team, you can alleviate fears and build confidence in the new system.

Balance Automation with Human Judgment

Finance automation tools are designed to handle repetitive, rule-based tasks. However, they cannot replace the creativity and critical thinking required for strategic decision-making. For example, determining budget priorities, setting financial policies, and planning for growth all need a human touch. Utilize automation to free up time and mental space, allowing your team to focus on high-value activities.

Related Reading

• Financial Analysis Tools
• Best AI Tools for Finance
• How to Improve Forecast Accuracy
• How to Write an Analysis Report
• Automated Reporting Tools
• Finance Workflow
• Budget Variance Analysis
• AI to Analyze Calls
• Robotic Accounting Automation
• Private Equity Analysis Tools

Supercharge Your Researching Ability With Otio — Try Otio for Free Today

Knowledge workers, researchers, and students today face content overload and are left to manage it using fragmented, complex, and manual tools. Too many of them settle for stitching together complicated bookmarking, read-it-later, and note-taking apps to get through their workflows. Now that anyone can create content with the click of a button, this problem is only likely to worsen. Otio solves this problem by providing one AI-native workspace for researchers. It helps them: 

1. Collect: a wide range of data sources, from bookmarks, tweets, and extensive books to YouTube videos. 

2. Extract key takeaways: with detailed AI-generated notes and source-grounded Q&A chat. 

3. Create: draft outputs using the sources you’ve collected. 

Otio helps you transition from reading list to first draft more quickly. Additionally, Otio enables you to write research papers and essays more efficiently. Here are our top features that researchers love: 

• AI-generated notes on all bookmarks (YouTube videos, PDFs, articles, etc.), 

• Otio enables you to chat with individual links or entire knowledge bases, just like you chat with ChatGPT, as well as AI-assisted writing. 

• Our tool features web scraping capabilities, enabling you to access a broad range of data sources beyond traditional academic papers and search engines. 

This feature enables researchers to collect diverse information from sources like bookmarks, tweets, books, and YouTube videos, streamlining the process of curating and analyzing data for research purposes. Let Otio be your AI research and writing partner — try Otio for free today!

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