Bringing automation into your business can streamline processes and create savings in ways you might not have considered — especially in your finances. Some companies are hesitant to implement it, but getting started with automation is easier when you have someone experienced to guide you.

Implement automation in the right places

If you’re wondering what should be automated, start looking carefully at your existing financial and operational processes. Find the manual procedures that are the most repetitive and time-consuming — they’re prime candidates for automation.

When you decide what to tackle, the first step is to develop a standard operating procedure (SOP) for that process. Define the way you want it done each time for consistency and accuracy.  

You’d be surprised how often working through an SOP reveals that team members are all doing procedures in different ways. Because processes aren’t documented, it’s easy to make mistakes or skip a step, ending in wasted time looking for the error and fixing it.

Among their many other duties, a Fractional CFO can help you look at how you’ve been doing a process, set an SOP, and find ways to make it more efficient with technology. Besides time and cost savings, the right software can also give you access to important features like cloud data storage, stronger audit controls and more visibility across your business. 

Don’t underestimate the power of a broader view and more accurate information. They play an important role in making the best decisions for your business. For example, if it’s taking your company a week or two to close your books each month, you’re limiting your decision-making power in the month ahead with delayed information.

But if you can automate processes to close faster, you can find out about January’s cash flow issues on February 5 instead of February 14. Getting a look at important KPIs sooner will let you make adjustments and get back on track faster. 

Fractional CFOs can hep you choose the right solutions

If you’re wary of change or technology, a Fractional CFO can help you perform ROI calculations to find the best solution for your challenges. They’ve implemented new systems throughout their careers and with their other clients, so they’ve seen what works and what doesn’t. They can also help you uncover the soft benefits of a solution that go beyond dollars and cents.

From accounting software to Power BI to your CRM, a Fractional CFO can help you choose the best technology for your business by facilitating vendor conversations, helping you ask the important questions and ensuring all the right people are at the table.

Most importantly, they can make sure that the new solution is implemented correctly and that you and your team are using it in a way that adds the most value. With automation, your team will be able to focus on bigger, more strategic work and leave tedious manual processes behind. 

Crown CFO can help you put automation to work in your business to create strong financial outcomes. Our Fractional CFOs are experienced in guiding Kansas City businesses to better financial health. Contact Angela Eberhart at [email protected] to find out how we can help your business.