Elevate Your Financial Reporting With Intelligent Automation for R2R and AR

Elevate Your Financial Reporting With Intelligent Automation for R2R and AR

by Jeremy Sucharski
March 01, 2024

Today's finance leaders face two critical challenges: an overload of manual tasks and a need to reimagine their operational structure to help their organization meet changing business demands. Your company’s survival can hinge on its ability to evolve, and one key step in safeguarding your organization's future is the strategic adoption of “intelligent automation” for certain core finance functions.

Intelligent automation technology combines automation of manual tasks with artificial intelligence (AI) to glean insights from the data the automation generates. For your finance team, it’s a game-changer that can revamp your financial reporting processes, delivering heightened efficiency while freeing staff to do more meaningful work. For the business as a whole, embracing this automation can be the critical start to a journey that supports innovation and increases competitiveness.

R2R Automation Drives Smarter Decisions

Reporting is one finance function that frequently suffers from outdated manual processes. When upgrading core systems of record, such as their ERP, companies often fail to integrate their reporting tools. This lack of integration adds endless hours to the financial close process. And after manually collecting and verifying data from disparate sources, your finance team can still end up with unreliable reports, introducing compliance and business risks.

This also means your team can’t spend time on more strategic work. Are you able to take full advantage of the accounting and finance expertise that already exists within your firm? Or are your highly trained professionals forced to focus on manual data entry instead of analyzing financial statements for opportunities to improve your bottom line?

Record to report (R2R) automation addresses this challenge by streamlining data collection, speeding up processing and analysis, enhancing reporting accuracy and increasing compliance. If your organization has a high volume of transactions that need matching, reconciling or updating, you can consolidate these disparate data sets via an R2R platform like Blackline. With these automated systems that gather all of your financial and operational data, you can deliver more analysis — allowing for deeper insights and swifter, more precise decisions from leadership.

How R2R Automation Delivers Reporting Insights

Blackline's recent global survey finds that almost half (48%) of C-suite and finance professionals don’t trust the accuracy of their financial data, with multiple data sources, a continued reliance on spreadsheets and manual processes, and the rise of work-from-home being the main drivers of this mistrust. At the same time, two-thirds (62%) consider the ability to view their financial data in real time to be a must-have for their company’s survival.

If these findings ring true for your organization, consider what you could achieve with access to faster, more accurate insights. R2R software can help you automate your reporting and compliance processes and deliver these insights through:

  • Efficient data collection: R2R software automatically locates your data across various systems, assembles it and stores it in one location to provide a single source of truth.
  • Enhanced data processing: The software verifies the data, notes any errors or discrepancies and speeds up time to actionable insights.
  • Improved forecasting: R2R automation helps your finance team analyze trends and make data-driven decisions, create performance dashboards and run customized reports to gain a 360-degree view of the financial health of your business.
  • Faster delivery: With access to validated data in a single location, you can create custom management and compliance reports quickly and effectively.

Transform Your Financial Close With AR Automation

Accounts receivable (AR) is another area where an intelligent automation solution can unburden the finance staff while also improving the effectiveness of your processes. Depending on the size of your business, automating your AR can save your team days or even weeks in each monthly close cycle.

A financial close tool like Blackline streamlines and improves your financial processes, removing manual tasks and integrating data insights. The result is a higher reconciliation rate and a more holistic business view, so you can add value to the company through:

  • Enhanced speed and accuracy: AR automation eliminates manual processes to minimize data errors and provide real-time reporting.
  • Improved cash flow: By shortening your month-end closing with more accurate results, you reduce your collection risk and bring cash in the door faster.
  • Greater visibility: With deeper insights into your company's spend and revenue cycles, you can better understand your organization's opportunities.
  • More engagement with stakeholders: Saving time creates opportunities for your finance team to become a strategic partner to other lines of business.
  • Faster, more strategic decision-making: With access to decision intelligence, business leaders can make data-driven choices in less time.

Intelligent automation is a critical tool to help your organization improve its operational intelligence and navigate change with confidence. And your finance functions are a great place to introduce this powerful technology. Through automated R2R and AR processes, you can save time, free your finance team for higher value work, achieve data and reporting standardization and provide your stakeholders the real-time insights they need to make strategic decisions that drive lasting business success.

Ready to Embrace Intelligent Financial Close Automation?

R2R and accounts receivable are typically among the most impactful areas for automation efforts. If you’re struggling with manual task overload, access to real-time insights or shaky confidence in your data, reach out to our Blackline experts to find out how to help your team work smarter, not harder, with intelligent automation for your financial close.

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