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The Digital Evolution of Back Office Finance

Exploration into the rapidly evolving world of the CFO, and the innovative technologies that power back office finance

The Digital Evolution of Back Office Finance

The challenges facing CFOs and back office finance teams have remained the same for decades – they seek automated solutions to simplify, enhance and streamline their activities, and ERPs simply don’t suffice. If you talk with the CFO or accountant of any small or mid-sized company, they will likely share the various work-arounds they have employed and the pain points they experience with manual data entry and systems that do not integrate.

Pandemic exposes need to automate finance function amid limited resources

Finance chiefs are caught in a vicious circle, CFOs said in a CFO.com webinar last week. They’re too preoccupied by the pandemic to make the shift to automation even though they know doing so would improve their ability to respond to it.

Cognitive Apps Help Drive the Future of Autonomous Enterprises

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Traditional transactional applications have run their course. The pressure to reduce margins, technical debt and investment in core systems creates tremendous incentives for the automated enterprise. Customers seek cognitive-based approaches in order to build the true foundation for automation and artificial intelligence–driven precision decisions. The benefits include less staffing, reduced errors, smarter decisions and security at scale. The quest for an autonomous enterprise starts with a desire to consider what decisions require intelligent automation versus human judgment.

How Finance Pros Solve Back-Office Woes

Whether it’s workflow processes, data quality, or reporting troubles (to name a few), accounting and finance pros are echoing the same pains regarding how they handle their ERP and back-office efforts.

New research from Auditoria shows that accounts payable (AP) and receivable are the most manual back-office processes in their company, and 72% waste one full day per month just reviewing outsourced work. Furthermore, only one out of every seven people surveyed said that their ERP is sufficient to meet their automation needs. Ultimately, a 20-person team could lose upwards of $125k per year in hours spent coordinating manual accounting practices.

Auditoria.AI Secures $6M in Funding

Auditoria.AI, Santa Clara, Calif.-based provider of a SaaS solution that addresses challenges of the enterprise finance back office, raised $6m in funding.

The round was led by Neotribe Ventures, Engineering Capital, and Firebolt Ventures.

The company intends to use the funds to continue to expand operations and its business reach.