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Process Automation in Accounting and Finance

White Paper Published By: BlackLine
Published:  Dec 06, 2016
Type:  White Paper
Length:  15 pages

Despite advances in technology, many management accountants continue to spend long hours on manual and redundant month-end activities. Freeing them from this labor enables them to focus on strategic initiatives that can help grow the business.

In May 2016, IMAŽ (Institute of Management Accountants) surveyed more than 751 financial executives, managers, and analysts in the United States to learn how companies are automating their accounting processes and what problems were faced and overcome, and to identify best practices. The goals of this study were to learn more about the extent to which companies have automated their accounting processes, where would they like to automate, the challenges they face, and the best practices for automating. We considered the following types of processes:

  • Bank, credit card, and operational reconciliations
  • Account reconciliations
  • Cost allocations
  • Amortization
  • Journal entry creation
  • Variance analysis
  • Controls verification

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