Why you should evolve and embrace automation in finance

Automation is here to stay, but is your business ready to take advantage of it?

As well as difficulties in retaining staff and navigating hybrid working models, automation is one of the biggest trends disrupting finance and finance recruitment.

Head of resourcing at Hutcheon Mearns, a business finance advisory firm, Andrew McLeod explains: “The finance landscape is changing and will change as we go into the future.

“Automation is definitely coming as companies look to streamline processes and make things more efficient. We’ve seen the emergence of power BI dashboards, a real game changer in terms of giving good information quickly to drive business and strategic decisions.

“Automation is a fundamental change and we’re seeing it in the recruitment pattern at the moment. People are looking for individuals with this sort of skillset.”

But it’s not something to be afraid of, emphasises Andrew – in fact, embracing automation could help give your business a competitive edge. After all, by adopting automation you’ll be able to make better decisions, focus on profitable lines, lower costs with more efficient processes and procedures, and react quicker to customer demands.

And hiring an expert or new team members to help you get there might not be as costly as you think, especially if you look at it long-term. Andrew explains: “I think there’s a misconception that adopting these things are vastly expensive projects, and there was a time it was, but not so much now. You have to look behind the individual salary or individual consultant cost, at the wider cost benefit to the business.”

Plus, there are different services to help, too. Take Hutcheon Mearns’ Elevate service, for example. Andrew says: “If you want to go down the Power BI route, then our expert Ally Mitchell can advise. He can set it up, make sure all

the information flows and then tutor staff in using it.”

So how do you know what the right next step is to get your finance team fit for purpose when it comes to automation? Taking a considered, strategic approach to recruitment is key. Ultimately, Andrew explains: “It’s about making sure that if you’re changing your team, you’re doing it for the right reason and that you’re adding the right skillsets that match your company objectives, budget or forecast. It’s making sure that your finance team is helping you get there and not hindering you.”

Evaluate your finance team’s strengths and

weaknesses now, and take a proactive approach to filling any gaps in skills or capabilities. Hutcheon Mearns can help you do this, offering advice on the types of skills you need to recruit for and the market rates to hire the right new employees.

Andrew adds: “We’re here to support our current and future clients to make better decisions, all whilst creating a finance team that’s stable and adds value. If you would like to discuss how we can support you, whether through a finance skills and capability review or permanent or interim recruitment support, please get in touch and we can discuss your requirements further.”

Automated financial processes can pay dividends long-term giving you real-time information to help with budgeting and forecasting.