Latest Blog Posts

Blogs > What is Finance and Tax Automation?

What is Finance and Tax Automation?

Finance and tax automation is the process by which auditors and accountants streamline, digitize, and measure financial work. Finance and tax practices and functions need to be on a journey of technological transformation to avoid falling behind. Take the first, incremental steps in learning how to ‘walk before you run’.

Why is Finance & Tax Automation Important?

If we analyze the current financial climate, we understand that finance and tax firms are under significant pressure to meet the increasing demands of their clients all whilst capitalizing on their minimal resources. With this increasing demand, it is becoming more and more difficult for auditors and accountants to manage their workload, particularly because the nature of their work is very repetitive, manual, and highly prone to error. This therefore presents a need for auditors and accountants to improve their workflow management systems and increase their speed, quality and accuracy when completing tasks.

Some of the key issues that auditors and accountants currently face include:

  1. Tax compliance and tax processing is inefficiently managed via spreadsheets: Spreadsheets are inefficient collations of data that often require hours or even days of manual labour to manage and evaluate. There are several interlinked moving parts when it comes to the daily work of financial professionals and often these moving parts are managed by very manual tax compliance and tax processing systems that require back and forth information gathering and slow, inefficient data input.
  2. A lot of inefficient, manual, process-oriented work is being done:
    In most instances, particularly when processing accounts receivables and payables, accountants are keying in information one by one. This is tedious and requires a lot of human involvement. Furthermore, back and forth emails and phone calls to chase up relevant information from stakeholders often leaves less time for more complex, high value tasks.
  3. Tax authorities are adopting technology and processes which increase the chance for non-compliance:
    Manual checking and inputting systems are extremely error prone and often auditors and accountants are managing several spreadsheets of data manually. Due to stricter compliance measures being imposed, constant media attention and increased competition in the market, it is easier now than ever for finance and tax firms to be charged for non-compliance and as a result, lose reputation and business.

Use Cases for Finance & Tax Automation

Finance and tax automation empowers users to take control of their workload by providing self-serve tools to their clients or staff, creating dynamic questionnaires that streamline audit and tax processes by guiding the user through the relevant legislation or standards, whilst facilitating rule-based automated decisions to decrease the possibility of human error.

At Checkbox, we’ve come across 3 common automation use cases for finance & tax:

  1. Automated Finance Risk Assessments
    Minimize business risk across the organization at scale by automating the finance risk assessment process.
  1. Financial Report Generator
    Generate bespoke and compliant-by-design financial reports within a fraction of the time.
  1. Expense Request Workflow
    Effortless expense automation, fast-tracked to manage finances effectively.

Benefits of Finance & Tax Automation

  1. Maximize efficiency in internal business operations: Automated solutions act as a digital front door for auditors and accountants to manage client requests and workload. This will provide professionals with better task allocation and more visibility and control over their internal business operations. This will also provide management with real and accurately tracked data to make decisions.
  2. Drastically reduce lost opportunities by providing 24/7 self-serve support for clients: By implementing a self-serve channel on your organization’s website, clients will be able to access full service and support 24/7 without any need to engage directly with a financial professional. This will allow organizations to capture more passive business and capture information that can be converted actively into business.
  3. Maximize efficiency on low margin and fixed fee work: By directing manual, repetitive, and time-consuming tasks towards tech-based solutions, auditors and accountants are able to free up time to focus on complex, high value tasks or building relationships with clients through meaningful advice.
  4. Provide value add to clients and win more work: By becoming more efficient and reputable due to faster turnaround times, organizations will provide value to both existing and new clients seeking financial services. This will increase the organization’s competitive advantage and improve customer satisfaction.

Checkbox as a No Code Finance & Tax Automation Platform

Checkbox empowers non-IT users to build their own automation and workflow software using no-code. Trusted by the best brands globally, Checkbox has been used by finance and tax teams to build tools that manage client inquiries, automates advice, letter and report generation and intake.

Checkbox is known for being the easiest to use, yet the most powerful expert process automation platform available. Combined with our deep expertise in finance and tax automation, we are excited to demonstrate to you why the best continuously choose Checkbox and why they always succeed with us.

Sign up to our newsletter

Get insightful automation articles, view upcoming webinars and stay up-to-date with Checkbox

Finance & tax automation solutions

Automate your finance and tax processes to improve efficiency
and accuracy with no-code drag and drop

Become a Digital Transformation Expert

Sign up to our newsletter today to get insightful automation articles, view upcoming webinars and stay up-to-date