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Home Business Insights Strategies and Tactics

Utilising automation for staff engagement, retention

FutureCFO Editors by FutureCFO Editors
December 12, 2023
Photo by Thirdman: https://www.pexels.com/photo/a-group-of-people-having-a-meeting-in-the-office-7652055/

Photo by Thirdman: https://www.pexels.com/photo/a-group-of-people-having-a-meeting-in-the-office-7652055/

Finance leaders must recognise the opportunity posed by automation in staff engagement and retention as this can be key for maximising talent, thereby driving in more revenue for the organisation.

The following are ways a finance leader can help staff through leveraging automation:

  • Reduce manual data entry. In utilising automation to link returns using a tax ID number, an organisation's staff doesn’t have to make the same changes across multiple documents. By reducing manual data entry, the company can boost accuracy and save time.  
  • Collaborate in real-time with clients. With cloud-based technology, the company have the ability to share data and documents directly and securely. Staff can also automatically extract data from client source documents or easily transfer account balances from integrated business tax preparation software. 
  • Detect inaccuracies. With sophisticated diagnostics, accounting staff no longer have to manually detect blank fields or numbers that don’t add up. By comparing a tax return with last year’s documents, automation detects inaccuracies before it’s too late to fix them. 
  • Streamline the entire tax workflow. From data collection and preparation to review and final delivery, a tax automation solution with advanced data sharing and paperless processing provides a seamless tax workflow process from start to finish. 

Unlocking growth opportunities

For firms aiming to grow, scale, or diversify, automation ensures business continuity and succession planning through embedding it into daily workflows. Through this, the organisation can unlock new growth opportunities, enabling a shift from compliance-related tasks to more value-added advisory services.  

Automation enables a shift in mindset that empowers staff to do work that matters while fostering an inclusive environment where career growth accelerates. An organisation can cultivate a culture that encourages flexibility, supports growth, and makes your firm an employer of choice even amidst accounting staff shortages through good technology integration. 

Related:  PodChats for FutureCFO: How finance should embrace AI
Tags: automationCFO strategytalent attraction
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