Automation today has become a need for businesses rather than just a fancy word. Finance teams are constantly swamped with repetitive tasks like data entry, invoice matching, and reconciliations, and when you add more expectations of compliance and remote work, it only becomes harder. That’s why it is absolutely critical to automate your financial workflows.
Automation tools such as Forwardly have made it easy and affordable to automate everything from payment processing to reporting. A study by Gardner found that finance departments can save upwards of 25,000 hours each year in avoidable rework through robotic process automation (RPA).
Let’s have a look at 7 workflows that you can automate.
1. Automate the invoice-to-payment cycle
Invoice processing can be extraordinarily complex. Invoices can arrive by email, fax, or by scanning them in, and each invoice must sequentially be verified, validated, approved, and paid. There’s ample room for errors or oversights, not to mention payment delays. Automation makes it simpler and faster; it is easy to manage the invoice process with automation.
Once an invoice comes in, the essential information (vendor name, amount, etc.) is extracted and routed for quick approval and release. Payment is then processed through the automation, on schedule, every time. This workflow is an innovative, efficient, and largely hands-free way to keep vendors happy & finance teams happy, with complete visibility into the process without the stress of chasing vendors down for payment issues.
2. Automate bank reconciliation
One of the most time-consuming tasks in accounting has to be reconciliation. It eats up to 70 hours every month. First, you need to download statements, then match transactions, and fix minor mismatches that never cease to exist.
A report by BDO mentions that finance professionals waste up to 30% of their time on manual reconciliation tasks. The whole process becomes even harder when you’re managing multiple accounts or high transaction volumes. But automation changes the manual process completely. It connects to your bank and accounting software, pulls data in real time, and matches every payment or deposit to the correct invoice or entry automatically. If something looks off, it flags it right away for review. What once took days now takes minutes, giving finance teams accurate records and more time to focus on insights instead of spreadsheets.
3. Streamline expense reporting and reimbursements
Expense reporting is one of those painful processes that can easily pile up and become complex for the team. Employees lose receipts, finance teams chase missing details, and reimbursements drag on for weeks.
Automation removes all that friction. Employees can simply snap a photo of a receipt or forward it by email, and the system reads it, categorizes the expense, checks policy rules, and routes it for approval. Once approved, the reimbursement flows automatically through payroll or direct deposit, no spreadsheets, no chasing, and no delays.
4. Payment collection workflow
Business planning relies heavily on predictable incoming payments. But when payments are late, everything feels harder. Cash flow gets tight, decisions get delayed, and teams end up reacting instead of planning ahead.
Manual invoicing can also contribute to payment delays. Manually creating invoices one by one, sending reminders and notifications, and tracking payments in spreadsheets can lead to missed follow-ups and delays in cash flow.
By automating AR processes, businesses can reduce collection times by 67%. Invoicing can be triggered, to include payment instructions via email, after the sale or when the next project milestone must be invoiced. Email reminders can be sent before and after the payment is due. Once payments are received, they can be matched to invoices instantly with no manual intervention.
Automation helps keep cash flow steady and gives teams the visibility and control they need to run the business with confidence.
5. Automate cash forecasting
Knowing how much cash you’ll have tomorrow, next week, or next month shouldn’t feel like guesswork. Yet for many businesses, cash forecasting still depends on manual processes. Finance teams pull numbers from spreadsheets, AR reports, and AP systems, only to find the data is already outdated by the time it’s pulled together.
More than half of companies (53%) report that they update cash-flow forecasts only monthly, compared with 15% that do so weekly. That gap makes it hard to react quickly when things change.
Real-time information flows in from accounts payable and receivable, showing exactly how money is moving in and out of the business. The system then predicts future cash positions, helping teams spot potential shortfalls early or plan investments with confidence.
6. Make month-end a one-click job
Month-end close is the marathon no finance team enjoys. It means long nights of chasing data, matching transactions, and fixing last-minute errors. The more your business grows, the harder it gets.
Automation makes that process almost effortless. It connects invoices, bank feeds, payroll, and expenses, and reconciles transactions automatically as they happen. Journal entries are updated in real time, and reports can be generated in just a few clicks.
By the time the month-end rolls around, most of the heavy lifting is already done. Finance teams can now spend their time reviewing numbers, not building them. The result? Faster closes, fewer errors, and more time to focus on strategy instead of spreadsheets.
7. Automate tax and compliance filings
Tax season can drain any finance team. Gathering data, checking compliance rules, and filling endless forms takes time, and one small mistake can cost penalties. Tax teams at large companies spend around 70% of their time on tax compliance tasks, according to a Deloitte survey.
Automation makes this process faster and far less stressful. It pulls financial data directly from your accounting system, fills tax forms automatically, and runs accuracy checks before submission. Every document from returns to approvals is stored securely with timestamps and audit trails, so you’re always ready for a review. With automated tax and compliance workflows, finance teams stay organized, accurate, and ready to meet every deadline without the usual last-minute rush.
How to get started with finance automation
You don’t need to automate everything at once. The most brilliant move is to start small. Pick one process, maybe invoicing or expense tracking, and look at how you’re doing it now. Where do most delays or errors happen? That’s your first fix. Next, bring in a tool that fits your accounting setup and connects easily with what you already use. Once it’s running, watch how much time and effort it saves. Use that success as fuel to automate the following workflow. Over time, these small wins build into a fully connected finance system that practically runs itself.
Working smarter with finance automation
Finance automation doesn’t mean it will replace your accountants or the finance team. It gives them time by freeing them from repetitive work so they can focus on strategy and growth. When your financial workflows run automatically, invoices get paid faster, error. With the right tools in place, invoices get paid faster, errors shrink, and decisions become clearer. Taking steps to automate your AR and AP processes can give your business better visibility, more control over cash flow, and more time to focus on growth.
