Why Your Business Needs Finance Automation: Insights From a Digital Form Software CEO One of the main problems in corporate life is using inefficient processing methods simply because it is “the way they have always done it." Mike Rowland, Co-Founder and CEO of...

One of the main problems in corporate life is using inefficient processing methods simply because it is "the way they have always done it." Mike Rowland, Co-Founder and CEO of Droplet, emphasizes that this mindset often leads to wasted time and potential. Too many finance departments are tied down by manual workflows due to mistaken perceptions about business needs. In the eyes of business leaders like Rowland, the key to breaking free is finance automation.

Automated platforms help businesses break free from tedious, inefficient cycles of endless paperwork. With businesses consistently facing pressure to do more with less, finance automation has proven to be a swift, effective solution.

In a recent interview, Rowland shared why finance automation is a resource no company should do without. It is a necessity if they wish to see improvements in efficiency and a reduction in errors in their financial operations. Large and small businesses alike can use automation for their financial processes; for corporations saddled with time-consuming manual processes and error-prone tasks, automation can mean the difference between immobility and vast financial growth.

Setting the Pace

Automation in finance isn't about keeping up; it's about setting the pace. Rowland explained that companies that don't utilize automation will surely lose profit. In contrast, companies pursuing this tool stand to win in a competitive marketplace that is often cutthroat in its efficiency. Those adopting automation are uniquely positioned to take advantage of opportunities in the ever-changing marketplace much faster than their competitors.

Automating manual processes is not an option that can be considered optional in the growing finance industry. It becomes a necessary ingredient in the success of every company where precision and speed play an important role. Companies that invest time and resources in tools can stay two steps ahead of the game. They can do so by driving innovation and securing a strong foothold within the market. In contrast, any resistance to automation would ultimately be admitting defeat.

By leveraging technology platforms to oversee the complexities of their financial factors, businesses can focus more on developing their innovation and growth strategy. The message is clear: finance automation is the key to success in the finance industry.

Breaking Down Finance Automation

Finance automation refers to using technology to produce a simplified version of tedious financial processes like invoicing, payroll, and approvals. According to Rowland, finance automation platforms like Droplet and their abilities offer much more than eSignatures and online pay stubs. At its core, automation is a synchronization of various digital workflows. It is a seamless meshing of field calculations. It is also complex routing. Sometimes, automation is data integration that takes out the need for laborious, paper-based systems. By digitizing the majority of financial processes, finance heads can minimize human error and maximize profit without disrupting pre-existing company procedures.

Rowland elaborates on how finance teams struggle with relying on outdated systems and endless paperwork. He emphasizes that automating these tasks can yield great productivity improvements. Furthermore, automation generates a visibly higher level of operation throughout the company.

In fact, Rowland's primary inspiration to co-found Droplet came from his years working in sales with K-12 school districts, where he was shocked at the sight of whole finance departments still relying on physical mail. "Approvals should take minutes, not weeks," he recalls, realizing that traditional methods are gradually becoming less and less efficient.

In the end, the data doesn't lie. The benefits of switching to automation would ultimately reduce production blockage, accelerate approval rates, and increase company profit while making for a better, healthier company.

For Rowland, realizing automation's true potential proved to be a turning point in both his line of thinking and his business outlook; it is a level of understanding that more organizations should come to accept over time. Dead processes are inefficient and hold operations back, limiting growth, creativity, and innovation. Automation eliminates unnecessary delays and smoothes the workflow to drive superior outcomes in every direction.

An Example of Automation in Action

The fear of change often causes the finance department and many others at big businesses to be burdened with outdated, overly complicated procedures that should have faced revision long ago, as they no longer serve an organization's needs. Many companies never think about improving their internal processes, leading to wasted time and potential in several growth sectors. Automation enables the reevaluation and simplification of processes that tend to be the biggest culprits in time management; moving to a digital-first orientation allows greater efficiency without disrupting compliance standards.

Drawing again from Rowland's experience, his work with Ocean View School District is an excellent example of financial automation and its proven results. Rowland and his team targeted the district's invoice approval process from the very beginning. Before the district utilized Droplet's solutions, they were working with manual systems of paperwork that weighed them down in a variety of areas. Almost immediately after automating this workflow, the district reaped massive results in terms of efficiency. Tim Golden, Director of Fiscal Services, mentioned how the district was able to process nearly 2,000 forms in a record three months.

Yet, this still wasn't the end of automation within the district. Encouraged by this success, Ocean View automated other areas in the district: payroll, onboarding, and time cards. As a result, the district could take on and deliver top-tier quality with the same number of employees.

This shift towards digital efficiency improved company organization while simultaneously establishing better collaboration across departments, as automated workflows naturally gave way to more effective communication. By eliminating manual bottlenecks, finance teams could focus on higher-value tasks more concisely and transparently. Ocean View testimonial demonstrates the proven benefits of automating financial processes in ways that can transform a business both fiscally and interpersonally.

Droplet: Transforming Finance Through Automation

Automation in any corporate sector often leads to talks of job displacement, but according to Mike Rowland, automation improves the diversity of the job marketplace rather than takes from it. Automation platforms like Droplet don't take jobs away; instead, they offer a credible solution to finance teams that allows them to move their focus from repetitive, manual work to more high-value efforts.

"Businesses should rest assured that automating the mundane, routine tasks actually empower finance teams to work on much higher impact, more strategic initiatives," Rowland states. This includes shifting attention to departments like HR and marketing, allowing company leaders to place a greater focus on adding new, forward-thinking members to the team. This rearrangement in thinking can also open up new opportunities for employees to sharpen their skill sets rather than anchoring themselves to slow-moving processes that could take months to complete.

The role of finance professionals is sure to grow alongside automation. Automation tools like those found in Droplet's solutions free up time formerly used for outdated, manual entries and open up new ways to use employee resources; these resources can now be concentrated to improve creativity and innovation. This transformation will make finance teams more capable of effective decision-making. By simplifying the more time-consuming processes, these teams can contribute to key business outcomes, enhance financial strategy, and continuously work to improve operational efficiencies.

However, to be successful, automation requires deliberate planning from a well-organized team. According to Rowland, companies should first focus on pinpointing areas where the manual processes in use are actually causing production blockage and subsequently start their automation intervention from there.

Custom Platform

Droplet's custom platform allows organizations to map automation directly onto pre-existing workflows, ensuring a seamless transition that leaves company policy intact. Businesses need to focus specifically on automating the processes that involve the most steps, such as invoice approvals and payroll, since these tend to be the most time-consuming areas of finance. With gradual automation, companies will minimize disruption to total productivity and allow progress to continue in their periphery.

Other success factors for implementing automation tools include integration between current systems. Though most other automation platforms require organizations to change business processes to suit their automation platform, variants like Droplet adapt to existing workflows. Rowland praises the versatility of Droplet's software, which can quickly expand alongside a business rather than forcing them to learn and utilize a completely new system of productivity.

New Technology

In the corporate world, survival of the fittest calls for a rapid designation of new technology. The same is true with finance automation. Droplet's tools for automation permit a company to increase efficiency by responding simultaneously to changes in the market and the needs of their clients; this allows them to get ahead of competitors who are still getting by through manual means. Automation frees up business resources to be channeled into long-term success, optimizing their profit for further growth.

Besides helping businesses maintain a competitive edge in the short term, automation platforms like Droplet guarantee sustainability over the long term. Digitization of financial processes allows a company to promote resource utilization and swiftly level up their production without adding overheads. These goals are made further possible due to Droplet's customizable approach, meaning that as a business grows, its finance automation system can grow at the same rate. Ultimately, this makes it much easier to handle an increased workload without any loss in efficiency.

What undeniably sets Droplet apart from other finance automation tools is its flexibility. "We're not an ERP, HR platform, payroll software, or time tracker," Rowland explains. "At our core, we're a digital form and workflow platform that empowers finance teams to digitize any multi-step approval process." This specialized culture of adaptability allows Droplet to integrate with existing systems without forcing the client to redo their core methodologies. It facilitates disruption-free automation of processes a business deals in for a smooth transition towards digital operations.

Automation as the Future of Finance

As Mike Rowland outlined, traditional financial processes are becoming increasingly outdated. Companies still relying on manual workflows have found that they are the common denominator in production inefficiency. This weakness makes them more susceptible to numerous errors that cost time and money. Droplet has been designed from its core with a solution to these problems. The digitization process they offer blends seamlessly into their clients' varying methods of operation without unnecessary overhauls of whole systems.

Automation has benefits that cut right through to efficiency. In automating financial tasks, teams free themselves to focus on forecasting and analyzing trends that will drive up profit. Automation provides room for employees to go deep in improving financial performance instead of devoting time to repetitive tasks that slow growth. Droplet's customizable solutions form a basis upon which businesses can achieve and maintain a competitive edge within a fast-evolving financial world.

To companies concerned about automating, Rowland drives home the point that automation does not replace jobs; it amplifies them. In fact, the truth could not be clearer. Once reimbursements and payroll are automated, much of the finance team's time is freed up for whatever work most benefits the company's performance. With further development, the ability to grow and innovate finance automation becomes endless. Solutions like Droplet help business owners stay ahead of the curve to unlock their team's full potential.

Featured Image Credit: Photo by Cottonbro Studio; Pexels; Thanks!