New survey from Aico shows that 85% of finance & accounting professionals save time with financial automation
Accountants, controllers, and finance leaders found that using a financial close automation platform saved them time to focus on more strategic and high-value work.
Aico, an end-to-end financial close software platform for large enterprises, has today released the results of a survey showing that 85% of accounting professionals save time with financial automation.
The survey examined various accounting activities, including journal entries, account reconciliations, closing processes, manual payments and internal invoicing and found that financial automation tools significantly streamline these critical activities, enabling professionals to focus more on strategic financial planning and analysis.
“Automation and financial transformation aren’t just about enhancing efficiency and accuracy; it's about supporting business transformation by equipping organisations to adapt, compete and thrive in a dynamic economic environment,” says Marko Voutilainen, CEO at Aico. “By automating routine tasks, accounting teams can focus on more strategic initiatives that drive business growth and innovation,” he continues.
For example, most respondents consider that account reconciliation – which plays a critical role in detecting errors, preventing fraud, and ensuring financial statements are correct – benefits significantly from automated reconciliations and a common dashboard with an overview of status and deadlines. Also, real-time visibility and automated workflows are seen as important in completing month-end financial closing tasks faster and with more accuracy.
Aico’s end-to-end SaaS platform addresses highly complex, multi-national and multi-ERP back-office configurations with tight integration to these systems. Aico stands out against other players in the market due to its hyper-configurability, which makes Aico’s platform highly adaptive to its enterprise clients’ complex environments and needs, its user-friendly single platform approach, and a unique ability to push and pull data in real-time to other systems, including ERPs like SAP. This means that businesses achieve quicker and more accurate financial close and accounting teams benefit from more transparency and control over their workflow and have time to focus on more strategic and high-value work.
According to a 2023 SAP Insider report, 82% of respondents pointed out manual processing as a primary cause of inefficiencies in their financial close processes, consuming time that could be better spent on higher-value tasks. It was identified that the lack of sufficient automation, leading to manual processes, was a critical factor influencing their financial close transformation priorities.
According to Forrester, 77% of survey respondents agree business transformation relies on finance automation that delivers real-time data intelligence.
A Deloitte study predicts that finance functions will continue to invest heavily in digital technologies such as cloud computing, AI, and advanced analytics. These technologies enable more accurate forecasting, enhanced decision-making, and greater operational efficiency. By 2025, the integration of these technologies will be critical for finance departments aiming to maintain competitiveness and drive innovation.
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For additional information:
Media Kit with Pictures
Marko Voutilainen, CEO
Aico Group
+358 40 843 3290
marko.voutilainen@aico.ai
About Aico Group:
Aico is an advanced financial close platform for large enterprises. Aico helps companies take control of their hectic closing processes, empowering financial teams and freeing time for other important activities. Its customers, including leading European enterprises, achieve a high level of automation and standardisation of processes, faster month-end financial reporting and assurance of compliance and data accuracy. Established in 2019 in Espoo, Finland, Aico has offices in Finland, Germany, the UK and Latvia. For more information, visit www.aico.ai.
