Entirely Tech


Advanced technology is transforming finance teams

A look at how advanced technology is transforming finance teams, by Dean McGlone, Sales Director at V1

Advanced technology is transforming finance teams

Technologies like Artificial Intelligence (AI) and Robotic Process Automation (RPA) are fast becoming part of organisations’ digital transformation plans. But can advanced technology improve how finance teams do their jobs and, if so, how?

In short, the answer is a resounding ‘yes – in many ways’. The reality is that, with sophisticated technologies, any organisation can improve efficiencies in its finance department. It’s possible to move from manual paper driven processes to automated digital ones, and change processes that would often be difficult to achieve without technology. For example, it might be difficult to centralise Accounts Payable (AP) without technology due to geographical distances and potential delays in supplier payments but, with cognitive capture and intelligent workflow, concerns around geography and delays in payments are negated.

Fundamentally, finance departments can benefit from both manned and unmanned RPA – also referred to as automation – for tasks such as AP invoice processing and statement reconciliation. Automation gives teams more time to focus on higher value activities and, in many cases, leads to customers changing their requirements for finance team members to include higher skillset levels.

"As with any digital transformation strategy, businesses should not buy technology just for the sake of it or because of the media hype. "
Dean McGlone, Sales Director

As with any digital transformation strategy though, businesses should not buy technology just for the sake of it or because of the media hype. The hundreds and thousands of articles advocating the latest products and solutions are all well and good, but one size does not fit all.

Instead, organisations should carefully assess their greatest process challenges across their finance teams and establish whether technology can take that pain away, and if by doing so it will deliver payback on the investment in a sensible time period. In addition, organisations should be aware that the introduction of technology can require process changes and therefore change management to ensure adoption by internal and external customers, suppliers and indeed the finance team themselves. Not doing this properly can result in deploying a solution that does not deliver the anticipated payback. And on a compliance level, which is critical for every business, finance teams need to consider legislation such as SOX, GDPR or HMRC requirements and this needs to be considered before implementing any digital transformation project that could make an impact.

What’s clear is that technology will increasingly make its way into the finance world. The so-called robots won’t steal jobs – rather, the roles of finance professionals will evolve for the better. Technology will automate the less skilled and repetitive tasks such as AP, credit control and accounts receivable, enabling finance teams to look to recruit members with a higher skill set level depending on their company objectives. For people working in more admin type roles today? They have a great opportunity to skill up for the future to ensure their skillsets are relevant to the evolving finance function. After all, it’s evolving anyway. We all just need to keep up – and technology is the driver.


DISCLAIMER: The statements, opinions, views and advice expressed in this article are those of the author/organisation and not of ENTIRELY. This article should represent information correct at the time of publication however whilst every care has been taken to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. ENTIRELY will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within this article or any information accessed through this site. The content of any organisations websites which you link to from ENTIRELY are entirely out of the control of ENTIRELY, and you proceed at your own risk. These links are provided purely for your convenience and do not imply any endorsement of or association with any products, services, content, information or materials offered by or accessible to you at the organisations site.

Get The Entirely Weekly Brief In Your Inbox


Founded in 1981, JMC IT is an award-winning IT support partner based in Agecroft, Salford.

Kieron James


Kieron started his career as a Teacher before moving into the emerging market of web domain names sales in 1999. In 2005, he branched out into telecoms, founding Zimo,which won the industry's Service Provider of the Year Award in 2008. He went on to cofound Nexbridge, wich provides industry-leading telecoms services to communications providers and recently branched out into IP telephony services with the popular WHYPAY conferencing service which offers free conference calls to UK businesses.

Stonehouse Logic

StoneHouse Logic provides IT systems that resolve the limitations and frustrations our clients are faced with, as well as offering services and software that maximise their productivity and profitability. \r\n

LouisJames Davis

CEO and Founder VST Enterprises

Louis-James Davis is Founder and CEO of VST Enterprises, a revolutionary tech company that has invented concepts that aim to revolutionise the banking sector with a focus around consumer interaction and security. In 2011, Louis-James received the award for young entrepreneur of the year BEI International.Louis-James has since spoken at many exhibitions and conferences on behalf of VST Enterprises, MIDAS, UK Trade Investment and the Manchester Universities.

VST Enterprises

Technology Enterprises

VST Enterprises is a revolutionary tech company that aims to bring forth various concepts to boost physicaldigital asset traceability, eliminate counterfeiting and fraud as a whole and revolutionise the banking sector with a focus around consumer interaction and security. VST Enterprises has created the revolutionary VCode, VPlatform. VST Enterprises was established by partners Louis-James Davis and Andy Giblin, who share a passion for all things related to design, development and coding.