Automating financial data flow through models and forecasts relieves teams from manual spreadsheet tasks and provides executives with real-time information instead of outdated projections.

This automation reduces operational inefficiencies, allowing resources to be redirected toward analysis and revenue generation. The benefits of automation justify the investment in time, training, and implementation.

Without automation, the risks are alarming. For finance teams, the real fright comes from manual business processes that undermine productivity year-round. These inefficiencies disrupt forecasting, lower morale, and threaten your bottom line, creeping into every aspect of your business operations.

Keep reading to uncover the damaging effects of manual processes and how enterprise automation can help your business eliminate them for good.

The cost of manual forecasting

Manual process errors, resulting from tasks performed without automation, lead to inefficiencies and inaccuracies in business operations. This causes slow, cumbersome, and inflexible procedures.

According to our Citrin Cooperman Private Company Performance Report survey respondents, 28% of business leaders are forecasting using non-automated tools or manual systems such as Excel. Manual systems are not only prone to error — they make the forecasting process too unwieldly and time-consuming. This ultimately ends up in less accurate and less frequent forecasting, which means companies are stuck being reactive rather than proactive in optimizing the performance of their businesses.

A key advantage of automation is its ability to minimize manual mistakes. Repetitive tasks in organizations are prone to errors due to fatigue, but automation simplifies these processes and significantly reduces errors. Solutions like Vena utilize these tools to improve productivity and efficiency.

Automation also enhances error-proofing by introducing accuracy checks, drastically lowering the risk of mistakes and maintaining smooth enterprise operations.

As a bonus, automated systems improve error tracking through real-time reporting, enabling quick identification and correction. This boosts reliability while providing valuable insights for further optimization.

Manual reporting prioritizes data validation over data analytics

Typically, reports are created in Excel and presented in static form via PowerPoint or similar tools. This process involves multiple layers of manual data input and review, burdening management with data validation instead of enabling them to focus on analysis.

In contrast, automation provides them with dashboards and tools they can view with fresh eyes, allowing them to analyze outliers or anomalies from a more comprehensive, objective standpoint. By the time leadership gets to the final numbers, they are fatigued and may have a skewed perspective on the expected outcome simply because they have been immersed in the data for so long. On the other hand, automation provides them with dashboards and tools they can look at with fresh eyes, allowing them to analyze outliers or anomalies from a more comprehensive, objective standpoint.

Manual reporting encourages late vendor payments

Late payments are a significant challenge for accounts payable teams, leading to missed discounts, unexpected late fees, and strained vendor relationships.

While the accounts payables (AP) department is often blamed, the real culprit is usually manual processes. Manually pulling aging reports, validating invoices one by one, and mailing checks to vendors is time-consuming and limits the AP team's ability to ensure timely payments.

AP automation software addresses these concerns by streamlining processing, offering key benefits like:

• Enhanced visibility: Centralizing invoice and payment data allows AP teams to proactively monitor due dates, identify bottlenecks, and reduce the risk of late payments and fees.
• More efficient processing: Advanced AP software automates 2- and 3-way match validation, ensuring seamless invoice processing from receipt to vendor payment. This increases the likelihood of early payments and associated discounts.
• Improved vendor relationships: Consistently making on-time payments strengthens vendor relationships, enhancing the chances of favorable terms and access to special prices.

Automation frees AP teams from late payment worries, enabling them to focus on securing discounts and nurturing vendor relationships.

Manual reporting introduces unnecessary mistakes

Manual processes are vulnerable to errors, including data entry mistakes, calculation errors, communication breakdowns, and a lack of standardization. These errors often stem from human oversight, fatigue, and inconsistent procedures, leading to inaccurate records, flawed financial reports, and miscommunication.

To mitigate these risks, businesses should adopt automated and standardized workflows to enhance accuracy and efficiency.

How Citrin Cooperman can help you overcome your manual forecasting nightmares

Citrin Cooperman can transform your manual forecasting challenges by implementing streamlined, automated solutions that enhance accuracy and efficiency. Our tailored approaches replace time-consuming manual processes with advanced tools, giving you real-time insights and reliable data for confident decision-making.

Let us help you eliminate forecasting inefficiencies and focus on driving your business forward. Contact the Citrin Cooperman Digital Services Practice to learn how we can optimize workflows and implement processes that set you up for successful financial outcomes.