In many companies, it’s the Finance department that often makes the first moves and the fastest progress in using technology to help staff in their everyday work.

It may be the combination of a need for supreme accuracy combined with the large quantities of data that need processing that makes finance professionals so forward-looking when it comes to technology. But regardless of the reasons, self-managed software solutions have the potential to change the way Finance functions in organisations work, and transform their role from careful book-keepers who produce after-the-fact numeric reports to full strategic players who operate on real-time data and guide the direction of the organisation takes.

This article examines some of the ways that Finance departments are changing, their use of self-managed financial software to effect that change, and what the future might look like for a properly-equipped Finance function working at the cutting edge of the latest in professional practice and intelligent software.

To help us explore this broad yet highly specialised subject, we spoke exclusively to Andrew Anton, the General Manager of Trintech‘s Asia-Pacific operations and Global Head of Solution Consulting.

Andrew’s role is to bridge the gap between practitioners in Finance offices in the region and the technology that can change the way the Finance Department works.

Although Andrew works with highly powerful software daily, his background includes a strong record in business administration, both academically and in the workplace, with leadership roles at Celonis, Zendesk and Oracle.

We first turned to the opening statement of this article: Why it’s the finance people who are often at the vanguard of technology’s implementation in the workplace. “The complexity and volume of financial data require precision, and manually handling this data not only slows things down but increases the risk of errors,” Andrew said. “Finance teams understand that technology allows them to automate tedious tasks, freeing up their time for strategic work that truly adds value. […] It’s about working smarter, with technology providing the insights and tools to make better decisions. […] Whether it’s reducing manual errors, staying compliant, or providing real-time financial reports, technology transforms the finance role from number crunching to forward-thinking strategy.”

Self-managed software and avoiding bottlenecks

In some definitions, self-managed software is a set of tools that are intuitive in their capabilities and are easy to use by line-of-business professionals.

Self-managed software can be a game-changer in any enterprise setting for two reasons. Firstly, by working autonomously with a software platform, specialist teams use their technology investments according to how they work rather than having the software platform dictate what the business function can do.

Secondly, the self-managed facet of finance software means that work progresses without the IT department having to intercede to help craft required features and change the code base so it works in ways that the financial professional needs.

That’s often been the case, historically, with huge, company-wide ERP (enterprise resource planning) software that’s not built specifically with the types of functions and easy-to-use interfaces that busy finance teams need.

Beyond day-to-day work processes

Automating everyday tasks without error changes the way a Finance department works. Instead of paying highly qualified individuals to undertake manual, repetitive tasks that are prone to errors (and the more dull any task is, the more prone to error it becomes), self-managed software solutions free up staff members’ time to concentrate on the edge cases that benefit from human consideration or more strategic work that better utilises their skills.

“The technology goes beyond just improving efficiency – it enhances the quality of insights available […] enabling them to guide the company’s strategy more effectively. These tools allow CFOs to stay ahead of risks, optimise operations, and even reshape business models,” Andrew said.

The smarter future

Although it seems like it’s been here for an age already, AI will play an increasing role in the business, Andrew told us. “Employees who embrace AI can upskill, take on more decision-making roles, and help shape the future of their company. The key is for organisations to provide the necessary training and reassurance that AI is here to support – not displace – them. With the right mindset and support, employees are more likely to see AI as a tool for growth and new opportunities.”

The possibilities of machine learning working on large bodies of a company’s financial data are only just becoming apparent, yet some of the potential is available today – in self-managed software that Finance professionals can implement and use.

The dangers of slow uptake and the time to switch

The speed at which technology continues to change the face of the modern workplace is breathtaking. Progress is fastest in business functions that stand to benefit most from automation and accuracy – the definition of the Finance department.

“Delaying automation can put a company at a real disadvantage, particularly when competitors are racing ahead with technology. The most telling signs are missed deadlines, inaccurate reporting, and finance teams that are stretched too thin, relying on outdated manual processes,” Andrew says.

But is the type of self-managed software automation only for the very large enterprise with deep pockets? It is not, Andrew says, a question of the size of the organisation. “Any business can benefit from financial automation, but the need really becomes urgent when the organisation starts to grow. [..] For smaller businesses, automation helps them scale efficiently without overburdening their teams. For larger companies, it’s critical for managing risk, ensuring compliance, and keeping up with the speed of modern business.”

Transforming the Finance function in any sized business, therefore, has significant advantages that go beyond mere cost-saving. By transforming finance professionals’ roles into ones that combine their expertise with access to real-time, empirical data, their role becomes strategically central to the direction the company takes.

To find out more about the range of self-managed software platforms that Trintech offers, check out the company’s website. And to see the options in action, readers can book a demonstration of just how impactful this technology can be.