Maximize ROI: Build finance documents with automation software

In the world of finance, time is money, and documents take time - unless they’re automated. In this blog post, we will take a deep dive into document automation software, show you how you can automate your finance documents, and look at some real-life examples of how enterprises are using the tool to streamline workflows. Let’s jump into it!

What is document automation for finance?

Document automation in finance is software used to automate the processes for crafting financial documents and presentations. Document automation enables bankers, investors, and other finance professionals to streamline workflows and cut out repetitive tasks to free up time for important work.

Building a document from scratch or updating an outdated template by manually pulling in data from various applications is time-consuming. With management software for financial services, these manual tasks are automated and performed instantly without human intervention.

How can you automate financial document management?

To automate the process of managing, building, and validating content for a financial document, there has to be a streamlined workflow. A tool like Templafy does this by providing a single platform for document management, editing, and validation. The platform consists of:

1. Start: Start from where the work gets done so that employees do not need to waste time switching different applications. You can start automating documents from within Salesforce or Microsoft Dynamic or Teams. If it is a system created document, then the trigger can be anything starting from a change in date to change in the status of Salesforce opportunity.
2. Create: Compile the document based on the level of automation you need. You can opt to personalize the document by answering a few questions in the beginning or fully automate the document with the click of a button. Templafy, with the help of rules-based automation and managed AI compiles the document for you integrating data and content from various applications.
3. Edit: Once the first version of the document is ready, the user can edit it with the help of AI, perfect it with the productivity tools to create a professional, branded document.
4. Activate: Finally, the finished document can be shared with others for approval or signatures or saved in a preferred platform. The output format is customizable and so is the next step, based on the workflow.

Which tasks is document automation used for in finance?

The finance sector is broad, and there’s a range of areas that document automation software can be used for. Whether you’re an investor, banker, or business analyst, the tool can help you work more effectively and not make mistakes in your communication with clients or management.

The tool works for all kinds of documents and presentations - let’s take a look at some of them:

Financial documents

When you’re working in a large company, internal communication is key for effective collaboration. A document automation tool can be used to streamline the flow of communication in large organizations where there can be some distance from top management to the employees.

• Internal Reports

When producing forecasts, budgets, and financial reports for management, you want to make sure the document is accurate and consistent with company standards. Errors in financial reports can lead to management basing decisions on inaccurate information which can have vast consequences. A document automation tool can validate the information before it’s sent out.

• External Reports

If accurate reporting is important internally, it’s imperative when an audit report is filed or an annual report goes out externally. Here, it can be disastrous - mistakes can lead to regulatory scrutiny or damage to the brand reputation. A document automation tool can help you not only build great reports, but make sure they are checked, validated and up to company standards before being available to the world.

• Client Relations

If accurate reporting is important internally, it’s imperative when an audit report is filed or an annual report goes out externally. Here, it can be disastrous - mistakes can lead to regulatory scrutiny or damage to the brand reputation. A document automation tool can help you not only build great reports, but make sure they are checked, validated and up to company standards before being available to the world.

Financial presentations

Have you ever made a PowerPoint presentation from scratch? Then you know it can take time to design visuals, write copy, and insert branding elements. You would have to find logos, check the brand kit for the correct font, and run the color palette by the branding department to ensure consistency with company standards. Oh, and afterwards, you’d check with legal what disclaimers to pop in there. Not with a document automation tool. That is automated so you can spend more time practicing your presentation.

• Internal Presentations

You may be working on a project or proposing an idea. Document automation is your assistant in building a compelling presentation that impresses colleagues and persuades management. With time-saving templates and productivity tools, you can build great presentations in no time. 

• External Presentations

To build compelling presentations that can persuade potential clients at enterprise-level, you need professional designers. Fortunately, you can get access to that right inside your preferred editing application. With an automation tool like Templafy, pre-built designs are made available to you through the Library so you can build a slideshow by simply dragging and dropping beautifully designed, pre-vetted digital assets into your PowerPoint and go back to working on your approach.

Case: How Live Oak Bank streamlines workflows with Templafy

Live Oak Bank is America’s small business bank. As the company continued to grow, more and more documents built up, and it became hard to keep track of forms, reports, and other banking documents. It took time to build great documents from scratch or from outdated templates.

Furthermore, the banking sector is highly regulated, leaving no room for errors, so validating the documents was an important task that was conducted manually. Templafy helped Live Oak Bank automate processes for managing, building, and validating documents to free up time for more important work. Let’s take a closer look at exactly what Live Oak Bank uses Templafy for:

Implemented Smart Digital Asset Management

Templafy helped Live Oak Bank implement the tool to help manage its banking and other financial documents, so they now have templates with new branding and fillable fields. Whenever the brand managers update texts, links, and visual assets, changes are rolled out instantly enterprise-wide to make sure Live Oak Bank employees always send out professional, consistent, and well-designed content. 

Streamlined Workflows for Building Documents

Before implementing Templafy, the staff at Live Oak Bank relied on personal preferences for document creation and storage. Usually storing files and templates on their desktops, it wasn't uncommon for employees to deliver documents containing old logos, outdated copyright iinformation, or pixelated imagery. Now, all Live Oak Bank's latest, pre-approved assets are accessed easily directly within the programs employees are already using.

Automated Processes for Validating Documents

To ensure compliance with regulation, Live Oak Bank is using Templafy’s Validator product modules to make sure no document leaves the bank without being thoroughly scrutinized. Before Templafy, this was a manual process, but with the Validator tool, inconsistencies are discovered and fixed with a click. Compliance and security are key in banking, so with Templafy's high standards in cloud infrastructure security, Live Oak Bank employees could feel safe knowing that sensitive information is protected.

Micah Davis, CMO at Live Oak Bank, has the following to say about the platform: “Templafy has far exceeded our expectations, enabling us to drive brand consistency across all our marketing and communications efforts with ease.” This streamlined workflow has resulted in increased professionalism. Read more about how Templafy is a major contributor to LiveOakBank’s positive annual results.

How to get started automating finance documents 

Many document automation tools on the market require complex IT setup and employee training processes. Not Templafy. We want to make sure you spend your time on important work and that we can optimize your existing workflow instead of forcing you into implementing a new one.

That’s why Templafy is easy to get started using. The tool works with your preferred editing application so you can continue work as usual, just with a helpful automation assistant that’s there when you need it.

Once your digital assets are uploaded to the Library, employees across the organization will have instant access to pre-designed content and can get started building great documents while Templafy makes sure everything stays compliant with regulation and company standards.

Why choose Templafy over other finance automation tools?

A study conducted by research company Forrester found that companies using Templafy see a 95% reduction in IT resources required to keep templates and content up to date. This reduction is massive in the world of finance where time is money. However, other document automation tools claim they can optimize your workflows and save you time, so why choose Templafy?

Templafy stands out in the market with an intuitive platform that differentiates from the others in several ways:

• Easily manage digital assets with the Library module
• Pull in mandatory data automatically
• Instantly roll out updates company-wide
• Work inside MSFT Office applications
• AI features that are controlled by the admin
• Protect sensitive information with the highest security standards

Start automating your finance documents with Templafy

At Templafy, we want to help you streamline your document production so that you can spend time on more important work. That’s why we have made it easy to start using our platform to create top-notch documents in no time. Whether you need to create a fund report, engagement letter or presentation, it all happens seamlessly with Templafy.

If you think document automation can improve your work or if you’re curious and want to learn more, you can book an intro call with a Templafy expert who will give you a live product tour and help find the best solution for your needs.