Reporting financial transactions and keeping an eye on each one is a difficult chore. Many companies accept that it is difficult for their financial institutions and compliance teams to keep up with the volume of data, reporting and task completion. And that’s when automation comes to the rescue. In today’s digital world, it is possible to automate every tedious process, and so is reporting. The IFTI reporting process that requires a lot of precision and adeptness can also be done using automated solutions.
Seems intriguing, right?
Keep reading to know other benefits along with the necessary details.
Why is IFTI Reporting Important?
IFTI stands for International Funds Transfer Instruction, and one has to submit them to AUSTRC online.
It is an instruction accepted in Australia or any other country to make property or money available. Hence, it is crucial because international financial transactions will suffer without this reporting, and so will your business.
Benefits of Automating IFTI Reporting
Now that you know the importance of IFTI reporting, it is time to discuss the benefits or the perks of automating the reporting procedure.
Here is the list of the most compelling benefits, have a look-
The solution provider or the software will automatically detect and notify any transactions you need to report to AUSTRAC.
As the entire reporting process will be done using intelligent technologies, you won’t have to waste your time doing the tedious task. So, you can use the saved time and energy on other high-priority tasks.
Reduce the risk of non-compliance
The automated solution will double-check every report and transaction. Additionally, you will have the option to review the prepopulated statements before submitting them. So, it will also reduce the risk of non-compliance.
The automated solution prepopulates the report for you using all of the data provided. Furthermore, it shows any missing data in red, making it simple for you to focus on what’s missing. So, in this way, you won’t miss out on anything and will be able to submit an error-free report.
You will be able to perform each step of reporting with ease, and in just a few clicks, your report will be ready. Hence, automation will also make the entire process hassle-free.
Without automation, the process could be slowed if one person forgets to review or submit a document to the next person in line.
However, as your reports will be error-free most of the time and only a few people will be involved, you can expect to get faster approvals.
Increased team efficiency
Changing your financial operations from manual to automatic immediately improves efficiency. Anything that previously slowed down your team (like data search, waiting for approval, data entry, etc.) would no longer be an issue.
Financial report automation reduces the risk of fraud by making the process objective and eliminating the need for human participation. Furthermore, even if fraud is occurring, timely completion of reports increases the chances of catching problems sooner rather than later.
IFTI is one of the most crucial financial reports, and you cannot risk it. So, instead of depending on a big team, get help from an automated solution.
And now that you know some fantastic benefits of report automation, don’t hesitate further.
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