The future of financial automation: Nigar Nasirzada on how companies are cutting costs with ERP and AI solutions

Automating financial processes has become necessary not only for large corporations but also for small and medium-sized businesses. In times of increasing demands for transparency in reporting and expense optimization, companies often turn to ERP systems and AI-based tools. PwC’s Digital Trends in Operations Survey 2024 shows that over 70% of executives are not seeing the expected results from technology implementation. The problem often lies not in the platforms but in how they are integrated. Companies’ financial ecosystems require tailored approaches rather than template solutions.

The key to reducing costs thanks to ERP and AI solutions is their ability to automate time-consuming manual processes, eliminate data duplication, and reduce the need for a large number of managers. By centralizing financial data and streamlining workflows, companies reduce errors, shorten reporting cycles, and reduce labor costs associated with routine financial tasks. AI tools further increase savings by providing predictive insights that help avoid budget overruns and improve resource allocation.

This view is shared by Nigar Nasirzada, a specialist with 15 years of experience in financial process automation, a Fellow member of the Association of Chartered Certified System Accountants. In her practice, she frequently observes that technology yields results only when adapted to the specific business environment, internal processes, and regulatory landscape. “Technology alone doesn’t deliver results without proper adaptation to the company’s specifics,” she emphasizes.

Multi-profile companies are particularly prone to challenges when consolidating financial information. Working in different business units often means dealing with various fragmented accounting systems, data formats, and reporting processes. These difficulties lead to problems such as data duplication, delays in closing financial deadlines, and limited real-time visibility into a company’s overall financial health. These challenges can interfere with decision-making and operational efficiency without integrated and customized systems. Data fragmentation, duplicate operations, and lengthy closing cycles are common issues that demand a systemic approach.

One of Nigar’s implemented projects involved integrating a centralized system based on QPLIX (a platform for asset and investment management) and customizing it to align with the company’s specific operational structure. The system upgraded standardized data formats across departments, automated budget compilation, integrated live spending tracking, and ensured everything followed the company’s accounting rules and investment approaches. The changes eliminated manual reconciliations and automated data consolidation, cutting report prep time from two weeks to three days while significantly reducing data entry mistakes. This streamlined approach saves countless work hours previously lost to manual processes and cuts overhead by decreasing the need for extra accounting staff during reporting periods.

The modern market offers a wide range of tools for financial management digitalization. In addition to ERP systems, companies are actively implementing solutions such as Business Intelligence (BI) platforms for advanced financial analytics, Robotic Process Automation (RPA) tools to automate repetitive accounting tasks, cloud-based accounting software for real-time access to financial data, and AI-driven forecasting tools for more accurate financial planning. In particular, ERP systems and AI solutions not only automate routine tasks but also predict financial risks, track budget deviations in real-time, and help with timely strategy adjustments. The latest SAP S/4HANA upgrade incorporates AI tools that spot unusual patterns in financial movements. These smart systems catch financial irregularities early and forecast trends accurately, helping companies dodge avoidable expenses and regulatory fines and better distribute resources — delivering real business advantages.

However, small and midsize businesses still struggle with these technologies due to budget constraints, technical knowledge gaps, and the challenge of customizing systems to their specific needs. The application shows that one of the most effective solutions is implementing a cloud-based ERP platform that allows accounting and reporting automation without maintaining an internal IT team. As Nigar explains, “Cloud-based solutions significantly reduce the barriers to entry for small businesses – they eliminate the need for expensive IT departments while still providing access to powerful financial management tools.”

Nasirzada’s methodology is built on this principle and serves as the foundation for the consulting approach she is currently developing under the FinWise Consultancy brand. “Many small businesses consider automation expensive and complicated. In reality, modern solutions handle the most time-consuming and error-prone tasks — such as data entry, invoice processing, and financial reporting — allowing business owners to focus on strategic decisions rather than routine paperwork,” she notes. At the same time, some tasks, such as financial planning or interpretative analysis, still require human control, ensuring flexibility and informed decision-making. Her approach focuses on providing customers with clear and customizable automation tools according to their budgets and goals.

The effectiveness of financial digitalization is closely tied to properly structured budgeting and financial analysis processes. This part of the transformation often remains behind the scenes, yet sound planning is what ensures a company’s financial stability. A successful example is a project Nigar implemented in 2018 while working at Mothers and Babies Perinatal Network. At the time, the organization had difficulty managing multiple funding flows and meeting strict budget constraints through various programs. Manual calculation procedures often cause delays and difficulties in tracking the real-time use of targeted assets.

To solve this problem, Nigar implemented an integrated budgeting system that automated the allocation of funds based on predefined categories and allowed real-time monitoring of budget differences. Program managers could immediately see whether the costs exceeded the proposed thresholds and made adjustments accordingly, avoiding cost overruns and ensuring that the grant conditions were met. The transparency and effectiveness of this system proved so effective that other nonprofits with similar funding problems from different sources and compliance later adopted it.

The integration of ESG initiatives into financial management processes is also gaining prominence. Increasingly, companies view automation not only as an economic tool but also as an instrument for ecological responsibility. At an international conference in Istanbul in 2024, Nigar presented a report demonstrating how financial automation can be embedded within an environmental management system to help businesses achieve sustainability goals. Her presentation demonstrated how automated financial tracking can monitor environmental metrics like energy use, waste disposal costs, and carbon emissions, letting companies build ESG goals directly into budgeting and reporting. This method helps businesses cut costs while measuring the financial impact of sustainability initiatives, balancing profit goals with environmental commitments.

Against the backdrop of growing regulatory complexity and competition, integrating sustainability goals into financial processes is no longer just a corporate responsibility, it is becoming a critical competitive advantage. Companies that can demonstrate their commitment to ESG principles meet changing regulatory requirements and gain the trust of investors, partners, and consumers. By integrating environmental and social measures into financial management systems, companies can organize operational efficiency in accordance with their sustainability goals and strengthen their marketing positions. This integration increases transparency and identifies areas where resources are used, such as marketing.

“In today’s environment, where businesses need to adapt to market changes quickly, financial automation becomes a strategic advantage,” emphasizes Nigar Nasirzada. In her view, the success of digital tools depends not so much on technology itself but on understanding business specifics and building processes tailored to real objectives and goals.

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