For most businesses, your finance team is the heart of your operation. However, many finance departments still rely on manual processes for most of their key functions. This is an inefficient process that can lead to input errors, unnecessary late fees and even cash flow problems. Imagine if you leave an invoice on someones desk, and it inadvertently gets buried in a pile of papers, or the signee is out for the day? A recent study by the Aberdeen Group found that with inefficient payment systems, a single invoice can take up to 14.3 days to process.
Automate Tasks To Improve Efficiency
Automating routine financial tasks can lower errors rates and provide real-time access to financial data. Digitizing processes can:
- Improve cash flow and customer experience
- Reduce costs and errors
- Improve productivity
- Streamline compliance requirements
Automating routine tasks free your teams time to focus on revenue driving projects!
5 Financial Processes to Automate
Here are five areas of your financial department ripe for automation!
- Managing A/P – If you pay invoices manually you’re subject to errors, late fees and missed payments. Automating AP can help you to stay on top of payables and access “real-time” financial data.
- Day-to-Day A/R – Inefficient systems can make prompt processing of customer payments difficult. This can result in cash flow problems, accidental over-billing, and difficulty making accurate projections. Automating AR logs payments as they’re received and automatically creates and sends invoices.
- Document Management – Digital document management combines paper and digital documents into a single system. That means instant access to records, reduced storage costs and streamlined workflows.
- Forms Processing – Paper forms are prone to errors and difficult to fix. Digitized financial statements, reports and invoices streamlines the process. You can make forms editable to reduce re-work. You can also automate approvals so processes that used to take days, now take minutes.
- Tax Filing and Compliance – Tax season and regulatory compliance is stressful. Digitizing records removes the stress. Documents you need are available with a few mouse clicks. No more searching through piles of paper to prepare your forms.
Digitizing documents saves you time, money, and reduces frustration. If you’re not sure where to begin, give us a call and let us show you the benefits of digitizing your financial processes!