A finance department that operates efficiently is the key to managing your company’s profitability. Despite this, many finance teams are still relying on manual, paper-driven processes that slow productivity and leave room for error.
When your finance team is using paper-based workflows, an important document such as an invoice can easily become buried under a mound of paperwork. According to a recent study, it can take as long as 14.3 days for an invoice to process if an organization is relying on a paper-based payment system.
If your finance department is still practicing manual data entry, workflows not only take longer to complete but any errors related to the allocation and reconciliation of data can lead to unnecessary bank fees and cash flow problems.
With today’s advancements in technology, your finance department no longer has an excuse to be using manual processes. Digitalizing your finance processes will save your organization time, minimize errors, improve cash flow, and increase productivity.
Here are 5 processes that your finance team needs to digitalize for maximum efficiency:
- Invoice Management – Relying on a manual process to pay invoices increases your risk of errors, missed payments, unnecessary fees, and non-compliance issues. Digitalizing invoice management will allow you to process payments faster and even take advantage of vendor discounts. The up-to-the-minute financial reporting available from a digital accounts payable system will empower your organization to make prudent financial decisions.
- Accounts Receivable – Managing accounts receivable electronically will allow your finance department to process customer payments promptly, which will help to improve cash flow. Digitalizing A/R processes also gives your organization the ability to automatically create and send invoices, helping you to get paid faster.
- Document Management – Eliminate the need for your employees to waste time looking for documents and give them the information that they need at their fingertips by moving to a digital document management system.
- Forms – Digitalizing forms and making them editable will help your finance department eliminate the need for re-work and move through workflows faster.
- Tax Filing – Once your finance team goes digital, tax season will become a cinch as you can quickly retrieve all of the reporting that you need when it comes time to file.
Digitalizing your finance processes will save you time, money, and frustration. Contact us to learn more about electronic document management and how going digital will increase the efficiency of your finance team.