Accounting, AP and Finance Automation
Accounting and Finance departments serve a critical function in any organization, and inefficiency not only impacts them, but can have broader downstream impact on other business units and departments. Today, speed, accuracy and efficiency are paramount to a smooth running flow of work.
So why speed, accuracy and efficiency? To understand, below is an outline of the top concerns for financial leaders (info from a K2 Finance Infographic):
- Improving Margins and Earnings Performance – Optimizing resources and the ability to better manage costs is a top concern.
- Cyber Security Risks – Managing and protesting financial data and controlling access to the ERP/Financial Systems.
- Strategic Planning – Creating streamlined predictable, standardized processes for planning.
- Periodic Forecasting – The ability to surface data from all systems of record.
- Budgeting – Using data for improved budgeting and decisions.
In these key concern areas, the demand for speed and accuracy continues to mount, and expectations grow without the increases in staff and budget. So, implementing technology solutions to help is key for success, and helps to alleviate concerns. So what are the top finance processes ripe for automation? Here are the top 5 processes:
- Expense processing – providing an automated, rules-based process for submitting and approving expenses can provide a standardized, repeatable reporting mechanism for projections.
- Invoice Processing – with the majority of invoices still in paper form, automating AP is a key to faster payment (read early pay discounts), reduction in data errors and reduction in processing time.
- CapEx Approvals – moving away from emailed spreadsheets in the CapEx process, and utilizing a managed digital workflow can provide insight, improved transparency and reporting capabilities.
- Budgeting – providing a collaborative, social environment for budgeting can lead to enhanced accuracy, and reduce departmental shortfalls.
- Internal Audits – simplified reporting and “visual” report tools can help smooth out the audit process, and reduce staff time required to comply with demands.
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