Meet Mary, the CFO of a software analytics company.
Mary loves to implement new technology into her company’s processes and is looking to streamline financial processes even more. Her friend, Linda, recently told her about an article she read that outlined five financial processes that could be automated to cut back on busywork.
Mary doesn’t want to waste the talent of her employees on busywork, so she decides to check out the article for herself. Upon reading the article, Mary learns how automated these five processes can be.
Process #1) Travel Requests
Travel requests are backlogged more than any other process and they often slip through the cracks which delay booking and costs your company money.
Try implementing a centralized travel request workflow that is capable of screening approvals and automatically triggering expense approvals with one click.
Process #2) Purchase Requests
Aside from needing to track these requests, you also need to make sure you are getting the best price from vendors or suppliers and sorting through spreadsheets isn’t an efficient use of employee time.
Instead, implement a digitally-based workflow that automatically generates request forms, triggers multi-level approvals, and ensures compliance from inception to audit.
Process #3) Contract Management
While this may be one of the most important jobs in finance, it’s also the most stressful. An inefficient contract management process can lead to poor policy compliance, inaccurate information, and delayed sales cycles.
Make this process less difficult by implementing a workflow capable of triggering notifications at milestone moments, issuing standardized contract documents, and that integrates e-signature technology.
Process #4) Expense Reports
Non-standard expense reports are messy, full of errors, impossible to track and result in unauthorized payments.
Eliminate the mess by implementing a workflow that automatically generates digital forms, sets alerts for approvals and notifications, triggers reimbursements, and tracks processes for optimization.
Process #5) Invoice Processing
Manually processing invoices slows down workflow, creates cash flow issues, and creates friction between employees.
Reduce the time spent on processing invoices by implementing an automated invoicing workflow that connects with existing systems, routes forms validate information and trigger notifications with a single click.
Now that Mary knows how to better automate her finance department she is ready to get rid of busy work and channel the talent of her employees to make the company generate more revenue.
If you want to learn more about finance processes that often disguise as busy work and how to gain efficiency, click the link below for more information.