Before your finance team can pay any invoices, they must be cross-checked for accuracy with purchasing orders. Furthermore, the process often requires approval before a check is cut or wire is sent.
Automation software can swiftly spot anomalies between what the accounts payable says is owed versus invoices. It can also streamline the approval of payment so that you never are overdue.
Once you deploy an automation solution, it should, in theory, run smoothly. However, before adding a new solution to your toolstack, there is some planning required. The main steps to transform your financial processes from manual to automated include:
Along with all the aforementioned benefits of financial process automation, it proves to be increasingly important in a world that relies on the fast-paced movement and influx of data.
Financial process automation provides your team with deep insights, access to information, more accurate reports, and a surefire way to make the most out of all your resources.
Automation solutions can provide you with the ability to perform advanced analytics. These insights will be readily available and generated in digestible formats so that anyone, even people outside of the finance department, can understand what they are looking at. These insights become the basis for many big business decisions.
Furthermore, financial processes should be standardised in order to remove duplication or cause errors. By running these processes with software, they are inherently standardised and made to be repeatable at whatever frequency you need them to be.
Beyond carrying out the functions and creating reports to provide insights, automation solutions allow for the safe, centralised, and accessible storage of all financial data.
This data is, by nature, sensitive, and with constantly changing regulations, it’s of utmost priority to keep it secure. With SolveXia, you can rest assured knowing that all your customer’s and business information is tightly stored with bank-grade security.
There may be some hesitancy within your organisation to adopt a new technology, especially one that is automated. The benefits of financial process automation surely outweigh any downsides, but some challenges could still arise. For starters, some finance teams will be wary of changing processes or reimagining the way they’ve always done their work.
Additionally, if your organisation is looking to jump into automation on a large scale without starting with small steps, the investment may seem to be bigger than the return. However, that’s not the case.
You can easily and cost effectively deploy an integrated solution like SolveXia without having to code anything. Once you do, you can start to realise the ROI almost immediately.
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