10 Next Generation Requirements for Not For Profits Financial Process Automation.
Not for Profit Organisations tend to have complex requirements surrounding their financial processes. These include delegation compliance, RCTI, funding tracking, employee expense and travel claims, payment approvals, purchase tracking and a receivables process potentially linking to the NDIS claims process.
Complex payment and income structures tend to mean throwing more and more staff resources to help process the information, which leads to increased time to manage the information as well as increased time spent understanding where income and payments are at. A true “NEXT GENERATION” approach to the Finance Process Automation can help solve and / or improve any of these components.
Here are 10 points YOU need in order to have a NEXT GENERATION Financial Process Automation.
1/ Purchase to Pay – (P2P). Enables you to control and manage spending and budget allocation before items and services are ordered.
2/ Invoice Process Automation – Intelligent capture services will enable you to scan, email or take a photo of a document and submit to finance. This technology can read the information or highlight discrepancies. It can also match against Purchase Orders, allocate Cost Centre and Accounts as well as enable the invoice to be routed to a manager for approval based upon cost centre or monetary value.
3/ Employee Expense, Travel and Payroll Claims – Utilises integrated forms specifically designed to capture travel, expense and payroll claims, enabling a NOT FOR PROFIT business to have a single platform that funnels all information through required workflows and ensures all information is captured and accounted for along the way. Staff can simply claim via a mobile app or upload documents into the system when they are back in the office.
4/ Accounts Receivable Automation – Whether this is via an online portal, or electronic job sheets there is no reason your receivables can’t be automated. Intelligent workflows using payment gateways and or job management functions can help allocate staff time, client time, kilometres or expenses relating to a service. Data can be routed to your finance system as well as structured for your NDIS claims.
5/EFT / Aged Payables Approvals – So you have all your invoices, claims, timesheets electronically processed into your finance system. To complete this picture you need to route the payment approval to the relevant manager/s to approve or query. Managers can access remotely, click on links to documents, approve, as well as question payments.
6/ Flexible Electronic Workflows – All Not For Profits require a level of audit and compliance. However, from our experience each Not For Profit can have intricate details surrounding their approval requirements. The ability to have flexible workflows with notifications and time management enables business leaders to track and view bottlenecks as well as ensure the correct processes have been adhered to.
7/ Data Analytics – view, report and track spending, and income LIVE. You no longer need to wait until data has been entered into your finance system. This can be viewed live from your very own personalised dashboard.
8/ Cloud – Easy to manage, Easy to integrate, Easy to roll out. Your Not For Profit business needs to have a cloud strategy. This provides the ability to deliver real time services, with mobility and scalability.
9/ Flexible NOT FOR PROFIT licencing – in todays environment your digital transformation shouldn’t be restricted due to complex licencing and support structures, multiple vendors and limitations of service based upon user, concurrent or volume / transaction licencing. Not for Profits can licence per process which enables a clear understanding about upfront and future costs as well as no limitation to the amount of employees you can onboard. This creates even more value as you are not limiting your digital transformation due to licencing costs and licencing management.
10/ Process Scalability – There is no need to utilise different “APPS” for different processes. Your system should be smart enough to be able to be utilised for multiple business process automation tasks. This will reduce your overall costs, reduce the complexity surrounding managing multiple logins, ensure your DATA is in the one application as well as empower your business with the ease of change of process and onboarding of new employees.
In conclusion Digital Transformation is a necessity for every business. Adaption to new process improvements is a must. Its important to consider the complete picture and what you want to achieve. Engaging a business which specialises in these system will allow you to scale your digital transformation from one process to the next and ensure your business has the “NEXT GENERATION” systems.