News

Digital automation for your finance department

Why digital automation is vital for finance departments!

Have you ever wondered what a digital automation transformation would do for your finance department? What would it do for your entire business?

You don’t need to wonder anymore. The days of digitally automated finance departments are here.

A basic understanding of technology and the ability to utilise and integrate data from a pdf or paper invoice was once all that was required of finance teams. This is no longer the case though. Today’s finance teams need to be equipped to handle the increasing complexities of doing business. Workflows, reimbursement forms, ability to three-way check against PO’s, custom integrated data, kilometre claims, leave applications, audit compliance, linking jobs to users, delegation authority management, aged payables/eft summary approval, credit card usage management, petty cash management, authorisation for staff to access their finance documents as well as understanding where they are in the process of approval, blah blah blah blah, the list goes on.

Just reading the above list is overwhelming and any finance team will tell you that managing the above list can be more the overwhelming. Making things more difficult is the reliance these processes have on paper, differing technology availability, and limited access to information and approvals in a timely manner.

But these challenges are now all possible to overcome with digital automation. Your finance team can now manage all the above from one online location. Your staff can have the freedom and convenience to submit and access finance department documents from any device. Plus, you will have complete visibility and management of all finance documents in an easy-to-use workflow system.

Finance departments that have implemented this type of digital automation have seen an increase of 400% in process times. Digital automation means there is no need for your finance department to be hectic, overrun with outdated systems, resource heavy, or any of the stereotypes traditionally associated with finance departments.

Making the transition to digital automation is easy to do. Here are three easy steps to get your finance department started:

1/ Define your why: what is the reason(s) for digitising and automating your finance processes? Save time? Do more with less? Compliance on company spending? Delegation authority reporting? Minimise fraud risk? Save money?

2/ Where is your spending? Identify who in your business can spend company money and how much money can they spend.

3/ Workflows: identify all workflows that your finance department manage.