A Window to Your Business Spend

Introduction

Processes related to accounting and finance professionals are crucial to driving strategy and future business growth.  Manual processes have no place in the future of finance. These tedious tasks take up too much time and lead to an uneven workload, long hours, and escalating frustration.

At Finly, our mission is to help companies develop a proactive spend culture while assisting the finance team in being effective partners in the digital transformation.

No other department in the enterprise has the detailed visibility into the inner workings of the business — from R&D investment, to operational efficiency, to sales — as well as the strategic understanding it takes to engage with analysts and investors.

How Businesses currently run their Finance processes

Most businesses run their finance operations in a traditional record-to-report (R2R) process as shown in the diagram below:

Employees who incur Business Expenses collect receipts & invoices for the same. They spend their time photocopying/ emailing this information, or they collect and organize the physical receipts/ invoices before sending them to the accountants. Employees are now forced to spend valuable time – time that the business has paid for – managing the documents that result from their own costs.

Once all this spend & expenses are reported, all of which is made up of thousands of underlying transactions, often manually compiled and adjusted by overworked accountants facing pressing deadlines, it usually results in issues with quality & accuracy. This is unscalable & highly error prone.

The current process of managing Business Spend using spreadsheets & email cannot provide the visibility. Without a central structure in place, Company policies cannot be implemented effectively which further results in a lack of control.

All these inevitable inconsistencies that occur especially with all the money that is flowing through the organization can hamper big-picture strategy and decision making. Additionally, legacy technology does not use well-honed skills of the Accounts team in analysis, and this, in turn, makes them feel blocked from helping their business think more strategically with their help. 

Finly, designed to automate Finance

Finly was founded on a simple idea: to allow companies get a better insight into their spend and expenses while promoting a proactive spend culture within the organization. 


Finly is built & designed to provide finance teams with tools and data that enable them to have real-time insights into Business spend. Finance teams can use these insights to make better strategic decisions while removing all spend management hurdles as the business scales.

We also unlock the value of your finance team & employees who report & review expenses by automating the tedious, manual work that consumes so much of their time and effort.

The Way Forward

Finly is designed to guide you through transforming how you streamline & automate your Business Spend & Expenses with few steps, helping you avoid any potential pitfalls along the way:

  • Standardize and streamline: We Start with the low-hanging fruit.  We replace all those approvals that currently happen through your Email & Spreadsheet, with a highly powerful configurable & flexible Approval Workflow System.
  • Automatically match transaction types: Beware of custom-built solutions that require expensive development; not all transaction-matching tools are created equal. Finly is built to manage high volumes of data while also delivering out-of-the-box flexibility to meet your unique requirements. 
  • Automate repeated manual Tasks: Look to automate most of your reporting & reconciliations processes. From the point of the payment being made when a Business Expense is incurred to the point of syncing all this data with your Accounting System, Finly is designed for end-to-end automation.
  • Increase visibility and enhance controls: Stop using spreadsheets. They can’t provide the efficiency, control, and visibility needed for modern task management. They weren’t built for it. Finly’s Policy Engine is configurable to all your company rules & restrictions and constantly monitors all your Business Spend & Expenses and warns the team of any potential violations.
  • Connect and integrate with your existing systems: Finly is built to enhance, not replace, your existing systems. Not only are cloud applications better equipped to complement current investments, but they also help finance and accounting teams own their technology without the need for costly IT intervention.

Conclusion

The current levels of turnover in accounting and finance teams are costly and impact business performance and growth.  It’s time to reverse those numbers through finance automation.

While Finly assists the Finance team with tools & data to make better strategic decisions we also want to empower companies to build a proactive spend culture.

Finly is here to help Companies focus on scaling their Business while removing all their spend & expense management hurdles.

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