Many businesses are on the journey of a digital transformation and technology is rapidly changing the way finance teams operate. Experts say that finance departments benefit from digital technology for tasks such as creating POs, invoice processing, payment processing, managing business docs, and bank reconciliation. Financial automation software gives finance teams deep and meaningful insights into their business spend and allow them to gain complete visibility and control on their business expense.
How can a finance team benefit from automated accounting?
In typical finance management, there is a paper-based system, where regular auditing takes place. Each auditing has to be carried with high precision and it is very time-consuming. Finance automation software like FinlyFinance automates the process of accounts payable, three-way matching, payment process etc., The advantage of implementing a finance automation software is that it provides with accurate accounting and has the capability to structurize huge chunks of data in a snap of fingers. Finance team doesn’t even have to invest their time in auditing the business spends thus saving tons of their productive time.
Clear Accounting Treatment: Eliminate the error-prone manual process of entering data into your accounting software. Ensure data is entered accurately into the ledgers. Ensure master line-by-line entry of all financial transaction into the general ledger. For each transaction, ensure accurate entry for the GL record which includes: the associated amount, account, date, description, transaction number, and type. Data is also captured on a sub-ledger level to the GL, aligned by divisions, plants, locations, countries, or major projects thereby improving accounting accuracy and financial transparency for tax payments, budget, and financial planning, as well as financial analysis and reporting.
Book closures – Finance teams can get full advantage of digital technology transformation by moving to process standardization and financial automation. FinlyFinance helps to automate the financial closure tasks by providing self-service and standardized financial close automation, embedded directly within your business accounting software.
Visibility – Gain total visibility on business spends with Finly’s powerful analytics. The dynamic dashboard helps you make quicker and better data-driven decisions. Run real-time reports with deep and meaningful insights. Create customized reports for a better understanding of your business expenses.
Complete control & governance – Finance automation software comes with a powerful policy compliant engine that ensures all policies according to your organizational terms. Automated notifications can be sent if any policy violation takes place. Finance teams can gain more confidence in stronger internal controls and automated, audit-ready processes that improve productivity and standardization.
Efficient Finance Teams – With automation software in place, there is no place for finance employees to do manual work. Your organization can have a few finance employees with higher efficiency. Employees who are well versed with finance & accounting coupled with the usage of tech are ones who can impact your organization significantly. Ultimately, a leaner finance function will reduce costs, increase quality, and better align corporate responsibilities, both within the finance function and other departments.
How can FinlyFinance enable finance teams?
FinlyFinance is a Finance Management & Governance Suite for businesses to automate, gain visibility & control business spend. With the dynamic budgeting & real-time insights module, you can configure financial policies & regulations, team-wise, project-wise etc. Enable notifications to monitor any policy violation to track any discrepancies & to assist you in carrying out day to day operations. We believe the next generation of Finance teams would not be spending time on manual work carrying out their day to day operations of making vendor payments, reconciling invoices, tracking advances etc. They would be performing critical tasks of analyzing & tracking key metrics relevant to the company’s growth. Gain complete control and visibility on your business spends and access real-time reports.
In short, Finly’s Financial Governance Suite gives you the power to focus your energy and efforts on activities that add value to your business.