Keeping your finance team highly functional is a daunting task in organizations. In companies, the finance department is generally subjected to constant stress and tight deadlines.
With the help of finance automation software, you can enable your finance teams with powerful tools that make them super efficient.
How can an Intelligent Account Payable Automation System help finance team?
Effective Collaboration: Finance teams constantly communicate with multiple stakeholders & departments. Most of these communications involve sharing of documents such as invoices, purchase orders, goods receivable note etc. Internal collaborations can be simplified by having finance teams interact with one another through collaboration tools like a Live chat system while keeping a track record of the documents shared. This helps in increasing efficiency as well as resolving any issues in a quick and efficient way.
Financial Reporting: Many businesses continue to rely on preparing financial reports manually. But when it comes to reporting of large data, preparing financial reports can be cumbersome & error prone if done manually. Automating these financial reporting helps in time savings, cost savings, risk reduction, improved efficiency, increased regulatory compliance, audit preparation, reduced turnaround time and cost effectiveness
Quick month-end closures – Finance teams can get full advantage of digital technology transformation by moving to process standardization and financial automation. Automation software helps to automate the financial closure tasks by providing self-service and standardized financial close automation, embedded directly within your business accounting software.
Digital Bookkeeping – To maintain a hard-copy of your financial reports can be tedious and it possesses the risk of having your records lost or stolen. Moving your reporting structure on to a digital format can help you keep your financial information organized and also help you retrieve important information with ease.
Automated Accounting – Any business payment that gets processed, has to be recorded in your accounting software. The finance automation software automatically reconciles your accounts payable, with your existing accounting software so that the error-prone manual process of entering data is eliminated in turn savings cost and time of the finance teams.
Policy 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 to concerned stakeholders 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.
Budgetary Control: Budgeting is a significant part of both planning and controlling processes and is widely used at every level of the organization. With the advent of automation software, it helps in setting up of budgets across teams, cost centers, etc, to ensure that the organization never overspend on business expense.
“Coming together is a beginning, staying together is progress, working together is a success”
– Henry Ford
How can FinlyFinance help in managing your finance teams?
FinlyFinance is a Finance Management & Governance Suite for businesses to automate, gain visibility & control business spending. 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.