The Easy Guide to Finance Business Process
March 15th, 2018 • BPM
What is a Finance Business Process?
Every department has a central focus. Sales tries to close new deals. Marketing works on brand awareness and new leads. R&D examines how to build a better product. And Finance makes sure that all monetary transactions are recorded accurately and in line with the budget.
But how does a department do this? Processes. Perhaps 90% of any department’s work can be seen as performing the same sequence of tasks over and over again.
For example, travel reimbursements are a common finance business process. The process involves collecting a certain set of data and passing that data on a predefined path of processing and approvals until the objective is finished and the expenses are paid.
There might be more than a dozen separate finance processes that the team must complete on a daily, weekly, monthly, quarterly, or annual basis.
With so many predictable processes, why is it that typical finance business processes take so much effort to complete?
Most companies handle any finance business process manually. This means a human is responsible for collecting/entering the core data, knowing whom to pass it onto next, pasting the data into the financial software, sending an email to get approval, and giving notifications to the initiator when that instance of the finance business process is complete.
This means a lot of work, and often leads to sluggish processes, errors in transferring data to multiple systems, and miscommunication.
When you automate a process, you separate the process into those tasks best done by humans and those best done by a system.
For example, humans might need to initially populate a form with data, and offer approvals. However, sending emails, data entry, and taking care of notifications are all things that a system can easily do.
Let’s look at some more examples of finance process automation.
Finance Business Processes in KiSSFLOW
In KiSSFLOW, we have more than 15 automated financial processes you can choose from to help your department run smoother.
Budget Approval – Get yearly or quarterly budgets approved and applied to spending
Asset Purchase – Get approval, financing, and funds to make a capital investment.
Mileage Reimbursement – Approve and release funds quickly for any qualified travel requests.
Employee Timesheets – Quickly review and approve timesheets to release payment faster.
Purchase Order – Give the procurement team the documentation to make a purchase.
Each finance business process includes a ready-made automated form that can collect data like employee name, department, date of request, and other details without requiring any additional input. The process also includes a workflow that can be customized to your organization’s requirements.
Finance Business Process Stats
- $25,000 – The cost to fill a four-drawer file at an average office 
- 20-45% – The average time and cost savings by automating a process 
- $220 – The cost to reproduce a lost or defective document 
What Do You Get With KiSSFLOW?
When you choose KiSSFLOW as your partner to handle automated financial processes, here are all the benefits you get:
World-class Workflow Automation
- Built on Google Cloud and Amazon Web Services to provide lightning speed and supreme reliability
BPM for Every Team Member
- KiSSFLOW is easy to use, all you need to know is your process and you can automate in 15 minutes
- KiSSFLOW timestamps and tracks every request so you never have to worry about a lost form again
- No matter how complex or difficult your process is to build, our team is ready to help you create it
Who Uses KiSSFLOW?
These companies use KiSSFLOW to automate their finance business processes:
- BNP Paribas
- New Development Bank
- Hero Fin Corp
- Atlas Finance