Powering Finance Business Processes With Automation
December 20th, 2018 • Finance
Your finance department starts every day outnumbered by an overwhelming number of tasks to get done. They have some superhuman abilities to help them, but most of the time, they lack the technological tools to really give them the edge to success. Consequently, the organization devolves into confusion, delays, redundancies and inefficiencies that cost them dearly.
Let’s look more deeply at the finance department, and what secret weapons it needs to handle the diverse finance processes list.
What Is the Role of the Finance Department?
Finance departments handle a lot more than bookkeeping. They play a pivotal role in the organization, acting as advisors to the decision-makers in the organization. They deal with internal as well as external requests on a daily basis. Finance processes also include strategic planning and ensuring that day-to-day operations are in alignment with long-term plans.
A typical finance department is responsible for providing accurate financial information, ensuring compliance, mitigating risk, and identifying opportunities for the expansion of business.
While large organizations have smaller teams within the finance department dedicated to specific functions, there’s often just one team to handle all the list of finance policies and procedures in small and medium businesses (SMB).
Frequently Used Finance Processes List
Finance department of SMBs have multiple functions. Sometimes they are also categorized under varied titles depending on the finance policies and procedures of SMBs. Here are some of the most frequently used finance business processes list:
- Treasury management
- Strategic planning and financial analysis
- Expense management
- Billing and credit
- Investment appraisal
- Compliance with regulations
- Accounts Payable
- Accounts Receivable
- Preparation of financial statements
- Travel Management
- Safeguarding assets
- Inventory management
- Business advisory
- Payroll system
- Writing accounting policy and procedure manual
- Budgeting and budgetary control
- Procurement management
- Asset management
- Working capital management
- Capital expenditure
- Employee reimbursements
- Cheque requests
When your processes that govern financial process management are loose, the whole system can fall down. Inefficiencies in key financial processes can cause operational chaos and significant setbacks to the business.
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Process Flow of Common Finance Business Processes:
Problem: Keeping a close eye on expenses is at the heart of an established B2B company, but making your employees wait for three levels of approval before getting a new computer is working against you. You end up with a loss of productivity and morale.
Solution: With an automated purchase order app, you can specify that purchases below a certain amount need approval from just one manager, and anything more expensive goes through a more thorough process.
Problem: Your top salesperson has just completed a successful trip to Denver where she’s converted five leads for your ergonomic furniture company. She comes back to the office and submits all of her travel expenses and waits, and waits, and waits for her out-of-pocket expenses to be reimbursed.
Solution: Don’t punish your best performers with slow processes. Instead, reward her with an automated travel reimbursement app that makes sure the cash is in her account the next day.
Problem: A B2B office needs to be properly stocked, from toiletries to printer toner. You’ve negotiated hard with various vendors to get these supplies at a good rate, but if you let your vendor agreements go missing under piles of paperwork or lengthy email chains, they will slap you with fines or take their business elsewhere.
Solution: To avoid this problem, set up an accounts-payable flow with KiSSFLOW. When it’s time to make various payments, the right people in your finance team will get notified and they can discharge the funds with one-click approvals.
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Here’s How to Streamline Key Finance Processes in 15 Minutes with KiSSFLOW
As daunting as it may seem, there are ways to bring order to the chaotic finance process flow.
Here are some ideas (think of them as superhero weapons) to increase efficiency in finance department processes.
Create Process Maps
Since each finance department function has so many processes involved, drawing up process maps can bring a clear understanding of the tasks and people involved.
While finance process mapping can enhance understanding, it can’t directly improve efficiency. The best way to achieve that is to create workflows and automate them from start to finish.
When you automate finance workflows, you’ll be able to monitor progress in real time. This means that you can make improvements to the process while it is running, thereby enhancing efficiency levels.
Analyze and Improve
A critical advantage to automated finance department processes is the ability to analyze performance. You can identify where lags are occurring, or inefficiencies are surfacing, and fix them for greater process efficiency. Sometimes, workflows may require additional tasks or the removal of irrelevant or redundant tasks. These can also be brought to light with analysis.
The Technological Edge
If you want to power your finance operations with technology, KiSSFLOW is a great option to consider. KiSSFLOW equips your organization with workflow automation that effortlessly heightens productivity. It allows you to create your own processes with easy drag-and-drop tools to make forms and workflows. You can track processes through comprehensive dashboards and it features powerful analytics and reporting capabilities. Data security can be ensured at all times with role-based access.
KiSSFLOW’s ease of use will guarantee that your finance team has a friction-free experience. A transparent, simple pricing model makes it easily accessible, no matter what the size of your organization.
Sign up for a 14-day free trial with KiSSFLOW to experience higher efficiency.
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