Streamline All Your Finance Processes With Automated Workflows
January 10th, 2019 • Finance
As your business grows, the finance team bears a lot of the weight of the growth. When finance process management are manual, they spend a huge chunk of their time trying to find internal information. As a matter of fact, finance teams spend as much as eight hours a work week combing through old records to find the right documents. These manual processes bog you down with massive inefficiencies.
Manually maintaining invoice and expense records, payroll, purchases, and employee reimbursements can be a struggle, and can leave your best employees overworked and frustrated. There are human errors, miscommunication, and an incredible waste of time when you rely on spreadsheets and emails. All these little troubles can add up to costly mistakes that can lead to financial drain.
Adding a layer of technology to these processes using finance workflows eliminates the risk of double entries and other mistakes.
What Is a Finance Workflow?
A finance workflow streamlines predictable and repetitive finance-related tasks like invoice approvals, budgeting, purchase requests, and travel reimbursements. Finance workflows involve forms to capture and store information, and sequential paths of tasks and approvals for the information to flow until each instance of the workflow is complete.
The Essential Elements of a Finance Workflow
All tasks in a finance workflow fall into two categories: data input and approvals. For instance, take the case of expense reimbursement approval. When employees incur expenses, they record the expenses, compile a business trip expense report, and send it to their manager. The manager validates the expenses and sends it to the finance team. The finance team categorizes the expenses, ensures every expense is compliant with the organization’s spend policy, and approves the claims and the employees get reimbursed.
The whole finance workflow process consists of only data entry and approvals even though there seems to be a bunch of different tasks like recording, validating, categorizing, reviewing, and checking for compliance. This is the case with any finances process flow.
Why Adopting a Finance Workflow Process Helps
There are plenty of processes in the finance department that can be carried out on a regular basis using workflows. When done right, all these processes become streamlined and efficient. A more traditional approach to finance business processes does not belong in fast-growing environments because it results in errors and a huge waste of time and resources.
In addition, automated finance workflows are:
The workflows adapt to your finance business processes and not the other way around. This is usually impossible in off-the-shelf software.
You can easily identify bottlenecks where processes are hung up or stalled. Everyone knows what the next step is, and information flows smoothly without any manual intervention.
Since these processes are predictable, they can be scaled and they remain efficient and fast even when volumes are high.
When you use workflows to handle finance business processes, you can also automate tasks and approvals based on pre-set criteria.
Finance workflows can be modeled to fetch information from other tools automatically. You can avoid manual errors and double entry of data.
How to Create a Finance Workflow Process in KiSSFLOW
A workflow automation tool like KiSSFLOW can help you design, map, and implement a finance workflow process with relative ease. There’s no coding involved, so it’s for everyone. You can use drag-and-drop functionalities to create workflows that streamline your finance processes. Here’s how you do it in KiSSFLOW:
Create Your Forms
The first step to designing a workflow for a finance process starts with creating the forms for expense reports, budgeting, and more. You can create one from scratch, or use one from the 50 apps that are pre-installed in KiSSFLOW.
Design the Finance Workflow
Once the form is ready, you need to design the sequential path of tasks that need to be completed. Depending on the process, you can collect data, and add inputs to the form, or approve. You can also take other actions like sending emails and initiating other apps during this stage.
Once the finance workflow is ready, you can assign stakeholders and set permissions. Roles and responsibilities are assigned to individuals based on their tasks in the finance process workflow. You can even hide fields based on the confidentiality of the information and the access granted to employees.
Implement the Process
After everything is set, you can publish the workflow. Employees can initiate instances of the finance workflow and submit data and managers can approve it.
Improve the Workflow
Once the system has been implemented and running for a while, it collects enough data to give you insights into how these processes can be made faster and more efficient. You can find the average approval time, the time taken by individual users to complete their tasks, and other such information to help you decide what needs to be done.
Streamlining financial process management with KiSSFLOW improves process efficiency, simplifies documentation, reduces errors, enhances transparency, and improves strategic decision making.
If you’re looking to streamline your finance processes workflows, take KiSSFLOW for a whirl. It’s free for 14-days and can help you automate all your finance processes and make them a breeze.