Fasttrack Your B2B Finance Department with Automated Workflows
February 3rd, 2018 • Workflow Automation
Gnarly and slow finance workflows can be the death of a B2B company. The best salespeople won’t make a difference in the long run if your payment approvals, reimbursements, and accounts receivables aren’t efficiently handled.
Finance should be fast. Accounting software can pull up reports within seconds, so why does it still take days for purchase orders to be approved? Why should painful processes hold your business back?
If your finance department is overworked and inefficient, with piles of paper requests on their desks, and they still insist on multiple signatures on paper forms, you can say goodbye to your peace of mind.
The great news is that these aren’t hard problems to solve. Automating your B2B finance processes can speed up your overall business and give everyone the confidence they need. Here are four quick processes you can set up in a few hours:
1. Expedite purchase requisition approvals
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. With an automated workflow software, 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.
2. Reimburse without delay
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. Don’t punish your best performers with slow processes. Instead, reward her with an automated workflow that makes sure the cash is in her account the next day.
3. Don’t let vendor payments slip through the cracks
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. 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.
4. Create a custom payment cycle for a customer
As your tire manufacturing company grows bigger, it gets harder for your finance team to keep track of all the car companies you supply to. It gets even more complex when each customer has a different payment plan. With KiSSFLOW, you can create unique processes for specialty customers based on their customized agreement. You get paid on time and your customers are happy with the custom treatment.
Don’t let inefficiencies creep into your B2B financial processes and stifle your company’s progress. At KiSSFLOW, we’ve worked with several companies and have proven success in making financial workflows more streamlined, efficient and cost-effective. When you partner with us, you can rest easy knowing that all the financial checks and balances are in place and that your employees are more productive than ever before.
So, don’t waste another minute or penny; sign up for a free trial of KiSSFLOW today!