Digitize These Key Financial Tasks to Improve Productivity
Your company’s finance department is the heart of your organization. However, many finance teams rely on manual processes for key tasks. This can be inefficient and effect your company’s cash flow. For example, you leave an invoice on a colleague’s desk and wait for a signature. What if it gets buried under a pile of paper, or the signee is out of the office for the day? A study by the Aberdeen group found that with an inefficient system, a single invoice can take up to 14.3 days to process. Manual input can lead to errors, unnecessary bank fees, and cash flow problems.
Fix It… With Automation!
Automation can boost efficiency, reduce errors and give you on-demand access to real-time financial data. Digitizing processes can:
- Improve cash flow and client experience
- Reduce costs and errors
- Increase productivity
- Streamline compliance
Digitizing saves time, so your team can spend less time on mundane, repetitive tasks and more time on projects that drive revenue growth.
5 Financial Processes to Automate
Here are five areas to digitize to boost your finance team’s productivity:
- Accounts Payable – If you pay invoices manually you’re at risk for errors, missed payments, and late fees. Digitizing AP helps you stay on top of payables and view “real-time” financial data from across your business.
- Day-to-Day Accounts Receivable – Inefficient systems make it hard to process customer payments promptly. This can create cash flow problems, accidental over-billing, and the inability to make accurate projections. Digitizing AR, logs payments when they’re received and automatically creates and sends invoices.
- Content and Document Management – A digital document management system combines all your digital and paper records into one system. Digitizing means instant access, reduced storage costs and streamlined workflows.
- Forms Processing – Digitizing financial statements, reports and invoices streamlines your process. You can make forms editable and reduce the need to re-work if a change is necessary. You can even automate approvals so processes that used to take days, now take minutes!
- Tax Filing and Compliance – Tax season and regulatory compliance can be stressful. Digitizing your records removes the stress. Documents you need are available with a few clicks. No more searching through paper receipts to prepare your forms.
Digitizing can save you time, money, and reduces frustration. If you’re not sure where to start, give an Atlantic, Tomorrow’s Office representative a call and let us show you the benefits of digitizing your financial processes.