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Automating Finance Processes in Your Company

Automating Finance Processes in Your Company

Any business, small or large, can sometimes suffer from simple mistakes caused by human factor. Managers sometimes forget to pay bills simply because the post-in note with reminder got lost and it slipped the mind. And not only that; when finance managers don’t have proper administration and finance software it’s much harder to track such activities as expenses and sales, bills and print check, managing taxes and creating standardized and professional-looking forms and invoices. But specialized financial software solutions make all these tasks simpler and even accepting credit and debit card payments are so much easier with automation solutions.

administration-department

Since finance and administration department is often considered the core of organization and should fulfill a lot of demanding and time-consuming tasks, the need for automation software that would help reducing time and budget spent on the common tasks is constantly growing. At this moment there is a number of workflow solutions that do excellent job helping managers dealing with their activities.

We are going to discuss how exactly administration and finance software can help managers to meet budget and timing and run processes as smoothly as possible.

First of all, workflow finance solutions can sufficiently help saving time if managers deal with the same processes on daily basis. That way the same pre-designed templates can be used constantly, which saves a lot of time for building-up new workflows and automates most of routine processes. Such solutions also make keeping budget under control much easier thanks to the series of approvals that each operation goes through.

managing-requests

The process of managing requests in finance and administration software makes it easy to submit requests without a fear that they can be lost in a pile of papers on manager’s desk or in their email thread.

Workflow structure allows managing invoices in a way that makes a whole process visible to the stakeholders, so there won’t be any surprises on the way. The system also makes it easy to track status of each account payable.

Automation finance solutions allow tracking all purchase requests within only one system, which brings perfect visibility into deadlines, budgets, items requested and people responsible for them.

Another aspect of management that usually takes a lot of time and lacks visibility is business travel tracking and expense reporting management. With financial solutions all the steps of business travel can be managed as a workflow process, where airplane, transportation and hotel details are dealt with as steps in a sequence of tasks. As for expense reports, they can be managed in a series of approvals, which provides complete visibility.

good-management

It’s also important to note that the newest solutions on the market are cloud-based, which means that from now on all the information is safely stored in the web and there is no chance that important finance data will be destroyed if the hard drive on the office computer breaks down. Another perk of using web-based solutions is that managers are no longer tied to one place, which means they can work for several companies at the same time. And with such solutions as Comindware workflow software that has built-in collaborative features it’s also possible to set constant communication with the clients and team members without having to interact via multiple means of communication.

About Jannet Sparts

Hi, my name’s Jannet Sparts and I’m working as an editor of Online Issues. I write for several blogs sharing my experience and observations. I have worked as a project manager in several companies. So I have tried different PM tools, collaboration programs, including task tracking and workflow software solutions. For the moment PM software is my primary field of interest.