Finances are the heart of your business. Even today, many businesses still rely on manual processes for critical financial tasks. This inefficiency can lead to errors, even cash flow problems. Imaging leaving an invoice on your comptroller’s desk for approval and having it accidentally disappear into a pile of papers. What happens if the signee is out for the day?
A recent study by the Aberdeen Group found that financial inefficiencies can cause invoice processing to take up to 14.3 days to process and pay.
Automate Routine Tasks
Automation reduces human error and can provide you with real-time financial data when needed, wherever you are. Digitization also:
- Improves cash flow
- Reduces errors
- Lowers costs
- Increases productivity
- Improves the customer experience
- Streamlines compliance
Digitizing your company’s financial processes can free up your team’s time to focus on revenue generating projects.
The Top Five Processes to Digitize
Here are the top five processes to automate to achieve the maximum efficiency in your financial department:
- Managing A/P – If you’re still writing and logging checks manually you’re subject to increased errors, late payment fees and missed payments. Automating A/P can keep your payables current and will automatically properly place expenses on your ledger.
- Day-to-Day A/R – Manual systems make processing payments a multi-step process. Delays in processing payments can cause cash flow problems. Automating A/R logs payments when they’re received and can automatically create and send invoices.
- Document Management – Digital document management combines hardcopy and digital documents into a single management system. Digitization creates searchable, instant access to records, reduced need for onsite storage, lower cost and streamlined workflows.
- Forms Processing – Paper forms are prone to errors and difficult to edit. Digital financial statements, invoices and reports streamline processes. Forms can be editable, reducing the time needed to fix errors. The approval process can be automated so a days long process now takes minutes!
- Tax Filing and Regulatory Compliance – Tax filing and regulatory compliance can be stressful. Digital records allow you to find the documents you need with a few mouse clicks. No more searching through piles of paper and no more stress.
Digitization can save time, money and reduce stress. If you’d like to learn more, give a PrimeEdge rep a call and let us show you the benefits of digitizing your financial processes.