The procedures of finance for every business enterprise have a lot of similarities. Keep in mind it is irrespective of the sector, size and scale1 of an organisation and the country it’s located. Maintaining the financial report’s integrity has to be every company’s priority. In addition, a business needs to conduct eclectic finance-related activities besides seamless management of cash flow to remain operational.
Gone are those days when a company’s accounting staff had to input numbers manually into an excel spreadsheet and upload collected data into the company’s accounting system. These tasks were indeed tedious and time-consuming and would affect productivity. Also, reporting errors in finance can compel investors and regulators to conduct rigorous scrutiny.
The scenario has changed a lot as a company can use the best finance automation software to perform finance functions efficiently. Automating is the need of the hour to ensure finance processes are efficient, accurate and adhering to regulations.
Resorting to this advanced solution can help you save time, money and effort and concentrate more on your core business functions. You will also have peace of mind when you know that because of the cutting-edge tool, there are no errors in your finance. So, let’s learn about the main areas in finance that are perfect for automation.
Receiving Order to Obtaining Cash
Every business organisation is concerned about maintaining cash flow and having sufficient business liquidity. Therefore, collecting payments and providing invoices to customers is essential to ensure the same. The accounts receivable has the responsibility to manage different procedures, including creating new customer accounts, obtaining invoice amounts and producing correct invoices.
Manually carrying out these error-prone tasks can adversely impact cash inflows and may result in a loss of revenue. Employing the best tool can help streamline these processes. It can quickly retrieve information from multiple sources, ensure accuracy, and automate repetitive activities.
Procurement to Payment
A business needs to confirm and pay vendor bills for received items. This procedure is crucial for ensuring the procured goods’ validity and the billed amount’s accuracy. Also, making timely payments helps a business avoid interest charges and late fees.
Manually creating new vendor accounts, entering invoice data, confirming invoice amounts to orders and approving payments are time-consuming. Leveraging the best software can help a business automate every task pertinent to accounts payable.
A company’s accounting department is responsible for properly managing the general ledger’s closing process every month. In addition, the generation of accurate and timely financial reports is another key responsibility of this department’s staff.
The risks for error-prone tasks will be there despite the utilisation of business planning systems. In such cases, experienced accounting staff has to make journal entries, reconciliations and reporting. There will be no need for manual interventions if your company uses the most reliable tool for finance process automation. It will significantly improve operational efficiency besides ensuring accuracy and timeliness.
Plan and Evaluate Financial Strategies
Business enterprises need to make sound decisions considering accurate and timely collected financial information. Making a budget, forecasting and reporting are key functions that can allow your company to reach a decision.
The department of a company designated for planning and analysing financial strategies usually requires substantial time obtaining, organising and formatting financial data. Hence, many companies deploy a tool that automates these manual data-related tasks. Doing so enables the accounting professionals to deal with other essential tasks and become more productive.
It is paramount for a company to ensure it has a sufficient amount of cash to remain operational. Hence, the critical treasury function is cash management. Reporting procedures and cash reconciliation can help understand the position of the cash at any given time. It is done by combining balances in the bank account against the amount mentioned on the balance sheet.
Making the best use of the tool can help you automate this treasury function. There is no need for conducting consolidation and reconciliation tasks manually, ensuring improvement in accuracy. Also, this hi-tech automation tool helps report cash position in a timely manner and aids in better utilisation of financial resources.
Now that you are more knowledgeable of the core finance areas you can automate, taking the right step won’t be tough anymore. Visit the official website of Monite to get a comprehensive suite of tools for automating major finance functions. This company is reputed for enabling all business organisations to get their hands on the best finance automation suite. Do what’s necessary sooner than later to stay at the top of your game.