6 Easy finance automation hacks
Automate wherever you can – rather than spend resources on performing the same task over and over again.
“Time is money” is a phrase often used which seems to become more relevant with each passing decade. Luckily, more and more opportunities for automation arise. Why not let technology do the work for you? It is not as scary as you think.
Finance automation helps you to grow faster, with less costs. And enables you to focus on the things that matter – the fun stuff! ?
#1 Map out your flows
Put down your laptop and grab a big piece of paper. Take some time to map out your own processes.
Map down the different paths your finance team currently takes to get the job done. Which steps could be automated? Which steps will still need human intervention? Today, many processes within finance can be automated. We are sure that you will find improvement opportunities that will make your life easier?.
#2 Set KPI’s and goals (for yourself and your team)
Measurement is necessary for improvement. Reflect how your team is performing. However, there might be a temptation to track everything. Don’t waste your time! Focus on the functions/actions that really matter and save you money in the end.
#3 Archive digitally
Don’t fill up your office with paper archives – create a full electronic archive for all your documents such as invoices, contracts and goods received.
The immediate storage of for example invoices in an electronic archive, which at the same time provides the necessary support to comply with electronic billing regulations, offers a number of benefits: it can be easily shared with colleagues and integrity is assured.
It makes compliance, search and retrieval a touch button experience.
The switch to electronic archiving easily results into a cost cut of 1,40 EUR per document (source: Billentis).
#4 Simplify sending invoices to your customers
Easily send invoices (digitally) to your customers in their preferred format and via their preferred channel – by simply implementing the Dynatos invoicing portal into your processes.
In just one or two weeks.
As a result, gain benefits such as being able to boost your customer experience by better communication and a faster order processing.
#5 Leverage your supplier relationships
Automation gives you complete visibility into payment terms and details – so you can pay the right amount at the right time. You’ll be able to see what payments are almost due so you can take action to avoid late payment penalties. You may even be able to receive early payment discounts.
And, when your supplier calls to ask about the status of an invoice, that information will be available at your fingertips. Or let them look it up themselves.
A win-win for you and your supplier.
#6 Let employees speak their expenses and free up procurement
Yes, expense management can be really fun for the employees that need to send in expenses. Today, various software tools allow your employees to just speak in their expenses and let them attach the bill or invoice. Especially for large enterprises, this could save you much time – and money.
Speak your expenses. Open your Coupa app and say ‘Breakfast at Cafe Yolo for € 8.65’. It’s that simple.
Any questions? We would be happy to help. Just send me an email – firstname.lastname@example.org.