Key Finance Department Workflows to Improve Operations

 

The 21st-century business environment demands that organizations uphold fiscal responsibility as it falls under the central aspects of any organization.

This has, therefore, necessitated top executives to focus on the identification of new tools that ensure consistency and compliance in the company’s ROI, such as the utilization of workflows in finance operations. For instance, if your finance department or firm depends on email and paper for approvals and requests for capital expenditures, you are using outdated technology making it challenging to achieve your organizational goals.

Automating the finance processes will ensure that finance processes are streamlined and that any barriers to running the organization effectively are eliminated.

 

Finance workflows/processes that you can automate 

 

Budget Approval – Get yearly or quarterly budgets approved and applied to spend

Capital Expenditure – Get approval, financing, and funds to make a capital investment

Expense Reimbursement – Approve and release funds quickly for approved expense reimbursement requests

Employee Timesheets – Quickly review and approve timesheets to release payment faster

Purchase Order – Give the procurement team the documentation to make a purchase

Cheque Requests – Arrange payment to a vendor, supplier, or business partners

What can workflow automation do?

 

• Create an unlimited number of automated workflows and digital forms without the need for IT.

• Automate submission, routing, and review of documents allow for much faster approval for digital forms and documents.

• Consolidate task management and identify bottlenecks with the centralized task list shown on the process browser.

• Drastically reduce paperwork and cut costs by not having to print, copy, and physically store documents.

• Prevent document falsification by securely signing documents with digital signatures.

• Eliminate unnecessary process delays with email notifications.

• Create or approve transactions from your desktop or mobile phone.

• Communicate and collaborate better within and across departments.

 

Finance process automation with Activity Factory

Finance teams are riddled with a multitude of tedious manual processes, where mistakes, however costly it may be, can be a common thing. Along with that is the neverending paperwork the team has to face during audits. This is where the implementation of finance process automation comes in. With Activity Factory, streamlining finance workflows is made possible. It can help you increase compliance, eliminate errors, and increase overall efficiency. 

 To find out more about how Activity Factory can assist your organization and bring operational excellence, get in touch with us! We serve organizations of all sizes across different industries, in the private & public sectors.