Automation of financial processes: Generating efficiency gains with FPA
The 5 most important reasons to digitize financial processes
In your finance department, different functions and teams depend on each other. Accounts payable, purchasing or accounts receivable form a context that should function as smoothly and efficiently as possible throughout. Slow, labor-intensive, complex or opaque processes put a strain on everyone's efficiency.
Digitization is the answer to this challenge. Automating financial processes or eliminating manual activities is the first step in permanently eliminating easily avoidable efficiency burdens. Overcome weaknesses through consistent use of Financial Process Automation (FPA) and rely on a modern solution.
There are many reasons to digitize financial processes and thus prepare the company for the future. These are the 5 most important advantages:
From the processing of incoming invoices to the transmission of payments to the review and approval authorities: Manual processes are prone to errors, and one mistake can cause the entire process to fail. By automating your previously manual financial processes, you can achieve greater accuracy and thereby significantly reduce errors. Data and process integrity is maintained throughout, as invoices and documents pass through a series of automated checks.
Reading invoices, entering them, checking their accuracy, paying them - manually, this consumes a lot of time. The automation of financial processes can vastly improve throughput times and relieve your employees of monotonous routine tasks. This frees up time for productive tasks, such as obtaining discounts from suppliers. In addition, automated processes are more transparent and can generate further insights that enable improvements in, for example, cash flow.
Automation of financial processes gives you and your company more transparency and control. It also makes paper offers and invoices available online. In addition, you get user-friendly reports at the touch of a button that provide all the data. Or you can easily search the data by customer or supplier. Instead of sifting through long lists, you simply look at the data you need now. You can perform just about any daily task faster and more effectively than ever before.
FPA automates all accounts payable processes such as invoice capture, data entry, archiving, payment processing. In case of expenses and exceptions that require individual approval, our solutions accelerate the upstream accounts payable processes. In addition, employees can give approval conveniently and securely online.
Searching in filing cabinets wastes an enormous amount of time. Here, the digitization of documents can provide significant savings. Our FPA solution ensures that all accounts payable documents are filed in an orderly manner. Every individual invoice and transaction is digitally recorded. This makes retrieval within seconds child's play. You have exact digital histories for all transactions and have the information you need on your monitor immediately when you need it.