Is your AP workflow process bogged down by paper? If you’re the head of an accounting department, controller or a CFO, the first place to start your process automation journey is by looking at your accounts payable workflow. How to Use Digital Workflows to Create a Paperless Office can provide some tips to start your journey.
CFOs and Finance Directors have long been aware of the accounts payable automation benefits. They include less lag time, improved accuracy, and reduced staffing costs. In case you need a quick reminder, check out 3 Ways to Streamline Accounting With Business Process Automation.
The writing is on the wall for Chief Financial Officers. Like it or not, most organizations are demanding business process transformation in accounting and finance, and a new role for finance leaders. According to the American Productivity and Quality Center (APQC), nearly 3 in 4 organizations have an active financial process transformation project underway.
The only constant, the saying goes, is change. In your constant efforts to improve and grow your business, you will need to change business processes, continually upgrade your products, automate with technology, and keep your employees and customers happy. Change management is a key consideration in the acceptance of an enterprise content management implementation, because implementing an enterprise content management system involves a change in business processes.
How you store your accounting documents has a huge impact on your ability to plan ahead. When accounting documents are difficult to retrieve — or go missing — it creates serious problems in the event of a future audit and limits your ability to produce detailed cost analyses and plan budgets. Effectively managing accounting documents and then preserving them to meet legal and regulatory requirements needs to be a core priority for every finance department.
Enterprise content management can help transform mediocre, manual and error-prone accounting processes into automated and efficient ones. In addition to immediate cost savings within the accounting department, this transformation will also have benefits beyond the finance department. Ultimately, pursuing accounting process automation through enterprise content management can position the CFO and finance executives as leaders in a key C-suite objective – business process transformation.
Finance executives in all organizations are being asked to look closely at their core processes. Two the main drivers for business process improvements are cost reduction and information security. Studies show there is great variation in the efficiency of financial processes. Bottom performers spend 2.13% of revenues on financial processes; top organizations only spend 0.57%. This cost disadvantage drops directly to the bottom line, making it difficult for organizations with paper-laden and inefficient financial processes to compete.