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.
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.
Organizations are beginning to realize that improved effectiveness and efficiency of finance and accounting processes are not only worthy goals within the finance department, but goals that have strategic benefits for the corporation as a whole. Chief financial officers must ask themselves – Are our financial processes world class or second class, and how does this impact our overall business process transformation initiatives?
Every business operates on a pretty thin line between success and failure, and technology disruption is making this line sharper every day. C-level executives struggle constantly with the following kinds of questions:
Paper-based accounting processes are cause for concern. In some businesses, they are debilitating.
Now, more than ever, executives are wondering what technologies make the most sense in a digital business strategy, and when it comes to streamlining accounting processes, document management software is an essential component of that strategy.
The drive to go digital is sometimes attributed to a want to remain competitive, and in a way, this is true.
But businesses usually choose to pursue invoice processing software because they’re tired of missing opportunities due to paper-based processes and people-based workflows.