How can I make my business more efficient?Sinead Haycox
Work smarter not harder by streamlining your finance function.
Most companies, especially those that are forward-focused, have established the need to automate certain internal processes. In extreme cases we’re talking about futuristic robots to deliver your Saturday night takeaway, or IBM’s Watson replacing a whole fleet of office workers in Japan. In less extreme cases, we’re talking a SaaS (software-as-a-service) replacement, which automates monotonous tasks that traditionally had to be undertaken by hordes of people working around the clock.
Why should I introduce a SaaS solution, let alone a finance one, into my business?
It’s simple really! Introducing SaaS solutions, such as an automated payments solution or a cloud-based Direct Debit solution, into your finance function can help reduce the processing time associated with making and reconciling payments, as well as removing the risk of human error and in most instances, dramatically improving security.
Arduous financial processes like payroll and accounts payable can consume hours of time, not just in the delivery, but also in reconciliation and reporting. In a world where as a consumer, we expect instant gratification (think Monzo, Apply Pay), why do we accept anything different at work? Business payments should be quick to make, easy to collect, easy to schedule and safe from fraud. For a finance department, a shift like this means big efficiency gains.
What are the benefits of automation in your finance function?
The good news is that the none of this is a vision of the future, it’s all available today and it’s achievable in a SaaS payments solution.
“In the next 15 years, it’s likely that 45%, and maybe up to 75%, of existing offshore jobs in the financial services sector will be performed by robots, or more precisely, robotic process automation (RPA)”, says Cliff Justice, KPMG Advisory principle. “That should translate to enormous costs savings of up to 75% for firms that get on board.”
Finance automation is timely and cost-effective, allowing your staff to work smarter and get better results. A standardised process can positively impact a business, and the elimination of tasks through automation can free up staff to undertake other, more complex and strategic duties.
Overall, there are five key benefits to an efficient finance function
- It gives you an opportunity to review current process and ensure they are working the best they could be
- It is secure and allows for multi-payment scheduling
- A reliable software provider can act as a contingency plan if something goes wrong
- There is 24/7 access available, from anywhere in the world
- It allows for optimal control of the business-wide finance processes
Download our 5 Steps to a Super-Efficient Finance Function to learn more.