Financial operations within any company can be intricate. When your financial operations are carried out by manual processes with paper forms, not only does it take more time than it should, opportunities for mistakes abound.
Maybe some of the financial software options you’ve looked at don’t seem like the right fit for your business. But that doesn’t mean you can’t simplify your financial operations. The right workflow software will let you create custom-tailored workflows and electronic forms so they fit your processes, not the other way around. Here are 5 ways you can simplify your company’s financial operations.
1. Make Capital Expenditures Easier to Track
Keeping track of capital expenditures is a challenging task that it’s absolutely essential to get right. But tracking capital expenditures manually, and physically filing the papers related to them can be a full-time job in itself. Workflow software allows you to turn a clunky capital expenditures process into a streamlined electronic process, where every step can be logged automatically, and you don’t need a room full of filing cabinets to archive all the associated documentation. Additionally, every step of every capital expenditure can be reviewed at any time.
2. Accelerate Reimbursement Requests
Manual reimbursement request processing can end up costing nearly as much as the reimbursement itself unless you have a logical workflow for it. Fortunately, workflow software allows you to make your workflows electronic, so shuffling papers back and forth become a thing of the past. With a smart reimbursement request workflow, the cost of reimbursing employees drops because your personnel are spending far less time filling out forms manually and handing them off to people. Plus, the process becomes less error-prone.
3. Make Expense Reporting Easier on Everyone
Expense reporting can be a chore when it’s done by hand. But when you convert expense reporting into an electronic workflow, everyone benefits, from the employees who must submit expense reports to the approving managers to the people in accounts payable who disburse the money. Some workflow software solutions offer mobile functionality too, making the process even more convenient. Your employees who travel frequently can use their mobile devices to work on the expense reporting process even before they return to the office.
4. Keep Purchase Orders Organized
Purchase orders and their approval steps have to remain organized and trackable so that you don’t end up with mistakes like duplicate purchases. Manual purchase orders take an inordinate amount of time to complete and process compared to electronic purchase orders. When your workflow software allows you to create an electronic purchase order process where the electronic forms look just like the manual ones, the learning curve is short, and immediately it becomes easier to track and manage purchase orders at any point in the cycle.
5. Streamline the Billing and Invoicing Process
Mistakes in billing and invoicing can cost a company money and embarrassment when things go wrong. Furthermore, you want to complete and send out bills and invoices in a timely manner so they can be paid in full more quickly. Paper is not the way to do this. Most clients and customers expect electronic billing and invoicing and are able to process electronic invoices faster than paper ones. The result is time savings on everyone’s part, and a billing cycle that is efficient and makes accounting and forecasting easier.
Save Money While Making Financial Operations Easier
Perhaps the best thing about streamlining financial operations with workflow software is that you make financial operations easier while at the same time making them less costly. Processes move more quickly, they’re less prone to error, and there is far less physical paper to keep track of and file. And if you’re worried that workflow software is only for big enterprises or those with a deep IT bench, stop worrying.
PerfectApps is designed so that non-programmers can use the interface to create customized electronic forms and workflows that perfectly suit your requirements. Plus, it can be used in the cloud so you don’t have to worry about having the “iron” on-site to run it. Have a look at our demo and see how easy it is to take your financial processes to a higher level of functioning quickly, so you can enjoy the benefits of better, faster workflows as soon as possible.