If you’re like many finance leaders, you’re probably wondering: “How can I simplify our processes?” And for good reason. Finance teams in fast-growing businesses are spending a whole day each week on admin tasks. When you’re not dealing with piles of paper, mistakes and unhappy suppliers, your time’s taken up with staff frustration and low team morale. And just when you think you’ve got your invoice process sorted, another team member has moved on – taking their skills and knowledge with them.
At the same time, there has never been more demands of the finance team. You’re expected to balance the books, manage cash flow and drive the growth strategy of the business. But where do you find the time? Perhaps that’s why…
When you make the process easy for employees, that creates more work for finance, right? Finance end up chasing paper trails and checking every invoice and line item for errors. But if you ask employees outside of Finance to do more of the work upfront – with complex workflows and approvals – that drags the process out and causes frustration.
It is possible to put a process in place that makes life easier for employees and the finance team. A process that speeds up invoice capture, approvals and processing for everyone while ensuring compliance and protecting the business against risk.