Financial documents are an unnecessary headache. Bills, invoices and order forms pile up quickly, and before you know it, you and your group are buried in a heap of paperwork. The valuable time that could be spent on bigger picture items is wasted on sorting, filing and analysing. Take back your time. The solution you are seeking lies in document automation. Following are several key ways SenSaaS! technology can maximize your operational efficiency.
Financial automation slashes invoice turnaround time by half
For many businesses, invoice processing is a necessary, time-consuming evil. In the past, employees had to spend hours on end processing paperwork and logging data. This data was hard to access and no matter how organized a company’s filing system was, team members had to dig through stacks of paper to find what they were looking for. With automated financial document processing, all that wasted time becomes a thing of the past.
Financial automation software takes care of the time-consuming operations for you, slashing your turnaround time by as much as 50%. As soon as invoices are received, they can be logged, sorted and paid automatically.
Automation allows you to:
- Extract invoice data and pre-populate it in your accounts payable system
- Route invoices to the appropriate person
- Review and approve (manually or automatically)
- Manage vendor relationships with unified access to invoice and payment history
Financial automation provides easy access to necessary data
Financial automation puts everything you need in one easy place. All facts and figures can be accessed at the touch of a button, eliminating the need for searching and digging.
If a client or customer has a question — or, even worse, files a complaint — all the information needed to smooth things over is only a click away. Eliminate costly filing cabinets and off-site storage space. You will also be protected should tax authorities come knocking. If ever your organization is audited, you will have peace of mind knowing that your financial history is complete, accurate and up-to-date.
Financial automation improves data accuracy
Your team might be good, but even the most detail-oriented individuals are bound to make a mistake every once in a while. Human error might not seem like a big deal, but simple mistakes can turn into something much, much bigger. A misplaced digit or a forgotten decimal can prove enough to land companies in a world of trouble. These minor missteps can lead to major, far-reaching problems that are often hard to pinpoint. You might realize that something is off, but you will likely have a hard time figuring out where the issue originated. Financial automation nips problems of the like in the bud.
Luckily for weary CFOs and accountants, financial software systems can increase a company’s data accuracy by a significant margin. With human error out of the equation, SenSaaS! logs data quickly and correctly without those pesky mistakes. Better yet, if the software does detect an error in your system, your team will be alerted to the problem immediately.
Accurate data does more than just keep your financial information organized — it will help your team make better predictions for the future. A whopping 69 per cent of controllers surveyed by IOFM in 2015 indicated that improving visibility in matters of cash flow and cash management figured among their priorities.
With thorough, up-to-date information on hand, companies are better able to analyse their financial health and identify room for improvement. Avenues that are no longer financially viable, for instance, can be recognized quickly and easily. Teams can then use this data to restructure business strategy and focus their attention on efforts that are profitable.
Financial automation frees up system memory
Financial files are often large and can take up a significant chunk of system memory. Over time, these bulky files will slow your computer systems down and become increasingly difficult to manage. Even worse, should your system crash, all digital files will be lost unless they are backed up.
Financial automation technology replaces outdated storage methods with innovative cloud computing security. Instead of saving information to a desktop computer, programs like SenSaaS! safeguard all data in an easily accessed cloud account. Whether your system slows, crashes or is replaced, all important data is out of the way and safe from accidental deletion.
Financial automation ensures compliance
Compliance is an all-too-often overlooked component of operational efficiency. It matters little how quickly your team works or how much they can achieve in a day. If your financial documents are not compliant, all that hard work will have been for nothing. Financial automation systems take the guesswork out of tricky, often unclear compliance requirements by following current protocol automatically. You save yourself having to check, double-check and triple-check your processes.
Financial automation helps make better use of company time
Time is the most valuable asset we possess. Why let financial documents eat away at it? Many companies, especially as financial quarters draw to a close, waste countless hours on data input. Until the paperwork is out of the way, everything else is placed on the back burner.
When the financial process is automated, however, employees are free to focus on more important tasks. They will spend less time on the nitty-gritty and more time on the bigger picture. Instead of invoice input, they can pursue new leads. Instead of reviewing cash flow statements, they can fill orders. Instead of tracking expenses, they can communicate with clients and develop long lasting business relationships. It does not matter how your team spends their extra time, there are countless higher value tasks than data entry which is tedious at best.
Financial automation is user-friendly
Hesitant to invest in financial automation software? Worried it will just slow things down? Stress not! Systems like SenSaaS! are as simple as can be to implement. SenSaaS! integrates with your data seamlessly, streamlining your financial process from top to bottom. Intuitive controls ensure painless operation, while intelligent sorting guarantees that your data remains easy to locate.
The bottom line
Processing financial documents, though necessary, is a low-value activity that takes up more time than it is worth. With automation software, companies can reclaim lost time and allocate manpower more effectively. SenSaaS! streamlines every aspect of the financial process, from accounts payable to accounts receivable, payment control, and travel and expense management.
Ready to streamline your financial process? Contact us to learn how SenSaaS! can help you.