Rapid innovation in technology is impacting industries at various levels. Right from digital payments to online procedures, every business should have agility in the operational processes. The roles and expectations of each department is evolving as they adopt new technologies. Most importantly, the finance and accounts payable department have to evolve continuously to pick up pace with the growing technology.
CFOs find themselves at the core point of business transformation. Margins, earnings, savings, performance and budgeting remain top priorities for CFOs. Amongst all, risk mitigation, integration with technology and investment returns turns to be key concerns.
Finance executives must deploy systems that are robust, flexible, integrated and cost effective. Controlling costs is one key area for finance executives to meet business objectives. Most organizations take decisions on spending, T & E policies and budgets without having complete visibility over the data. Unnecessary spending, travel and expense are the most critical aspects that disrupt the company’s forecasted budget.
Starting with procure to pay and travel expense procedures, CFOs need greater transparency, accuracy and control over the processes. There are few questions which you need to consider, especially if you’re at a senior finance executive position.
CFO Tips: How technology is picking pace in finance industry?
- Controlling Costs with Technology
Most companies transform spend management with automated solutions such as travel expense management, procurement, accounts payable, invoicing, eSignature, and asset management. Now, it is highly required to upgrade manual expense reporting to cut down lengthy expense reports, paper receipts, and approvals. Streamlining the processes will control costs and benefits both employees and finance teams. - Travel and Expense Management
Travel & expense processes can be managed effectively throughout the organization by integrating business travelers, travel desk, travel agent with the travel and expense management software, maintaining collaboration and minimizing miscommunication. All the actions such as travel requests, approvals, claiming expenses and making payments can be streamlined so that every request can be taken and processed at a faster pace. They can negotiate deals and discounts, which will be very helpful in the long term.More on, travel solutions provide a hassle-free way to book tickets online at anytime. And, all bookings made through the travel application will be directly synchronized with expense application, avoiding errors in re-entering the booking data in the application. On the top of all, considering cloud-based travel and expense management solution offers you intangible benefits compared to on-premise applications.
- Accounts Payable Solution
Stringent control is highly required for the finance department to manage the entire cycle of procure to pay. Not only automated solution allows you to process Po’s and invoices smoothly and also lets you reduce maverick spending. Also, suppliers can submit invoices directly and track progress without any constant follow-ups for payments. With an automated solution, you can track the in and out flow of every process and extensive analytics will help you analyze the data and make informed decisions. - Invoice Management
In a business, you will have to deal with hundreds to thousands of invoices to meet the requirements of your organization. The solution allows you to process your billing requirements smoothly and lets you track payments, and manage supplier database & inventory from a single interface. - Asset Management
Asset management systems allow you to integrate the processes from procurement to product life cycle, including maintenance or product upgrades. In addition, the solution helps you in recycling and calculating depreciation.
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