With each technological advancement in the corporate finance world, companies are continuously looking for new ways to improve their finances.
Enter, finance automation.
If you’ve never heard of this concept, or you have vaguely, we’ve put together this article to show you how accounting automation software can help optimize your corporate spending.
What is finance automation?
Finance automation is an advanced method of handling your corporate finance, that uses intelligent solutions to make many aspects of your spending processes, become automatic.
With traditional forms of finance management, this would often lead to finance teams having to carry out a wide range of tasks to monitor, analyze, and improve corporate spending in your company.
Naturally, this would often entail long hours of manual data recording (using things like spreadsheets), chasing employees for receipts, and reviewing credit card statements.
This would tend to take a hefty portion out of the finance team’s time management and make finance processes much more complex.
With advanced software that provides finance automation, these solutions can take over these tasks and perform them without the need for manual intervention.
This means there won’t be any need for manual intervention for certain finance tasks, since the software will handle them with full accuracy and efficiency, and provide all the data on one centralized platform.
Finance teams can then access, evaluate, and adjust these forms of data on the platform, without needing to gather it themselves.
Many other crucial tasks can be performed with finance automation software, of which will be discussed below.
Why is finance automation important for your corporate spending?
Finance automation is crucial for optimizing your corporate spending, as it offers a wide range of features and benefits for your company, including:
- Automated receipt collection
With expert software in place, you can have any transaction receipts automatically uploaded and analyzed by your platform.
Each time a payment occurs in any area of the business, the receipts can be automatically recorded on the software, without having to chase down employees for manual receipt collection.
As well as this, the software will display a range of data on your platform regarding each purchase. This includes – how much was spent, what was paid for, what team authorized the payment, what corporate card was used, and what type of category the payment resides in.
This gives you full visibility for your corporate spending, ensuring no transaction is missed or delayed due to inefficient collection.
- Automated workflow processes
You can also use finance automation to improve the efficiency of your workflow processes.
There can often be a long delay in the amount of time it takes certain processes to complete, such as having certain payments approved by the appropriate employee/employer.
With automated approvals, you can set certain criteria for your payments, so that if it’s met, a payment can be automatically approved without needing manual intervention.
This can allow for your workflows to be smoother and uninterrupted, which not only improves employee satisfaction but also allows data to be gathered faster for your business.
- Automated spend insights
With each transaction made in your company, finance automation software can provide you with automated spending insights. These can help you structure your corporate spending more cost-efficiently.
For example, one of the many insights you can receive will reveal any duplicate payments being made in your company.
This could be something such as a Software as a Service (SaaS) payment being made for the same subscription in two different teams.
When highlighted, you can ensure no unnecessary payments are being made in your company, which can be draining your revenue.
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Are you looking to step into the new era of corporate finance management, and incorporate finance automation software into your company?