Finance Processes to Automate Now – II
Automation helps you to Reduce Costs and Scale Your Business by following Processes –
6. Purchase Orders – It ensures visibility, accuracy and efficiency. When procurement processes are integrated with AP systems, vendors receive timely payment because the software automatically matches invoices with
purchase orders and receipts.
7. Financial Reporting – Automated financial reporting ensures that reports are accurate and the financial data is transparent & credible for any business event.
8. Consolidated Financial Processes – To have a unified view of financials across the business in seconds by introducing automation into the financial consolidation process is a huge advantage.
9. Budgeting and Forecasting –
(a) stakeholders can easily track and stick to budgets, and numbers are easily accessible for forecasting purposes.
(b) easy to consume the data—to compare numbers, spot trends and use the data to make decisions.
(c) reduces the time and energy, accounting or FP&A teams spend on it.
10. Sales Tax – The automation process determines taxability and the amount to collect for every sales transaction.
How ERP Addresses these Challenges
a. ERP software automates business processes by collecting all information from across an organization
in a central database and using that data repository to automate workflows.
b. Help the Businesses establish and maintain rules that ensure compliance with legal and regulatory mandates.
c. Offer value in tying together business processes end-to-end, allowing the technology to mirror, guide and improve the ways your business gets things done.