Finance 6 days ago Last updated November 6th, 2019 36 Reads share

How Automation Can Make The Life of a Finance Department Simpler

Automation Can Make The Life of a Finance Department SimplerImage Credit: DepositPhotos

Finance is one of the important departments of a company where a number of functions are managed likes sales, employee payroll, office management, and many more. It is considered as one of the important departments where proper attention and resolutions are required.

According to research performed by British Business Bank, the monetary transactions across the globe would rise approx. 56% in the next few years. So the finance department can expect a rise in the monetary volume at a speed and assumes a zero error in the work.

The automation in Finance and accounts could prove as a difference-maker where a number of repeated processes can be streamlined. With the implementation of automation in Finance and Accounting Software being introduced by AI, one can encourage and change many faces of a business. So, we are here to describe how automation can affect and advance finance operations.

Employee and Payroll Management

In an office, it is important to have a complete record of the attendance and payroll management becomes a need to keep track of the day-to-day entries and updates.  If you look at another side, you would find some performance-based variables; however, it turns into a tough job and may lead to errors. However, with an automated system, you get the confirmation directly to reward an employee for its performance. You can also view leaves, total work is done, login hours, and much more on a dashboard. A versatile payment management system can be systematically organized.

Management of Contracting Rates

When you are in business, definitely, you may need to create invoices for various purposes. However, at the same time, it is important for you to carefully check every variable and it turns into a hectic job. With an automated system, you are able to create invoices with the exact calculation available on your dashboard.

Association of the Daily Finance Department

When you run a business a number of transactions take place every day and it includes both inflow and outflow. However, when you integrate automation, you are able to manage all the transactions from the dashboard. Keep a track of every single transaction and stay updated all the time about your current expenses and available balance. Web-based Accounting also helps in keeping track of transactions.

Mico-management of Customer Services

Many times when there is a need for complete clarification on the accounts of the company, an accountant needs to collect all the necessary details about the present customers. An accountant needs to collect all the related information and it takes a lot of time as well as takes efforts to collect all the information. However, when you automated with accounting software, all the information can be tracked in a few clicks in one place, saves time as well as it’s hassle-free.

Implementation of Bookkeeping Responsibilities

Various companies offer direct payments without having any 3rd party. When you integrate automation, you get the complete information regarding the payment like what payment has been done and how many payments are still pending.

Once you automate your department, your customer receives the information on time automatically and a reminder is sent to them regarding the payment.

When you automate and integrate your customer bookkeeping software, you are able to have a completely agile system for the payments.

Access to Block Payments and Custom Packages

It has been observed in many cases salespeople generally have a complaint that finance is stubborn and unable to get on a deal. Many times clients come with a complex payment system and it becomes difficult to manage multiple blocks at the same time.

When you integrate automation for your department, you don’t check every package manually for every customer. You can create an alarm at any time for the upcoming payment and after that; you are able to connect with your customer for the upcoming payment. A complete management system will follow in your office and your sales team would remain happy.

Generate Custom Quotations

As per the research, if you send a custom invoice to your client within 10 minutes, the chances of cracking that lead get increased by 21%. So your sales team must have the ability to create instant invoices, generally, the sales department needs to connect with the finance department to generate an invoice.

When you make use of accounting software, you are able to create custom invoices and there you get a number of parameters to choose based on that calculation are done and a customized invoice is generated. Parameters are set according to the rules of your organization and you are able to create your invoices. Alongside this, you are able to add specific customer information, name, special service, time and much more.

Iteration and Management of Invoices

Sometimes, it is required to send invoices to multiple departments and therefore an accountant needs to check the details for every department. When you access information from different departments to create an invoice, there is a probability of getting errors and glitches.

However, when you have an automated accounting system in your department; you can easily retrieve the information from an individual customer account. Before sending the invoice to the customer account, you can try sending a test invoice to a concerned person in your department. An invoice can be checked and verified before sending it to a specific client.

Integration of Multiple Payment Systems

Generally, in business, the finance department needs to handle various payments from different payment modes. There are a number of sources today to receive the payment like Bank, DD, Internet Banking, Bitcoin, etc.

Hardly, a few of them look for the cash and the rest is done by the online transfer and it is required to verify every account individually. Sometimes, your customers seem to deny the services even after they made the payments.

However, when you have an integrated system, you are able to manage different payment streams easily. The amount is reflected in your bank account immediately. It works in the best way and offers customer satisfaction

Final Note

To sum it up, the finance department has much more to handle related to your cash and other prospects of a business. It turns confusing and messy if it is not systematized and organized. With an automated system, you are able to manage responsibilities and streamline the work in a fruitful manner.

Accounting – DepositPhotos

Kapil RANA

Kapil RANA

An entrepreneur, Kapil is a qualified CPA and Fellow Chartered Accountant, a first class management and law graduate, advance qualification in information systems. He is a kind of personality who keep on kindling and challenging the fire of knowledge, so that it does never vanish. Pursuing the same trait, Mr. Rana is all set for his new venture, ‘Doctorate in Business Administration. He is the founder of HostBooks, along with experience on strategic management, corporate development & structuring of multinational organizations. He resides in California (Bay Area) and spends his time off playing squash and debating service innovation, politics, sports and of course, corporate.

Read Full Bio