Financial Process Automation: you’ll come for the costs but stay for the productivity
January 11, 2016 Leave a comment
Research shows that digitizing reduces invoice processing (procure-to-pay) and sales order processing (order-to-cash) costs by anywhere from 50-60%. Impressive numbers indeed. Automating day-to-day financial processes in the cloud means you can process invoices, sales orders, expense reports etc. without worrying about the costs of servers, software, maintenance, upgrades and other hardware.
Many frevvo customers are automating their financial processes and lowering costs. But, what they’re finding as they go along is that the payoffs in increased productivity are vastly more compelling. Here’s what they tell us (see Case Studies for more):
- Happier Employees: Your employees are so much happier now that they’re freed from error-prone, tedious data entry tasks. Automatic calculations, instant validation, PDF generation, no more duplicate data entry or signatures – it just makes for less frustrated and more productive people.
- Mobile Enablement: Our customers love that their forms/workflows simply work on mobile devices. But, they’re equally appreciative of the fact that they work well. Business forms are often large and complex and the time and effort we have put into people-first design ensures that the end product is usable and gets used rather than becoming yet another piece of “shelfware”.
- Business Speed: Sales Orders, Invoices, Expense Reports get processed faster. You get cash sooner, avoid penalties & side effects of late payment and reimburse employees in a timely manner.
- Improved Visibility and Control: Searching, tracking,and auditing are all much easier when everything’s electronic. You’ll feel the benefits all over the organization by virtue of facilitating access, sharing knowledge, promoting employee flexibility and improving business continuity.
- Compliance: Digitizing obviously helps improve compliance. It’s far easier to ensure that documents can be retained, retrieved, audited or destroyed according to your business policies.
- Business Agility: When employees spend less time on paperwork and tedious tasks, they’re freed up to respond to customers. In today’s world, you must be able to react to customer feedback and take advantage of new opportunities as soon as they come up. It’s critical for growth and the consequences of not being agile can quickly become disastrous.
Interested in learning more and automating your own financial processes?Learn more by visiting our website. Explore some of the examples, read customer success stories and contact us for more details.