The world is dealing with post COVID-19 challenges by adapting to new systems and technologies. Digital transformation has been on the agenda of every business while catering to the needs of clients, employees and partners. The finance department is no different and has evolved in technology for the past few months. Day-to-day tasks can now be automated to reduce administrative burden on employees. Focus can be moved to building a strong business model to survive in the pandemic. We have narrowed down 5 essential tasks of finance that need immediate automation in your business.
1. Invoice Processing
Automating invoices reduces a big amount of workload and saves time. An accounting software automatically sends customized invoices to clients with your company’s logo at the click of a button. The days of paper invoices are gone with the introduction of e-invoices that can be sent digitally.
2. Billing Management
A healthy cash-flow needs an efficient billing process. An automated system ensures timely deliverability and customer satisfaction. You can increase accuracy of transactions with the right billing management software. You can also convert a purchase order to a bill and record vendor credits. Once you have stored payment information of clients and vendors, you can set up a recurring billing system for all future payments.
3. Sales Order
Now you can streamline your sales processes by automating your sales orders. It reduces manual work and keeps your orders up-to-date. In case of bulk orders, the transactions are managed and tracked closely by the software to avoid small errors and delays. If you have a team of workers managing a single order, you can create copies or share your sales order via email from anywhere.
4. Online Payments
Automatic online payment system helps you to manage recurring payments and send out payment reminders to clients. An accounting software comes with integrated payment gateways to enable seamless financial transactions for all parties. A few simple clicks will ensure your loyal customers are notified and billed and you receive payments on time, every time. You also get the flexibility to add customized statements to your payments receipts.
5. Inventory Management
For businesses dealing with bulk orders, an automated inventory management system comes with many benefits. It eliminates manual stock management and helps you keep track of stock levels from time to time. Inventory information is available to all designated users of the company in real-time.
Automation in finance is a growing practice among business to derive greater results and customer satisfaction. It reduces manual work, giving you more time to focus on important business tasks. Without much further delay, you should start thinking about automating these 5 finance tasks in your business.
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The Storytelling BeanCounter is an expert in multiple accounting software platforms and applications and we can help you choose the most suitable one for your business. Contact us to know more about cloud accounting.