If your small or medium-sized business has only one finance manager or at least a smaller group of finance managers, chances are, handling every record of your company’s day-to-day expenses (on top of all their other duties) might get overwhelming from time to time, especially during earnings reports season.
Human error is frowned upon, but especially when it comes to handling company finances. So how can you best deliver in a fast-paced, demanding environment without overburdening your employees?
Here’s a rundown on how a cloud-based finance administration software can actually be of help to these common tasks:
- Managing your accounts payables
Relationships with suppliers and vendors should, like customer relations, be a priority. Manage your payments in a timely manner through a finance administration software’s auto-generated notifications regarding deadlines. Aside from these due date reminders, managers can be easily updated on statements already closed or paid to avoid duplication.
- Managing invoices
Mistakes and duplication errors are bound to occur when information is delegated separately and processed by several finance officers in various spreadsheets. An integrated, cloud-based accounts filing system fosters a more effective collaborative environment for finance managers. This ease-of-access also allows for transparency between relevant officers as well as for a more efficient way to review company expenses versus ROI.
- Making and tracking purchase and/or travel requests
Making and tracking purchase or travel requests can be a breeze when kept in a single system. Through a ready-made template, employees won’t have to take up too much time going through so much manual processes and red tape. Aided with an automated tracker, managers can likewise easily view requests for faster approval and filing.
- Filing contract approvals
With today’s increasingly mobile workforce, not all executives are readily available in one single area at one single time. Streamline your contract approval process by making the details accessible in a cloud-based system.
An integrated system that each executive can access, modify and sign at any time, wherever they may be, guarantees a faster and more convenient contract filing and approval process. Afterward, the system can then automatically notify the relevant officers of any update, making for a smoother relay of information.
- Budget tracking
One of employees’ usual complaints is the length of time that it takes to get budget requests for particular projects approved, while executives worry about the number of budget requests and the issue of filtering which ones need to be prioritized.
Keep your business’ capital expenditures well-tracked and under control through a pre-built request and approval system. These user-friendly templates make it easier for employees to file requests and for executives to view the nature of said requests, and easily approve or reject their requests accordingly.
- Create accurate reports in less time
Creating and managing various accounting databases can be confusing, and a potentially messy and time-consuming business as you need to manually keep updating your company’s financial data as you go along. With a finance administration software’s ready-made and easily customizable (no need to learn complicated programming techniques) templates, you can modify and update content easily without having to manually edit previously input data.
Not all finance-related duties are especially unique. In fact, the bulk of duties that take up much of finance administrators’ time are repetitive, such as daily expense tracking, budget monitoring, invoice tracking, managing accounts payables, and the like.
Free your finance managers from routinized tasks through a cloud-based finance administration software so they can save up on time, effort, and ultimately allow them to focus on the more strategic and dynamic, rather than routine, aspects of their role.
About The Guest Author: Maricel Rivera is a freelancer currently working as a content writer for Comindware, a business solutions provider. When not writing, Maricel does research for a multinational financial firm.
Business Finances Photo via Shutterstock