Ways to Improve Efficiency in The Finance Department [Infographic]

This is a guest post by Rick Siddiqi, a business and technology veteran with 20 years of experience, and the Managing Principal of companies that specialize in business management software.

Efficiency is one of the most crucial aspects that define the success of a business.

Whether it’s about the business’s resources or its individual departments, efficient management is both a long- and short-term process that should be monitored closely in order to ensure that the business is heading toward their goals and objectives.

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Many businesses would often prioritize their sales department when it comes to implementing new technology and streamlined process. But it is also important to understand that other functions, especially the finance department, should also be treated no less favorably than the other revenue-generating areas of the business.

As an essential component in any business, the finance department manages a wide array of repetitive and tedious tasks and activities just to ensure that the business stay afloat and all the necessary investments and expenses are being funded accordingly.

From bookkeeping to financial reports and ratios, the finance people deal with different daunting tasks that are extremely crucial in making top-level decisions about strategies, markets and external relationships that a business would pursue.

That said, it is very important for a business to provide its finance department its needed to tools so that it will be able to achieve efficiency and systematic workflow.

Regardless of the size of a business, an efficient finance department can immensely help a business achieve its target ROI and better bottom-line.

Here are the key takeaways from the visual guide below:

1. Improve managing inbound documents.

Instead of using paper-based documents, consider using a cloud-based ERP software to help pass important financial information from one department to another. This allows you to save time and effort as well as eliminate the security-related risks.

2. Reduce manual data entry.

Instead of manually keying-in data on the physical ledger and other financial records, consider using a Document Management System (DMS).

This tool allows you to scan and create a digital image of all your paper-based documents, which can be readily uploaded into the finance system of your business.

3. Consider investing in Invoice Approval Automation.

Automating workflow and authorization capabilities in combination with a DMS system will allow your finance department to have a secure end-to-end solution that provides complete control of the invoices your business issues to the clients.

4. Avoid using paper in outbound documents.

Replace pre-printed letterheads, continuation sheets, statements, remittances, etc. with a softcopy version and send them through an ERP software with a built-in email feature.

5. Automate the payment process.

Instead of going personally to banks in issuing checks, take advantage of the automated payment or eBanking feature of the ERP system to send payments to your vendors.

This allows you to save time, eliminate the risk of making faulty payments and provide additional levels of security in the payment process.

Efficiency and productivity are currency in today’s business. By embracing the technological platforms such as Microsoft Dynamics GP, your finance department, and your business as a whole can execute complex tasks much faster while keeping track with the latest international regulatory agencies.

To learn more about how your business can take advantage of ERP software, check this infographic from CloudSuite Pro.

Ways to Improve Efficiency in the Finance Department - Infographic

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Lidiya K

Lidiya K

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