Ways to Improve Efficiency in The Finance Department [Infographic] 78

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.

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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7 Quick Tips on How to Be More Successful in Everyday Life 6

If Life Were a Game, What Would Your Score Be? [FREE 10 Minute Assessment]

Everyone dreams about being successful. But what is success?

For you, it could be building a company, getting promoted at work, generating wealth, or more humble ambitions, such as being the best parent or partner. While success looks different to each person, we all have an innate desire to achieve.

No matter how you define success as an individual, here are some habits you can adopt to become more successful in everyday life.

1. Be Focused.

There are distractions all around us, from social media and smartphones to friends and family. While everyone needs some ‘me time,’ to be successful, you also need focus. As such, cut out distractions and set aside time to work towards your goal.

Remember: There is always something productive you can do.

2. Aim to Learn.

It can be easy to get hung up results but being successful is about more than the outcome. The key to being truly successful is about learning. This allows you to grow and adapt, changing your approach and leading to improvements. As such, make learning a goal. This will also help to keep you motivated, too.

3. Be Prepared.

Being prepared is essential to increase the chance of success. This can be applied to almost any situation. Whether you are expecting your first baby, have an upcoming exam or interview, or are considering CFD trading, all require research and preparation.

4. Stop the Excuses.

When something goes wrong, it can be easy to dig your head in the sand, but this is not a habit of a successful person. Instead, take responsibility. Stop your excuses, work on your weaknesses and make improvements. The onus is on you to be successful so step up, set challenges and drive yourself forward.

5. Be Happy.

You may be focussed on earning more money, or you may have a goal to buy a flash car. But if you’re working a job you cannot stand, putting in too many hours and sacrificing time with the ones you love, you could quickly start to feel miserable.

Increase your happiness and make it a marker of your success, even if it takes longer to achieve your goals.

6. Feel Grateful.

Success is often less about material possessions or goals than it is about changing our perceptions.

This is why it is important to start recognizing the good things around you. Recognise and feel grateful for what you already have and you will soon feel very successful indeed.

7. Start Failing.

This may seem counterintuitive, but failure is a big part of success. It helps to highlight the things we do not want and essentially provides clarity. A little failure never hurt anyone. After all, no one has ever become successful without first experiencing failure.