The term “Financial Process Automation” refers to making use of the latest technologies to streamline accounting and finance operations, helping to save time and to reduce labor and cost.
As Fintech organizations focus on helping consumers and business owners manage their accounts and finances using specialized algorithms and software, they can really improve the whole process using Financial Process Automation.
Besides the CEO, the top person liable for taking on the ups and downs within an organization is the CFO. The CFO is always focused on providing timely, accurate, and precise results. It is also the responsibility of the CFO to keep pace with the regulations and fintech trends happening within the industry.
Financial Process Automation
Financial and accounting process management are consequently two of the toughest professions worldwide. Unlike any other profession, even the slightest different approach in financial management can lead to severe problems.
Because managing financial transactions across an organization require a lot of knowledge, expertise, know-how, pressure-handling capabilities, mental ability, and most of all commitment. As a financial manager or CFO, you’re probably aware that today’s financial responsibilities are much more than just math. In this regard, Financial Process Automation is the answer.
Financial process automation allows you to:
- Determine the non-payment risks and undertake the financial concerns
- Take measures to avoid late payments
- Streamline the credit decisions
- Find out higher percentages of vendor discounts
- Get rid of unproductive operations
Keep following and learn more how Financial Process Automation improves the bulky procedures and does the hard part in fintech organizations:
1. Treasury Management
A fintech organization’s capital has the closest relationship with all the organization and it enables it to make key decisions based on quality information. But what if the information you’re provided is compromised due to human error or traditional financial process management? Thereby, accurate, dependable, and up to date information is crucial to treasury management.
Here, a powerful financial process automation system helps in locating, organizing, and utilizing the relevant information needed from the entire organization. It promotes better integration, visibility, organization or company’s valuable transactions, payables, and receivables.
The automation system, therefore, helps in better treasury management– the most important part of a Fintech organization.
2. Data Integrity
You probably have the best finance team hired in your fintech organization, but your team members are still vulnerable against high-end finance problems. Difficult operations, minor mistakes, change in financial policies, and multiple procedures at once can lead to a higher error rate.
In simple words, it is hard for the team alone to maintain accurate information. This is where automation comes in handy. When all your accounting and finance data is automated, you can at least be confident about error-free results, timely transactions, and correct numbers.
3. Improved Operations
Moving from manual finance operations to automation leads to cost reduction, timely delivery, and efficiency. Any to everything that slows down accounting or finance operations at your fintech will be replaced by automatic programs.
4. Faster Approvals
Tired of waiting for your letters for days? Well, faster approvals are by far the best thing about financial automation systems. Whether you’re handling reimbursement claim or budget approval, using a financial process automation system can save you as much as eight hours. Moreover, you get to check each and every financial activity in the organization.
5. 360-Degree Visibility
When all departments of your fintech organization are connected, the CFO can have a 360-degree view at the financials. Say goodbye to the fluctuating financials just because a team member didn’t pay attention to a subject.
Financial process automation includes quality practices to improve payment workflows. Say goodbye to managing payment factories, in-house banks, and a lot of labor and employ a benefit from payment automation.
When most of the financial transactions are automated, it streamlines this vital function, reduce risks, costs, and gives you complete control & visibility. Automation also excludes the error rate often committed by traditional payment systems. Thus, now is the right time to get rid of those manual interventions, higher cost, and unproductive overheads.