5 Financial Processes to Automate for Better Business
- Jun 25, 2018
- By LCI
- In Blog
- 0 Comments
When it comes to running a business, your financial team is essential. Handling the cash flow for your business is time-consuming, especially when you still do everything manually as many companies do. Consider automating these key processes to improve how your finance department – and your business – runs.
1. Accounts Payable – You have to pay your bills on time or risk late fees and other penalties, but so often invoices sit on a desk for days or even weeks. Automating your accounts payable process lets you pay invoices automatically, so everything gets processed efficiently, which ultimately saves you money.
2. Accounts Receivable – If your customers don’t pay you, your business will grind to a halt. When you automate your AR process, you can create and send invoices automatically, and log payments as they come in. Combined with your accounts payable processes, this gives you a better overview of your business’s finances, so you can make smarter decisions.
3. Document Management – Any time you have a paper-heavy department like finance, you’re going to have time wasted looking for documents and costly errors if one is lost or stolen. With digitized document management, your documents are indexed and searchable, and more secure. You also save money by not having to store all your documents on paper.
4. Forms – Paper forms are not easy to change if errors are made. Instead, scan forms into editable pdf files, or have them filled out digitally. This allows edits to be made quickly and easily, streamlining your financial team’s work.
5. Tax Preparation – Tax time is stressful and burdensome on your finance department as they pull together all the necessary documents to properly report your taxes. When your documents are digital, you can more easily pull up the exact information you need, making the process easier and less error-prone.
Your finance team is essential to your business, so why is this department so often bogged down to the point of causing delays and errors? Many businesses still rely on paper invoices and record keeping, even as businesses grow larger and more complex. By automating your financial processes, you can improve efficiency, save money, and grow your business.
Ready to learn more? Contact an LCI Office Solutions representative today and we’ll show you how automation can streamline your business processes!
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Beaverton, Oregon 97005