Finance
Put cash flow, budget and risks under full control
Although there are many business functions and departments that can benefit from automation, some of the biggest cost savings wins can be found in the finance department. Many of the everyday functions of an organization’s accounting department can be automated and cumbersome manual processes replaced.
One example of this is Accounts Payable (AP). This business function includes receiving, routing, approving and paying the company’s bills. As a manual process, this includes receiving paper invoices from the mailroom, confirming that the invoice should be paid with the proper business unit, processing the invoice for payment and registering the payment in the company’s records.
But what if invoices were being received electronically and automatically routed to the correct department or person for approval then moved forward for payment and automatically recorded? From the supplier perspective, an automated system means being paid much faster. But the biggest win is within the accounting department itself.
In an automated Accounts Payable system, humans have minimal “touches” on an invoice and are then free to focus on other accounting tasks. Further, special functions, such as maintaining adherence to local business and tax laws for multiple jurisdictions can be pre-programmed into the system, ensuring that the company doesn’t run afoul of authorities in any marketplace where they operate.
XPANSA has the unique ability to develop this and other automated accounting systems in proprietary or open source environments including Sage, Quick Books, Account View, Exact Online and others. Our work can often be accomplished without disrupting current accouting functions. The savings after implementation is notable and produces a rapid return-on-investment (ROI) as most accounting functions have a high operational cost due to manual versus software interventions.
If you haven’t worked with your business consultants to map accounting department processes and determine the real costs of how your company does business, you will be shocked. One large company was paying over one hundred dollars to process each invoice, regardless of the invoice amount and this cost was reduced to less than twenty dollars with process automation from XPANSA. Imagine how big the savings was when multiplied by hundreds of invoices being paid each month.
Core Financial Solutions
- General Ledger and Chart Of Accounts
- Accounting Localizations
- Analytic Accounting
- Accounts Payable and Accounts Receivable
- Invoices processing and workflows
- Bank statements integration
- BPO services integration
- Risks Management
- Invoices processing and workflows
- Bank statements integration
- BPO services integration
- Financial Analytics
- Static reports for tax authorities and audit
- Dynamic reporting for management
- KPIs real-time calculation
Request free quotation on finance solution
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