Posts tagged with "process driven accounting"

Process Driven Automation Accounting

How Process-Driven Automation is Changing the Game for Executives Around the World

CFOs continue to play important roles within their companies as they provide insight and make decisions that can completely alter the future of their companies. In 2012, the Association of Chartered Certified Accountants put out a report that included predictions about how the roles of CFOs would change in the coming years, and thanks to process-driven automation, their predictions are coming true. 

Big Changes in the Financial Realm

To put it simply, process-driven automation can be described as the use of one or more digital technologies to automatically perform a process designed to accomplish a specific goal. As technology continues to improve – and as computers and their software become more powerful – more and more processes are being automated every single day. Some of the biggest changes that have come as the result of process-driven automation in the financial industry include: 

  • Optimizing credit decisions. Banks and credit unions must assess their risk each time they open a new account or provide a loan. Once upon a time, this involved spending many days or even weeks analyzing the applicant’s credit. Today, thanks to the abundance of data and process automation, decisions can be reached in days – if not hours. 
  • Reducing financial risk. Process-driven automation can also help CFOs and accountants understand financial risk. With the wide variety of reporting options available, it is possible to predict how a business decision will influence revenue with greater accuracy than ever before. 
  • Improving customer service. Process-driven automation even improves customer service by giving customers the ability to review their accounts, apply for services, or gather information automatically, in real time, and without having to wait for assistance. 
  • Ensuring compliance. Larger companies that rely on various departments can also utilize process-driven automation to ensure compliance with safety or security regulations as well as companies’ own policies. 

The Role of the CFO

Not long ago, much of a CFO’s time was spent crunching numbers and comparing data in order to better understand the company’s complex finances. In other words, they spent much of their time reviewing financial data from the past and putting together reports that were easy for others to understand. Today, thanks to process-driven automation, CFOs can simply click a button to generate complex reports. 

In short, the role of the CFO has changed. Whereas they once looked into the past, accounting automation allows them to spend more of their time looking into the future. Because they no longer need to spend countless hours at their desks poring over spreadsheets and compiling months’ worth of data into understandable reports, they can spend more of their time concentrating on the more critical aspects of their jobs – analytics, fraud detection, compliance, and more. 

Finance executives in industries like banking, healthcare, and advising have always worked hard to provide data and insights designed to improve their companies’ revenue and facilitate growth. Process-driven automation has not replaced the CFO; rather, it has given them access to powerful tools that allow them to do their jobs more efficiently and accurately.

Category: Accounting Software, Blog

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accounting-process-slow

Why Poor Processes Will Slow Your Accounting Department Down

Accounting processes can take a seemingly exorbitant amount of time when time is of the essence. Increasingly, locally-installed software is more time consuming and less convenient than cloud-based solutions, leading to poor, manual processes, longer wait times for data, and higher rates of inaccuracy in data.

Here are the top processes that are slowing your accounting department down.

  • You’re still relying on Microsoft Excel

Microsoft Excel was once the industry standard, but today’s business’ complex accounting needs demand more. If you’re still reliant on Microsoft Excel, finding a new solution is going to be the key to implementing better processes to speed up your accounting department.

  • Your team members could be using different versions of data

If you’re not using a central repository of data that can be accessed from a web browser, then there might be different variations floating around in your colleague’s inboxes or saved to their desktops. If users are accessing and using (and making important business decisions) based on varying versions of data, how can you be sure that you’re operating at full capacity?

  • Access is limited

On-premise solutions are installed locally on your computer. This can be tricky when employees are traveling or for whatever reason cannot get into the office due to a family emergency, inclement weather, or otherwise. By using a cloud-based service, everyone can access the same data with any device with an internet connection, so a business can stay on track even if key players can’t make it to their machines.

  • Security is compromised

When data is hacked, stolen, or otherwise compromised, business screeches to a halt. With cloud-based solutions, data is more secure because it is encrypted and stored on remote servers. Enhanced security only serves to keep your business moving at all costs.

Flexi can help you speed up your accounting department

Trusted by enterprises for 25+ years, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets. Organizations of all sizes, particularly those with complex accounting requirements such as multi-entity and intercompany accounting needs, are benefiting from Flexi’s value: rich features, flexible deployment, easily customized, low maintenance, and highly rated support, all at an attractive total cost of ownership.

Flexi’s comprehensive financial management software simplifies and automates the entire accounting workflow process, without compromising security. Flexi’s open architecture meets even the most stringent security requirements yet allows data to flow seamlessly with any system, whenever and wherever business needs dictate.

Flexi delivers all the rich features you’d expect in a top tier accounting solution, but without the high cost. With a quick implementation that can be deployed on-premises, in the cloud or in a hybrid environment, Flexi will not only simplify your accounting processes today but also will have you ready to adapt quickly to market or business changes in your future.

Submit your information and get a demo of the Flexi suite today.

 

Category: Accounting Software

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