Finance professionals are often seen as the go-to team when an organization is falling short of its goals. They may be the key to seeing what’s working and what’s not. But there’s only so much that they can do without the assistance of powerful technology.
Why Do Finance Professionals Need Technology?
The beauty of technology is that it can be customized to be exactly what you need. If you need technology for something extremely specific like streamlining your invoice approvals, you can find and configure it to do that. If you need a broader type of finance technology that automates your everyday processes, you can customize systems to do that.
While you navigate the world of finance technology, it may be overwhelming to determine what the best option is for you. Technology exists to simplify your processes. When you completely harness its power, you’ll be able to greatly impact growth and maximize profitability.
Here are three ways that finance teams can use technology to positively impact their organization’s growth.
1. Be Informed About Critical Data
Without the proper technology, it can be challenging to access and interpret the data that drives business decisions. Certain systems can take information from countless documents and make it easily digestible.
This is key to your organization’s success because you need to look at data to make smart financial decisions. If you are able to pull up two expense reports and compare them side by side, you can determine what strategies you should avoid and what you should implement based on your past failures and successes.
Technology that allows you to understand your data might seem basic, but it’s very powerful in keeping you informed about what the best thing is for your organization.
2. Keep Records Organized
As part of your busy schedule, managing your documents takes up significant time. In your finance department, you’re all too familiar working with:
- Income Statements
- Balance Sheets
- Business plans
- Budget reports
- Expense reports
- Order forms
And those are only a few examples of paperwork that you likely stare at all day. When you’re dealing with hundreds of versions of many of these documents, keeping them organized can be a daunting task.
Not only can your finance tech digitize your documents, but it will file your paperwork based on document type, date, names included, or anything else. You won’t let the administrative work hold you back.
Centralized document storage will do wonders for your business’s overall growth.
Plus, you probably didn’t get into the financial industry with hopes of filing and searching for a specific document. Instead of days filled with paperwork, you can be completely present in your strategic meetings, pulling up a financial report in seconds.
3. Save Time to Focus on What Matters Most
Your time is likely filled with the same slow, routine processes day in and day out. Take accounts payable, for example. Invoice approval is just one step of one process. Yet it takes the average employee in an accounting department an hour to complete five invoice approvals.
Invoice approvals and countless other processes can be made much faster with automation. Automation technology allows you to automatically route documents to your CFO or anyone else that has the last say on big invoice amounts.
Think about how much time you are currently spending on routing documents, sending reminders that you’re waiting for signatures, and collecting those files. All those hours add up quickly.
Once you’ve successfully automated your tasks, you’ll be able to start spending your time on things that add value to your organization. And help it reach its full growth potential.
Once you transform your department with the appropriate technology, you’ll be able to make better financial decisions faster. Technology is the missing piece to positively impact your organization’s growth. Rubex by eFileCabinet can save you time and simplify your business decisions. Let’s talk.