The finance department has a reputation for analogue processes and legacy systems. 88 per cent of finance professionals fully admit they struggle to keep up with the business’ digital goals. In a recent Canon survey, a further 1 in 3 respondents said they had digitised or automated accounts payable, accounts receivable, or vendor management.
Where should you start when considering digital transformation in the finance department? One of the first steps should be to review invoice processing. Manual invoice processing is relatively common but can cause great issues to cash flow. Studies show the human error rate in completing manual invoices is between 12 and 15 per cent, regardless of seniority or experience of the team. The best remedy here is to implement invoice automation to streamline workflows and automate invoice data capture, validation and matching.
Purchase to Pay
Another way to further operational efficiency is to introduce an automated, end-to-end, purchase to pay (P2P) solution. Where unproductive and outdated workflows limit growth potential and hamper profitability, an automated P2P solution will reduce time, money and admin.