Payment and finance processes cost businesses huge amounts of money every year. Every single paper invoice costs businesses the money they can save. In addition to errors in data and inefficiencies in operations that cost even more cash indirectly.
If you want to take advantage of automation to save these costs and take advantage of the many benefits like error and risk management, here are 5 questions you need to ask before getting the right solution for your business.
Is your company status fit for automation currently?
One of the very first questions you should be asking yourself before automating your business finance processes is whether it is the right time or not.
Your startup or small business can be still at a very early stage to do that. There can be just some priorities you need to focus on before investing in an automation software. The investment is not big, but it can be a later priority in the very early stages.
How will the new software be implemented?
Before hiring a software outsourcing company to develop your new finance automation software or buying pre-developed software, you need to understand how it will be implemented.
There are also some other basic questions about the implementation of the software, including Who will be involved in the implementation? How we will the implementation and testing take? Who will support you until the software is ensured to work seamlessly?
Do you need to redesign your processes?
Before automating your finance processes, you may need to redesign the processes to make them more efficient. This will help the software you are going to integrate work more efficiently. As you only take full advantage of automation software when you redesign processes for maximum efficiency.
During process redesign, bottlenecks within your finance processes will be removed. So there is no manual obstacle that slows down and decreases the efficiency of the following processes.
How can the new solution work with the current system?
If you aren’t ditching your ERP system for wholly new software the unifies all of your business processes, you need to make sure that the new finance automation software can work with your existing system.
Integrations can be easier if there is an API available, and fike-based integration can be also a good choice.
What is the cost of your current processes?
To be able to measure how much savings will the automation software bring, you need to calculate the current costs of your finance processes.
This is the only way you can calculate your return on investment (ROI). So you will know in the future how much savings have the software made. You can estimate the expenses of checks and payment processing, employee wages, and any other cost you can estimate or calculate.