3 Signs manual processes are costing your finance team time and money

In Business Management Software, Financial Transformation by Sophie Galtress

Reading Time: 4 minutes

Like a lot of other businesses out there, you might be guilty of spending too much time on manual processes.

Your finance team may be spending their time locating documents, searching emails for files, or waiting to get in-person approvals. Whilst your finance team is doing these manual processes, it’s so much more difficult for managers to get visibility over what their team is working on. This also makes it harder to access up-to-date financial data, in turn, you could be making the wrong decisions based on out-of-date data.

One of the ways you can shift your finance team from spending all their time on manual processes is by automating your finance processes. This then allows you and your finance team to free up more time to focus on strategy and make better decisions for your company.

In this blog, I’m going to go over 3 signs manual processes are costing your team time and money, and how you can change that. Spoiler: A best-of-breed finance solution like Sage Intacct, can mean manual finance processes become a thing of the past!

Sign One: You’re buried in paper and emails or waiting for approvals

It might feel as though you’re constantly filling out forms, walking aimlessly around the office as you wait on approvals, but if your manager is swamped with other projects, you could be waiting a while.

At the end of the day, it’s not an efficient process. It still requires you to spend time searching through your emails for approvals, and you end up losing visibility over where a purchase order is in the approval process.

If your team spends a week or more on each purchase order approval, then it’s time for a change.

So, what’s the solution?

You need an automated purchase order workflow. If you didn’t already know, 90% of the purchase order process can be automated with Sage Intacct. And it all starts with paperless workflows.

Gone are the days when you walk around the office trying to get a manager to approve your purchase order. Sage Intacct puts all of your purchase orders into an approval process workflow, and you don’t even need to give your manager a nudge on approving it, as Sage Intacct will send them an alert through email and/or text to let them know their approval is needed.

You no longer need to worry about losing copies of purchase orders, as the paperwork is electronically attached to the purchase order record.

How cool is that!

“By streamlining purchasing…I’ve shifted 70% more of my effort into the financials themselves, as well as important projects like preparing our first-ever comprehensive facility-wide fixed asset inventory.”

Carrie Brozewski, Staff Accountant, Bay County Medical Facility

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Sign Two: You’re constantly investigating discrepancies between statements and general ledger balances

A lot of finance team members more than likely spend hours each day going back and forth between internal records and bank statements, making sure the transactions match and chasing down every little error. Once they’ve spent hours matching these transactions, they will still need to investigate every discrepancy they found.

If your bank reconciliations are so tedious and consume a lot of your finance team’s time, then it’s time for a change.

So, what’s the solution?

Automate bank reconciliations for a continuous close, which Sage Intacct can help with!

Sage Intacct connects with over 10,000 financial institutions worldwide, to give your team an up-to-date and accurate picture of your cash. This will allow you to make investment decisions in hours rather than days. Another benefit of this is that you will be able to spot the potential for poor cash flow, even before your company may begin to feel its effects.

You will also be able to soft-close cash daily, as Sage Intacct can be set to download transactions automatically from connected banks and credit card accounts, either daily, or multiple times per day!

Sign Three: Your team spends too much time preparing for audits

We know that audits can be an extremely stressful time, even for well-organised finance teams. It could be that you and your team lose hours, or possibly days of work time, as you go back through transactions, to examine the compliance of the entry maker, whilst looking for supporting documentation for these transactions.

The longer an audit takes, the more it costs your business. If auditors are remaining on your premises for up to a week (if not more) during an audit, then it’s time for a change.

So, what’s the solution?

Audit-ready dashboards, of course! Auditors want access to the information that you need, and with Sage Intacct, it’s there. All in one place.

These dashboards provide auditors with read-only access to reports, and they can drill down into underlying transactions. Each individual record will offer auditors the level of traceability they need in order to understand when a record was created, who created it, and whether it was edited. If it was edited, they have that information too.

Finance leaders also have the ability to create checklists and approval workflows to make sure that all processes are followed and documented daily, allowing you to keep your team organised, and you can feel more prepared when auditors come around.

Conclusion

There’s no doubt that Sage Intacct has helped finance teams with automating some of those time-consuming finance processes. If you’d like to read more in-depth about these 4 signs manual processes are costing you time and money, fill out the form below to receive your whitepaper!


If you would like to see how Sage Intacct could help your business, visit our Problems We Solve page. Some of the problems we can help solve include:

If you would like to speak to us about getting your own personalised demo of Sage Intacct, you can do so by clicking here, or the banner below!

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