Reducing costs with automated processes
Businesses spend a lot of their revenues on salaries of their employees, hence there is less budget for other expenses. Therefore, cutting unnecessary expenses is a very crucial part of managing the overall company budget and saving more of the revenues. One of the mundane tasks that most businesses go through, is filing the petty cash vouchers or in more simple terms, processing invoices, budget approval and expense reports. Shifting this process to an automated and online procedure, can save the business about an unnecessary expense due to out-of-date ways of operation.
Many companies still don't use workflow online automated tools, but more businesses are looking into automating processes at work everyday.
Automation, allows your business to automate the tasks you have been processing manual altogether. It unburdens employees from manual data entry, approval, and errors( which is the reason behind the unnecessary costs), and reduces the amount of cross-checking and editing you need to do and bureaucracy in the company.
Let’s dive in to to the importance of automation with it's key advantages.
Accuracy & Time Management
Businesses are evolving fast, and for each employee to complete his tasks in time and correctly could be difficult to manage without automation tools. Making sure all his data is inputed accurately will take time and if he wants to finish his tasks on time, he may not be able to make sure there are no errors.
The process of automation is therefore needed to make your employees lives easier. It shaves hours off of work, helps them achieve deadlines, and creates transparency in jobs, which gives an increased sense of accountability in your team.
Automation with customized software lets you streamline effortless & paperless approval flows, invoice processing, and accounts payable management tasks, and build your own organizational workflows that let you track processes using real time data analysis. It eliminates unnecessary distractions, errors and thus costs and keeps the team focused. Additionally, it helps managers gain key insights on the spot about their teams with easy access to analytics. Modern automation tools give finance teams improved visibility over different key metrics. When these processes are handled through software, data is always up to date and available when you need it.
And with added transparency through the use of blockchain technology, you eradicate unforeseen errors and give team members no reason to make errors and not deliver on a timely manner.
Get rid of unnecessary HR
As mentioned above, making sure your data is put in accurately, it takes a lot of time and energy from your employees. And not having an automated tool in place like Haslle, you will need to invest more in human resources and physical workspaces. Having all your information automated and online gives you access to all necessary data and gives you the ability to quickly analyze and assess processes. You will need a financial department with accountants that will often need to manually conduct AR & AP processes in a business. Don't forget that which each additional person you put on payroll, you pay them monthly salaries, a physical workspace, computer, stationery, bills of electricity, and more.
On the other hand, one automated online billing software lets you easily create budget requests, automate payments, and record expenses and revenue in one online dashboard. It eliminates the need for extra permanent and third-party employees . You may just need one person to manage the entire software and communication or you can have your CFO take care of that.
According to 2020 In(Sight) report “What AI & Automation Really Mean For Work” has suggested that more than half of employees believe they could save two work weeks annually through automation.
Without using and benefitting from online and automated tools, employees are forced to invest what should be productive time in unproductive, boring and unchallenging manual processes.
Employees will be happy to have automated tools take the place of mind-numbing monotonous processes, which is great for boosting morale. And they’re more productive simply because they’re doing more productive and challenging work instead of mundane out-of-date processes.
The motivation to do a new task is always high. But, doing the same thing over and over again makes a task mundane, boring and demotivating. And with boredom come mistakes, errors and as we pointed out earlier, COSTS!
In fact, even when people are happy and motivated to do a task, there are still typically false moves, errors and inaccuracies along the way.
But automation tools don’t get bored, and are built to execute tasks repeatedly, without any deviation along the way. Therefore, you can improve the quality and accuracy of your data and reports simply by leaving the repetitive work to automated tools and give executory tasks to your employees.
Automation should be a technology adapted for your company for various reasons.
As an organization, good automation means custom software that’s able to streamline time tracking, expense management, invoice approval, workflow management, staff management and more. At Haslle, we strongly believe that technology will enable CFOs and their teams to shift from completing repetitive tasks to proactively interpreting their companies’ financial data in real time and spending more time for identifying opportunities.
So if you haven't used automation tools yet, make it a top priority to switch to automated online tools this year.