Digital transformation has been a common theme for the last few years. One area that wasn’t moving as quickly into that general direction was the finance department. A number of industry players have banded together to create an initiative under the DX Agents. One of the challenges that finance departments face is where they can start. What is the low hanging fruit for the finance department? We at OnePosting are big supporters of this digital transformation and feel that, for many firms, a great place to start looking is at their processes and systems around invoicing. There are often opportunities both with Accounts Payable and Accounts Receivable. Here are a few benefits of starting with your finance department’s digital transformation with invoices.
Keep Processes, but Automate Low Value
Many organizations have good processes associated to their AP and AR. The challenge is that there are still lots of manual tasks being completed. These are low-value tasks with very little value add. This is an area ripe for improvement. Manually processing invoices can be expensive. It allows the finance department to reallocate resources to work on more valuable tasks.
Leverage Your Finance System or ERP
Replacing a finance system or ERP is a huge project. For quick wins on the digital transformation side, look for opportunities to improve tasks and processes outside of the ERP and finance systems. Today most software can connect and talk to other software solutions.
Get Rid of Paper
Paper is a symptom of a problem. This paper can show up in stacks on the floor, mail rooms full of supplier invoices, banks of filing cabinets, and printers spilling out customer invoices. Reducing paper in itself is digital transformation.
A good AR or AP software solution can be implemented quickly with little disruption to both clients, vendors, and the organization. This allows organizations to see results quickly and free up resources. These resources can then help accelerate the digital transformation around invoices as well as helping on other projects. The organization becomes more flexible and better able to scale.
If you are interested in seeing how OnePosting can help your organization with its digital transformation around invoice, book a meeting with our team.