Three top tips to streamline your company’s finance department

Blog Industry trends July 4, 2019

In today’s business world, we try to streamline and simplify our processes to allow more time for the core business. Josefin Holmgren presents the three most important and basic tips she usually gives her clients when discussing how to make the finance department more efficient.

Speed and flexibility are the keys to success

In today’s business world, we’ve got used to living with faster and faster developments. We’ve begun to realise the importance of being fast and flexible to meet customer and supplier requirements.

We try to streamline and simplify our processes to allow more time for our core business. We want more time to gain ground quickly and bring new money into the company. There’s a growing need to get a quick overview of income/revenue and expenditure/costs in order to make accurate analyses.

My three most important tips

Below, I present the three most important and basic tips I usually give my clients when we discuss how they can make their finance department more efficient.

1) Implement a digitisation strategy

Start by taking a close look at everyday activity in your finance department. What is currently being done manually that could be digitised? Then identify the manual working methods that are the biggest time thieves.

Are you still working with paper invoices to customers? Do you enter supplier payments manually? Do you upload payment files manually or even worse, do you enter payments manually?

Then find out what options are available for digitising these procedures to e-invoicing and e-payments.

2) Get a clear overview

What does your CFO need to be able to analyse your company’s income and expenditure? Is it a manually generated report, which you might get by combining a number of searches in your ERP into an overview? Perhaps you even need to retrieve data from different systems and merge them into an Excel report to try to get an idea of the whole picture?

This is where the fun begins. Thanks to all the data that will now be available to you with the digitisation of your invoices and payments, you will be able to generate accurate spend analyses and a correct income analysis based on actual invoicing, without the need for manual reports.

Can your electronic invoicing and payment service providers populate your data in graphs directly into the system without you having to lift a finger?

3) Appoint a digital manager and get management support

One of the keys to successful digitisation is the appointment of a digitisation manager. This person will look at the whole picture and make sure that different departments pull in the same direction and utilise your supplier’s full potential, instead of working as separate companies within your company.

Of course, it’s also very important to involve management in the digital journey right from the start. The change must come from the top to become an integral part of the entire organisation and make the company’s digitisation as efficient as possible.

Would you like to know more?

Please feel free to contact me for a more detailed talk about how Pagero can help you to make your finance department more efficient!