Some financial closes take 10-20 days. How can you cut it down to 3-5? Managing processes can be time-consuming for finance teams, especially with the need to issue and process invoices, keep track of budgets, create finance reports – and more. As your SaaS company grows and processes and reporting become more complex, it’s quite common to waste incredible amounts of your time with manual data entry, unruly spreadsheets and time-consuming workarounds.
In our recent survey, in partnership with RevOps Squared and The SaaS CFO, we asked >250 SaaS finance teams, about opportunities for process optimization and productivity enhancement within the finance function. Survey results showed that 4 of the top 5 financial management reports are primarily created using manual, spread sheet-based processes. Specifically, manual process is identified as the number two challenge to both the financial close (45%) and metrics calculation (64%). Bob Monio, commercial product management director at Kofax, a US-based process automation software provider, says: “No matter how skilled an accounting department may be, any system that relies on manually inputting data from paper is slow and subject to human error.
“Every time a piece of paper changes hands, the opportunity to misread, misplace or misunderstand something is introduced. For a company that handles tens of thousands of invoices per month, even a small margin of error can result in huge losses.” He adds: “Manual processing also leads to a lack of control and visibility to management, leaving them unable to make informed decisions to effectively lead their team, as well as creating an environment vulnerable to fraud.
By incorporating automation into your financial processes, you are able to significantly reduce close days, increase agility, lower costs, improve productivity, reduce delays, minimize errors, and ultimately give your team more time to focus on strategy, business growth and success. Improve the productivity of your financial team by eliminate manual processes through automation!
Are you outgrowing QuickBooks? Is your financial system limiting your productivity?
Don’t lose valuable time managing unruly spreadsheets and struggling with manual processes. Assess your current capabilities and uncover the costs associated with your organization’s use of your current, manual-laden system. Learn about the potential upside of switching to the most complete FinOps tech stack today. Visit SageIntacct.com/EasyClimb to get started.
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