Why Now Is the Best Time to Digitise Finance Management

For finance leaders, the pressure to ensure employees make the right spending decision every time — not just some of the time — is constantly growing. They are also responsible for readying their organisation for the unexpected. Today, this is front of mind, with 90% of CFOs naming this as their key task. 

In this blog we’ll explore how by undergoing finance digital transformation now, finance teams can navigate uncertainties, drive growth and thrive in the future.

Why Is Now the Right Time for Finance Digital Transformation? 

Change is inevitable and can create both challenges and opportunities. But one thing is clear — you need to build agility into your finance processes to withstand change, in whatever form it takes.  

Consumers are constantly shifting their behaviours, while evolving regulations, economic fluctuations, staff shortages and supply chain disruptions bring challenges from all directions. There are also upsides to change, with the acceleration of finance digital transformation fuelling remote work, increasing job satisfaction and reducing overhead costs.  

That’s before you get to the bottom-line efficiencies and cost savings of digitised expense reports and supplier invoices.

Inefficient tasks have never been a good thing for business. But the impact of these inefficiencies is felt even harder when late invoice payments, out of policy spending, or low spend visibility, limits your ability to make quick budget adjustments or invest where and when appropriate.  

Manual processes can hinder momentum, stall growth and even put the business at risk. Digital expense reports and digital invoice systems have become more than a nice-to-have. They’re essential for business continuity.

 

Transform Your Finance Processes Today for a Better Tomorrow

Download our eBook to discover why now is not only the best time, but a critical time to digitise your expense, travel and invoice management.

Download Here

What are the 5 Main Benefits of Digital Expense and Invoice Management?  

Digitally transforming expense and supplier invoice management offers a range of benefits, including more efficiency, increased productivity, scalable growth, tighter cost control and better decisions. Let’s look a little closer at these.

1. Efficient, automated finance processes 

Manual processes slow your business down. Automation of processes such invoice reconciliation, auditing and expense approval reminders, speeds things up and improves accuracy. 

2. Increased productivity

Digitising and consolidating spend data, and automating tasks, enables employees to undertake more fulfilling, value-add work.  

3. Scalability and growth 

Financial complexity  grows as your business grows, with tasks such as VAT reclaim, audits and regulatory compliance potentially slipping out of your control. Artificial intelligence (AI) helps review digital expense reports and allows your business to adjust or scale without adding overhead.

4. Cost and budget control

Intelligent technology and simplified processes keep expense reports accurate and up to date, allowing automatic controls to help managers avoid budget overruns and increase compliance. Digital invoice processing streamlines workflows, shortens the invoice cycle and minimises late charges.

5. Smarter decisions

By unifying expense and invoice data, you can organise data by category, supplier, cost centre, team or employee, for example, and then shift budgets, find savings and guide spending choices.  

With these five core benefits in place, you can strengthen financial resilience and competitiveness in a rapidly evolving marketplace. 

How do I Choose the Right Partner for Finance Digital Transformation? 

You’ve decided to digitise your finance processes but who do you enlist to help you reach your goals? We recommend you look for a partner who:

• Demonstrates proven stability, expertise and innovative solutions
• Automates complex processes like multi-currency expense reporting, VAT reclaim and other related tax and regulatory issues 
• Provides seamless integration with existing systems 
• Delivers scalable solutions with predicable costs and without lengthy contracts 
• Offers cloud-based, on-the-go mobile access 
• Harnesses AI for optimised efficiency and compliance 
• Personalises customer support and training 
• Focuses on long-term growth and success

With this checklist in mind, you’ll find a technology partner who will help steer your businesses confidently through the challenges of tomorrow. 

Why Should You Digitise Your Business?

Bringing all your finance processes into the same digitised, cloud-based solution makes it easier to: 

• Capture and view spend 
• Lower financial risk 
• Improve productivity 
• Scale without adding new resources
• Ensure your existing resources are working at their peak potential 

With near real-time insights based on more accurate data, you can move from reactive to proactive cash management, make faster and more informed decisions and drive your business forward, whatever is around the corner. 

Take a look at the eBook: Transform Your Finance Processes Today for a Better Tomorrow to get ideas of what improvements your business could be making to future-proof finance operations.