4 Reasons to Manage Financial Processes with Workflow Software
Financial processes are a fact of life for every business, and the more efficient and accurate they are, the more you and your team can focus on core business functions apart from finances.
Financial processes are mandatory, but they don’t
have to take up unreasonable amounts of time.
Particularly as a small business grows, helping financial processes grow as well can be fraught with challenges. What worked fine for a three-person business may be completely inadequate in a 10-person business.
Workflow software can help you get a handle on key financial processes, automating as much of it as possible and preventing human error from creeping in. If you’re not managing financial processes with workflow software, here are four reasons why you should be.
1. Current Financial Processes May Be Inefficient and / or Opaque
A financial process that resided in the brains of the two founders of a company isn’t up to the needs of the financial processes of a larger company. Opaque processes are daunting for people who don’t know the processes’ inner workings, and that can lead to big errors. Moreover, when financial processes don’t offer transparency, it’s harder for others to take them over when the main process users are on vacation or out sick. Workflow software is the key to creating streamlined, transparent financial processes that make sense to everyone who uses them.
2. Keeping Up with Regulatory Changes Presents a Challenge
Heavily regulated industries like healthcare, food & beverages, and others have no choice but to keep up with a constantly changing regulatory landscape. Good workflow management means building regulatory checks and balances into processes, examining them regularly, and updating them when necessary. The right workflow software allows workflow managers to make changes easily, adding or removing regulatory steps, and updating workflow instructions so everyone is aware of new or different regulations that must be followed.
3. Spreadsheets Tend to Lack Oversight and Have Other Potential Problems
Spreadsheets are great tools, but they have shortcomings when relied upon for financial processes.
Spreadsheets are amazing tools for organizing information, but they have many shortcomings as financial process tools. A shared worksheet may be modified by one person without others knowing, and the results can be catastrophic.
Many small businesses don’t have the time or resources to thoroughly teach unskilled users how to use spreadsheets responsibly. Furthermore, keeping everyone apprised of spreadsheet changes can be overwhelming. Workflows are the answer. And when workflow software interfaces with spreadsheets, companies can enjoy the value spreadsheets offer while minimizing their risks.
4. IT Departments Are Too Busy with Their Own Responsibilities
Maybe you would like to create an automated financial process, but your IT team is always full up with their own work. And hiring a programmer is expensive. The good news is that you don’t have to rely on programmers to create automated workflows as long as you have outstanding workflow software. No-code workflow software means you can create, test, modify, and deploy automated workflows without writing a single line of code. And when financial workflows are created by finance personnel rather than programmers, they’re more likely to meet needs better.
Excellent workflow software addresses all major concerns about creating financial processes that are fast, efficient, and accurate. PerfectForms is finance workflow software that comes with a range of customizable templates for financial processes and also makes it easy to create custom ones from scratch. And since PerfectForms is no-code software, there’s no programming whatsoever. Furthermore, PerfectForms interfaces with spreadsheets, databases, web forms and more, so it’s easy to make it an integral part of operations.
You can try PerfectForms for free by signing up for a trial, and we encourage you to do so. And if you have any questions, we encourage you to contact us at any time.