In Part 1 of this article, you heard the first 5 reasons why you should automate (and update / upgrade) your expense management system, here are the remaining 5.
Still claiming expenses via paper, spreadsheet, out-dated legacy or in-house system? Isn’t it time to look back on such traditional ways with nostalgia because here are 10 reasons why expense management should be automated right away, you don’t need to even be that big a corporation as the benefits are hard to ignore.
McKinsey in a recent research reports that while 75 million people cannot have a job, yet many businesses have vacancies that cannot be filled, and that there is a gap between the current workforce’s skills and what employers want from employees. Especially in the finance and accounting world, where people need accuracy, concentration and speed, it is even harder for organisation to recruit and retain talents.
Having a comprehensive system will enable top managers to manage human resources especially in financial and accounting aspects more effectively in the most effective way to compete globally. Today, we’ll discuss further on 3 among 6 basic ways to use technology to shape up financial strategies and increase financial performance.
Chief Financial Officers, or CFOs, have been commonly known as a corporate officer who’s responsible for managing the organisation’s financial risk, financial planning and reporting to higher management board. However, in this new era, the role of CFO is no longer limited to the tasks above. As stated in a recent study by Accenture, 70% of correlation is found between high-performing financial departments and high-performing companies. This means the CFOs’ responsibility has evolved. Additional research also indicated that CFOs’ responsibilities have been changed from being a rear-view mirror perspective provider to a strategic advisor who navigates the business through hard times and shapes the company’s direction.
Financial management software is becoming an increasingly important part of every organisation. It helps companies to manage and understand their business deeper from accounting to project management and strategic planning. When the financial management system malfunctions, the consequences will negatively affect the profitability and the success of the organisation.
Accounts payable automation, workflow, and e-invoicing have for long been a solution for common AP problems due to human errors. Despite the fact that AP automation can improve accounts payable and financial management significantly, many companies are still applying manual entry.
Many companies, especially ones in retailing industry—where accounts payable (AP) transactions with sellers and suppliers are significantly critical to business—have been investing in e-invoicing and accounts payable automation as an proactive approach to address those AP problems caused by traditional manual entry.
Risk management is an irreplaceable part of any enterprise in order to run every business project more effectively, safely as well as less costly. However, not all project managers have enough time, effort and teams to identify the risk correctly and take action ontime to prevent the risks to become real problems. In the last post, we discussed about the first 5 golden rules of project risk management. Today, we're going through the remaining 5 rules in risk management: