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The finance processes that Zetadocs helps you with

The finance processes that Zetadocs helps you with

How automating these processes can improve your cash flow

Rushane Minkah

The finance department of most businesses is central to commercial operations. Turnover, profits and cost management are all key, but maintaining a healthy, positive cash flow is the number one priority.

When cash flow is under threat, the systems and processes involved in finance operations can come under the spotlight.

A recent survey of 500 UK managers and business owners threw up figures which starkly highlighted the necessity of keeping funds moving freely through a business:

  • The average SME is owed £64,000 in late payments
  • 11% of SME’s are owed between £100,000 and £250,000
  • 58% of SMEs admitted that late payments were putting their business at genuine risk of going under
  • 15% of SME owners had to take the step of dipping into their own savings in order to cover a shortfall in funding

In some cases, these issues are caused by the slow payment of invoices by customers (either accidental or deliberate), or the inflexibility of suppliers. Yet all too often, the inefficiency of some internal finance systems can also lead to problems.

Finance process that are ripe for automation

Processes such as invoicing, processing orders and expense management can be complicated and time consuming, thereby placing an overhead on cash flow.

Software, processes and systems which can speed up or automate bringing cash into the business, or which improve the efficiency and management of paying cash out of the business (or both of these), will therefore provide a welcome boost to cash flow management.

As an example, while it’s true that payment delays can damage SMEs, particularly if the payment is for a large contract already delivered, this can to some extent be mitigated by efficient and speedy dispatch of invoices which may bring in a multitude of smaller payments to make up for the delay on the larger one.

These and other capabilities, when brought together in a single software solution such as Zetadocs, can enhance finance operations and improve cash flow.

Here’s how:

Electronic invoicing

Invoices can be delivered instantly via email, saving money on the cost of printing and posting and increasing the likelihood of a speedy payment. The electronic filing of all invoices issued makes them easy to access, aiding customer service and enabling you to deal with any invoice queries and requests for copies quickly and effectively.

Sales order processing

An effective sales process relies on speedy processing of purchase orders from customers so that invoices can be sent out for deposit payments as quickly as possible. Email delivery is faster than post and saves time and money. As an added benefit, incoming emails, faxes and scanned documents can be stored electronically for easy access and quick retrieval.

Expense management

Dealing with expense claims can tie up hours of valuable time for your finance department. Claims which can be submitted from any device at any time in any location speed up the process of making a claim for employees, and automated systems make fraudulent or mistaken claims easy to detect and prevent. When general expense trends need to be identified, the source material can be stored electronically for ease of access and analysis.

Collections management

Automated collections management software can ensure that the right documents are always sent to the right people at the right time. Late payments are often the result of a failure in communications, so ensuring that the lines of communication stay open and operate with maximum efficiency is key.

Proof of delivery

Disputes can also be resolved by presenting customers with proof that what they ordered has in fact been delivered – which can often be the trigger for releasing paper. Automatically generating and storing a proof of delivery note, which is then made available on screen when required, saves time and can solve payment disputes very quickly.

Supplier invoice processing

By the same token, the efficiency of making payments to suppliers can be automated, improving information access and security with instant, on-screen access by authorized personnel. Again, this improves dispute resolution on payments out of the business, saving time and effort for everyone involved.

Zetadocs is designed to improve the efficiency of finance processes, leaving your accounts team free to concentrate on valuable core business operations. Contact your Microsoft Dynamics Reseller to discuss the processes you need help with and arrange a demo of Zetadocs.

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