How to make finance department fully digital

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A bill payment software reduces paperwork and associated errors.

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To improve the billing process of your company, billing software is more efficient than manual spreadsheets.

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Once these bills are approved, payments are sanctioned immediately.

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He did Post Graduation Economics from Kerala University later he started his career in the Arab National Bank in Riyadh, Saudi Arabia.

He worked for quite some time and achieved a great deal of knowledge about the technology and its capabilities.

From childhood, he was good at calculations and finance management.

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Recently At Aufait, Using SharePoint Online solution, we automated some of our key process connected with Finance department to help them to get the complete visibility on what’s going on with the delivery team and other departments. As a result, we have created a Finance Management System on SharePoint online where you can easily track all the tasks undergoing in the finance department which might benefit other organisations.

In this blog, we thought of sharing how SharePoint online helped our finance department in assisting some of the functions such as accounting, tracking, reporting, financial management etc. Earlier, it was a very difficult task for the finance team to cope up with the workflow in our organisation using Excel sheets. Every new assignment leads to a creation of new such sheets making it nearly impossible to deal with multiple projects. So, we decided to design a new tool with few automated features where all the relevant details regarding the new projects such as raising invoices, milestone completion. This Finance Management tool turned out to be very effective in managing the workflow and increasing the output.

The Finance Management tool consists of 3 essential modules which makes them fully operational:

1.  Project & Milestone Module:

Whenever a new project is won, Either Delivery team or Sales team can create a new project by assigning details related to the new project where all related stakeholders get notified. An approval workflow is also incorporated for the necessary management team to approve.

Project Milestones with tentative dates are very important for finance team to predict the revenue and cash. This will greatly help in timely delivery as all stakeholders can track the project milestone status.                                                                           

2. Central PO Repository: The purchase document and offer letter are uploaded to the system along with the details regarding various completion stages of the projects (milestone) such as PO date, project and AMC value along with PO amount. This will later help to get them searched and filtered for reports.

3.  Invoice Raising for Milestone: This module will only be available if all the above are completed and successfully approved. The system automatically raises invoices once every stage is completed. This is a fully automated process as the system is aware of the due dates for each and every project. The final invoice will be having all the details regarding the project.

In short, some of the key advantages of deploying this system are:

• Centralized Document Repository: A central system for storing all your project, finance documents along with P.O (Purchase Order) and invoices.

• Invoice Generation: The system will give flexibility to the project manager to raise the invoice once the project gets completed. The project team will also be notified once a milestone or any particular phase gets initiated and accomplished.

• Search Optimization: Search is made simpler and finance department benefits the most in this case as they can easily verify the documents.

• Milestone Tracking: Flexibility in tracking every milestone and raising the invoice accordingly without giving any manual efforts.

Overall, This Finance Management System is currently an easily manageable and user-friendly system that greatly help in increasing the productivity of finance department in any organisation.

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Grants also come with the understanding that the person or persons receiving the grant are committed to fulfilling various obligations through the exchange of money.

They can be rewarded for good community promotion in the long run or soon.

Grants are provided through a number of programs including re-training of unemployment programs, road development programs, programs to promote business development in undeveloped parts of the city or city and so on.If you look at the types of grants by category, you will find grants in most categories.

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Digital transformation is likely the top priority on the packed agenda of nearly every progressive corporation in a variety of industries.

Companies want to leverage the changes and opportunities that digital technologies represent and aim to accelerate their impact on employees and customers.

The financial services industry is also on par with this digital transformation.

However, the process is relatively slow compared to other sectors.

Financial services technology is continuously looking for ways to make spending and managing money easier than it already is.

While the process of digital transformation for financial services may not happen overnight, here are five broadly defined steps, finance companies can take to avoid getting left behind: