Everything You Need to Know About No-Code Financial Process Automation – The What, Why & How!

We all know finances are the backbone of any and every business. Regardless of the industry, financial efficiency and effectiveness obviously lead to growth and success. And with no-code business process management (BPM) platforms available in the market, achieving it is not difficult, trust us. Businesses across industries are exploring no-code platforms for Financial Process Automation to streamline accounts and finance processes. With no-code it takes only a few days to automate processes and voila! all weary accountants amidst manual calculations and redundant processes are going to rejoice.

Did you know?
According to the Accenture Finance 2020 report, financial process automation would eliminate up to 40% of the transactional accounting work that the finance department does today! Isn’t that awesome, when almost half of your work is automated? This means the team can open so many other windows to create business value by giving more time to decision making, predictive analysis, and performance management.

Let’s understand what Financial Process Automation is and do for us all!

What Is No-Code Financial Process Automation?

No-Code Finance process automation (FPA) is the use of no-code apps to automate key finance-related tasks like accounts reconciliation, journal entries, and preparing financial statements with minimal human intervention.

It automates many of the practices you practice on a daily basis and integrates with your financial systems. Financial Process Automation may include document capture (paper, email attachments, fax, EDI), data capture and validation, user-centric approval and exception processing, and system-centric automation for all Finance departments.

With no-code apps that help financial process automation, you can totally forget about all your repetitive every-day tasks and focus on value-driven projects and tasks.

Financial Process Automation lets you do the following making time for more strategic decisions-

• Build and automate processes that avoid late payments
• Streamline the credit decisions
• Find out higher percentages of vendor discounts
• Get rid of unproductive operations

Learn everything about No-Code here including FAQs, resources, and how different departments and industries can benefit.

What can you achieve with Financial Process Automation?

Let’s look at what Financial Process Automation can do to boost your product and service mix and transform your business through 2 lenses- Service & Business.

Obviously, a boost in service and product will transform business and make it successful but it’s still crucial to understand the distinguishable factors affecting both.

Let’s look at where FPA can boost your services and the processes involved in delivering them!

1. Budget Management

Financial Process Automation helps you get rid of inefficient excel based budget spreadsheets. We all know how much time is spent on spreadsheets per week and trust us, it costs a bomb, time and energy-wise too!

Instead, automate the budget approval process and track employee’s usage of financial resources. You should and can build a custom dashboard with the reports and charts to get insights that you need for efficient tracking and decision making and get that budget bang-on!

2. Purchase Order Management

Filling out purchase orders in spreadsheets every time is not the most interesting task, right? So, just automate purchase order workflow including indent submission, approval, and issuance of a purchase order. You can generate purchase orders from the system too and there, you’ve just reduced so many possible manual errors!

3. CapEx and OpEx Management

We know CapEx & OpEx management is your thing but how about making it easier? Manage and streamline all CapEx and OpEx request submissions and approvals through automated workflows as per your company’s processes and policies. The real deal is the analysis and let’s give that clarity and a proper overview with the use of advanced reports and dashboards over any period.

4. Invoice Management

Invoices from all over the company may become a bit too much to handle. So, streamline both incoming and outgoing invoice management processes through automated workflows that take care of necessary verifications and approvals. Simply generate invoices from the system to avoid any errors from manual entry. And don’t miss out on payments by sending out automated email and SMS alerts for pending payments.

5. Contract Management

Poorly managed contracts can create huge financial liability for the company. Streamline your end-to-end contract lifecycle including receipt, review, approval, signing, and storage of contract documents.

6. Accounts Payable Management

Ensuring your business’s invoices and bills are paid properly is also one of the most important jobs out there. Automate accounts payable processes and workflows.

You can make sure that all the bills are paid in time in an organized manner without any duplicate payments. And simply make your process paperless and reduce manual effort.

7. Employee Expense Management

Payroll can be too complex to manage manually. Not only do you have different salary levels to account for: there’s also holiday entitlements, employee expense sheets, etc. to account for!

Enable employees to submit expense claims through the self-service portal. They can upload travel expenses along with supporting bills using any device from anywhere. And don’t worry about approvals and verification because you can automate it as per company processes and procedures for the swift processing of claims. And because of automation, avoid those unnecessary errors from manual processing.

Automate expense management process to receive, verify, and process these claims and eliminate paper trails to reduce manual effort. You can also collect Income Tax Savings declaration from employees to calculate tax deductions for payroll processing.

Also read: A Complete Guide to Workflow Automation Software

Now let’s look at how No-Code Finance Process Automation helps transform your business!

1. All the Time for Strategic Initiatives

By embracing the automation of routine accounting, administration, and compliance tasks you can now free up time, and teams can deliver global operational efficiencies and be leaders pf growth. With financial process automation, you can reduce operational costs and shine a light on new avenues of growth by making more time for strategic initiatives that drive value and profits.

2. Ensuring Substantial Consistency

At the end of the day, each human is different and their way of doing things- even if it’s doing the same task. Even standard processes such as double-entry bookkeeping can differ amongst people. Automating processes ensures greater consistency within teams, reducing the chances of mistakes and information gaps, and have a standard procedure.

3. Risk assessment

Financial risks, if not assessed, can cost you a whole company! We all know the dangers of not analyzing risks! With a good Financial Process Automation, you can actually access the most accurate and timely information from throughout the organization and you’ll be to run scenarios of different variable sets – such as interest rate, inflation, or currency fluctuations – to determine both potential risks in existing markets and prospects in new ones. Over time, FPA will automatically assess risks and minimize them!

4. Enable global expansion

Having a global reputation and presence indicates growth and leadership across companies and to achieve that FPA plays a big role! Automated financing functions allow corporate finance to comply with regulations in various countries, provide multi-language and multi-currency support, and automatically support the accounts of subsidiary companies.

5. Embrace Opportunity

The end of a good story is a happy ending but guess what, FPA isn’t even the end of the story but the beginning of a better and enhanced workspace!
The automation of finance not only brings a great deal of innovation but also practical transformations that will continue to drive technological advancements right before our eyes. And that is something we can all invest in.

Now, we know what you might be thinking, so many benefits and advantages but where do I start with FPA? And as FPA has got you covered, so have we!

How to Start Financial Process Automation?

• Setting standard procedure
  Sketch the workflow and the layout first. You’ll be able to see where you need to make changes and standardize your processes. Once you have outlined what your process needs, you can evaluate the financial management tools that will help you create a digital version of the finance processes that you’d like to automate.
• Creating a workflow
  Build the perfect form to capture all of the important information you need. You can customize it to make it even more useful to your team. Develop a finance workflow, keep conditional tasks in mind, scheduling, and dynamically assigning people to different tasks.
• Interlinking with existing processes
  Once you have automated the different financial processes, you need to ensure that the systems communicate and share information with each other. Select tools that can be easily integrated; and that can help you to connect with different other tools.

Conclusion

To foresee is to succeed and that’s what financial process automation does for you! It paves way for a better workplace by giving you the time to actually do all the brainy strategic work. It ensures that your team will spend more of their time developing high-value, forward-looking businesses and that your team has the opportunity to be one of the most significant strategic advantages of your organization.

And before you start thinking where do I get all of this and which is the best platform to look at, we’ve got something for you!

Quixy is an innovative top-performing no-code platform that specializes in financial process automation. Quixy’s platform helps you automate any business process and build simple to complex enterprise-grade applications in hours and days instead of weeks and months. All without writing any code.

Sign-up for a free trial now, explore its features and get started with its financial process automation solution along with many other free-to-use solutions. Embrace the opportunity today, make the change happen now!