Re-imagine Your Back Office Financial Processes into a Paper-Free Workflow
July 25, 2017
Technology and the widespread use of electronic documents, can bring simplification, transparency, and operational efficiency to your back office.
However, back office automation comes with its own set of challenges for companies that are outgrowing the capacities of their current systems and require specialized service to realize the value.
As some companies have migrated paper document workflows to digital platforms, many are still stuck in the “paper era.” Merging workflow and transferring information from paper to digital media is not always smooth, and often subjected to misunderstandings, human error and delays, that could create bottlenecks causing a domino effect on the financial operation for the entire company.
Most companies set up their back-office automation on an ad-hoc basis – adding one piece of software at a time as the need arose without much consideration on how it affects the financial data management process – causing inefficiencies, lack of audit trails and creating bottlenecks in areas where automation is not fully enabled.
Adding to these challenges is the increasingly decentralized workplace. Emailing, faxing, files and mailing paperwork from one office to another can slow down workflows, cause confusion, and result in errors.
These challenges don’t go away as a company grows. In fact, it only gets worse. As the volume of work goes up, the inefficiencies multiply. Hiring more employees to handle the increasingly complicated back office operation is not a long-term or cost-effective solution. Something needs to change.
“Back Office in a Box” Sounds Good in Theory, But…
Many companies took software “out of the box” and then realized that the framework, although sounded good on paper, didn’t fit with their current financial workflows, compliance requirements and operating procedures.
To make the software work with their current processes and prepare for future regulatory requirements, they might have to forego or overhaul their internal procedures just so they can squeeze into a workflow put together by some software engineers who knew nothing about the specifics of their business.
These “off the shelf” software solutions don’t consider your current infrastructure, business processes, and unique organizational requirements so they fall short in helping you get the most out of back office digitalization and automation.
Taking Back Office Workflows and Automation To the Next Level
A back-office automation solution should work with your financial processes, not the other way around.
You shouldn’t have to squeeze your business into a certain predetermined workflow that doesn’t meet the specific needs of your business and financial operating procedures.
That’s why here at ActiveWorx, we don’t just give you a piece of software and send you on your way. To help you effectively automate and digitalize your entire back office financial business process, our configurable system is tailored to match your organizational needs.
We start with a simplified consultative process by completing industry specific templates to gather key information from your employees and executives to understand your unique business requirements and financial processes so we can configure the solution to help turn your paper-laden accounts payable and expense processes into automated digital workflows.
This proven approach by our digital transformation professionals complements our completely configurable, rule-based software. Since minimal to no coding is required during the implementation process (which, of course, we do for you,) most companies can get up and running within 20 weeks and see ROI (return on investment) very quickly.
Technology is only part of the equation. Our goal is to bring intelligence into your back-office automation to create an effective Accounts Payable finance system. For example, our software features built-in business intelligence reporting that allows you to effectively manage cash flow while your vendors can self-serve with mobile access item status for a smoother purchasing procedure.
In addition, our experienced consultants take into account your existing document storage and processing systems, so you don’t have to forego the investment you’ve made in your current infrastructure. In this fast-evolving business environment, it’s not enough to simply implement a software solution.
You need a technology-people-process solution for an efficient business operation in which technology is designed to help your employees become more productive and your processes become more cost-effective. ActiveWorx is a full-service provider that is ready to transform your operation and tap into the value of your financial processes.