Every business wants to grow. However, scaling your finance operations to support that growth is challenging.
As transaction volumes grow, many businesses add additional headcount, while others lack proper systems and solutions to support their expanding operations. Some companies also face an increased risk of fraud and non-compliance due to weak financial controls.
Finance should be a driver of business growth, not an impediment.
This paper will show you how modernizing your finance operations can help your business grow even in times of economic uncertainty.
How Automation Helps Businesses Grow
We are all familiar with high-velocity businesses—those companies that, even during economic market shakeups, steadily achieve significantly above-average revenue growth.
There are a host of reasons for these businesses’ fast-paced success. However, one of the best-kept secrets of fast-growing companies is hiding in their finance function. Finance departments at agile businesses displaying high levels of efficiency can significantly impact how a business grows and operates. Efficient, friction-free finance processes substantially reduce the need for tedious and time-consuming manual tasks, allowing the company to focus on scaling quickly and sustainably.
Digital finance processes also provide decision-makers with insights for the accurate and timely forecasts,
predictions, and estimates that a business needs to grow and achieve its goals effectively.
The problem is that the finance teams at many high-velocity businesses are bogged down with manual tasks such as keying invoice data, shuffling paper invoices and emails, chasing down information, fixing human-based errors, and responding to telephone calls and emails from suppliers about payment statuses. All that time spent on manual tasks could have been directed towards growth-generating activities such as analyzing data for opportunities to free up cash, collaborating with business stakeholders, and building stronger relationships with key suppliers.
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