30th Aug 2017

How can I make my business payment processes more efficient?

Work smarter, not harder by streamlining your finance function with SaaS.

Most companies – especially those that are forward-focused – have established the need to automate certain internal processes.

In extreme cases, we’re talking about futuristic robots delivering your Saturday night takeaway. Or IBM’s Watson replacing a whole fleet of office workers in Japan.

In less extreme cases, we’re talking SaaS (software-as-a-service), which automates monotonous tasks, traditionally undertaken by hordes of people working around the clock.

Why should I introduce a SaaS solution, let alone a finance one, into my business?

It’s simple, really!

Introducing SaaS solutions that automate payments or Direct Debits in to your finance function can significantly reduce processing times associated with making and reconciling payments. Whilst also removing the risk of human error and – in most instances – dramatically improving security.

Arduous financial processes like payroll and accounts payable consume hours of time. Not just in delivery, but also in reconciliation and reporting.

In a world where, as a consumer, we expect instant gratification (think Monzo, Apply Pay etc.), why do we accept anything different at work?

Business payments should be quick to make, easy to collect, easy to schedule and safe from fraud.

For a finance department, a shift like this means big efficiency gains.

What are the benefits of payments automation in your finance function?

The good news is that this is not a vision of the future, it’s already available and achievable via SaaS payment automation solutions.

“In the next 15 years, it’s likely that 45%, and maybe up to 75%, of existing offshore jobs in the financial services sector will be performed by robots, or more precisely, robotic process automation (RPA). That should translate to enormous costs savings of up to 75% for firms that get on board.” –  Cliff Justice, KPMG Advisory Principle

Payment automation is timely and cost-effective, allowing staff to work more efficiently and get better results.

Standardising processes can positively impact a business and automating tasks can free up staff to undertake other, more complex, more strategic duties.

Overall, there are five key benefits to an efficient finance function:

  • Opportunity to review current processes and ensure they are working optimally
  • Secure, allowing for multi-payment scheduling
  • A reliable software provider can act as a contingency plan if something goes wrong
  • 24/7 access available anywhere in the world
  • Allows for optimal control of business-wide finance processes