Technology Used in Finance Is A Changing Trend Currently | Bassam Infotech

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Industries witness rapid innovation in Financial Technology Companies, that are impacting businesses at various levels. These include digital payments to online processes, every business is moving towards becoming flexible using the Financial Technology Companies.

While, the roles, duties and expectations of each department are evolving as they adapt to this new Technology Used in Finance. The Finance & Accounts Payable units led by the CFO are adapting to keep up with Financial Technology Companies.

CFOs find themselves at the core of business transformation

The top priorities for them, remain – margins, earning, performance and budgeting. Among others there are – risk mitigation, appropriate integration of technology, driving investment returns in a low rate environment. Finance executives must, therefore, deploy Financial Technology Companies which is robust, flexible, integrated, rapidly deployable and cost-effective.

Whereas, Financial Technology Companies give you the opportunity for the Finance Executives to meet their business goals lies in controlling costs. Majority of organizations take decisions on spending, travel and expense policies, and budgets without having complete visibility and data.

Indirect expenses, travel and expense are the most critical items that derail a budget, clearly because the spends are claimed or entered into the system manually after the expenditure is already made.

When automating Procure to Pay and Travel Expense processes, CFOs put themselves at a great advantage of having transparency, accurate data, financial and regulatory controls.

Tools That Help Control Costs

Many companies are actively transforming spend management with Financial Technology Companies for Travel Expense Management (TEM), Procurement, Accounts Payable Automation, Asset Management and eSourcing.

The need of the hour is to upgrade manual expense reporting, which entails lengthy expense reports, paper receipts, approvals, and requisition forms with an efficient and modern technology i.e, Financial Technology Companies.

Streamlining these processes has proven to control costs with benefits for employees and the finance teams.

Travel & Expense Management

You can streamline travel across the organization by integrating the business travellers, approvers, travel desk, travel agents and vendors with the Technology Used in Finance i.e, TEM software, maintaining the integrity and minimizing miscommunication.

Hence, for the finance and accounts payable teams, there is a trail from travel request, approval, local expenses claimed and payments made to the vendors.

In the long term, they can negotiate deals and discounts and recover unfertilized sectors with a robust Financial Technology Companies.

eProcurement

Stringent control applied to uphold the delegation of authority matrix and prevent maverick spending.

Suppliers POS Software and invoices are processed smoothly.

Hence, suppliers can also submit invoices directly to the tool and track progress independently without constant follow-ups for payments.

Some indirect expenses that can be brought into the fold of Financial Technology Companies. i.e,

  • The procurement software Utilities
  • HRD
  • IT Services
  • Services
  • Legal or Technical fees
  • Facilities
  • Travel

Asset Management

An Asset Management platform is the digital register of all company assets, as a result,  helps to integrate all the processes.

These processes include:

  • The request for a new asset
  • Procurement of the asset
  • Shipping
  • Handing over to the user at the location
  • Product lifecycle
  • Maintenance or upgrades of items
  • Submission or recycling
  • Repurposing of unfertilized assets
  • Finally, depreciation calculation by the new Financial Technology Companies is calculated

E-Sourcing

With all aspects of business increasingly turning digital, E-Sourcing Tools help institutionalize the procurement process across the organization. As a result, Financial Technology Companies is primarily designed for cost advantage.

Hence, it shall help you reverse auction for suppliers, which runs in a transparent and professional manner.

Therefore, Financial Technology Companies reduce cycle time, throw the competition open for suppliers, with an obvious hard dollar saving and ROI with E-Sourcing.

 

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