The last 12 months have been tough for almost every finance professional.
- How do you project sales revenues with any degree of confidence?
- How do you control and manage costs, without hamstringing the business and impacting sales?
Then there is trying to manage cashflow, chasing customer payments, paying suppliers, month end reporting, remote audits, keeping up with the latest HMRC funding support, tax payments, organizing your office space to handle social distancing and remote working………………
The list is endless — the time available is not.
Should you hire more staff?
Adding additional people into finance to help is simply not a viable option.
What you need to do is to free up the time of the people you have from the “mundane” to focus on the important.
But you are far to busy, head down in the firefight, keeping the lights on to consider any changes at the moment — and knowing that so many other finance folks are in the same predicament doesn’t really help.
What you need is a REALLY quick win — something that can be done in a day (or two) that will save a huge amount of time for everyone, both inside and outside finance.
Because as we all emerge into the brave new world and volumes start picking up, either you improve productivity, or you will become a prime candidate for burnout.
This is all about creating time, not just for you, but also for your finance team and everyone outside finance that gets involved in buying stuff.
You are not the only one feeling the pain.
How many hours do your people burn each month buying stuff, then diligently accounting for it? Dealing with all the approval queries, vendor credit control calls, lost invoice and duplicates. Plus increased expense claims with people buying what they need to work effectively from home?
Tot up the hours you and finance team spend on purchasing and accounts payable each month (a guesstimate is fine).
Multiply those hours by a conservative 65% or if you're feeling bullish, multiply by 90%…
Initially, lets keep this simple — a first step in the right direction that you can build on
- Automate the digital capture of every vendor invoice
- Most of your invoices are coming in by email, just forward them on to us
- Bundle up the paper ones, scan them together and email us the resulting PDF
- We do all the rest, so you don’t have to
- Automate the invoice approval process
- So everyone can see where everything is all the time
- Default the general ledger coding process wherever possible to remove this repetitive step
- Cut out the time answering queries — all the information is instantly available
- When fully approved, invoices are posted into your accounting software, ready for payment
- With a full audit trial every step along the way
That is a considerable chunk of time you have just saved.
But how about also saving some money?
If you have got this far, then hopefully you can spare a couple more minutes to see something that will also save more time and will also save money.
You need to buy as much as you can online from vendors like Amazon Business and get rid of the high volume of low-value invoices that just clog up the works — and all the current suppliers you use for these purchases that burn so much time to manage.
If a picture paints a thousand words — a 2-minute video is better.
Hear our CFO explain why Compleat made the change
If you are still with us then here is the last part
So — you have two options,
You can keep burning the candle from both ends and hope you get through it and somehow everything will improve — we wish you well with that, we really do.
If something REALLY has to change (for everyone’s sake at work and at home)
You invest a little more time to save a huge amount of time, for you, your team and your family.
You spend a little money, to save a much larger amount of money for your business — it is an almost instant ROI.
And you help everyone involved in the process to spend more of their time on what is really matters to them.
To do nothing: just click away — good luck and thank you for your time.
To achieve something: click here and have an initial conversation to quantify the initial costs — and savings.