Finance Process Automation

Why improve finance processes?

A financial management system essentially automates and streamlines all the repeatable processes. This encourages employees to direct their attention on matters that actually need resolution and critical judgment. Check out the common Finance functions that you can automate from below.

Petty Cash

Petty cash is a small fund of cash kept on hand maintained by a custodian for purchases or reimbursements too small to be worth submitting to the more rigorous purchase and reimbursement procedures of a company. Periodic reconciliations reveal any shortfall or overage in the fund, as receipts are used to calculate the fund balance.

A petty cash fund delivers a quick opportunity to utilize funds, as opposed to other time-consuming internal processes for funding or reimbursement.

. There are two reasons to keep petty cash:

  • To make change for customers

  • To pay for small purchases which require cash, such as food for the office lunch or coffee supplies.

The procedure for petty cash funding is outlined below:

  • Complete reconciliation form

  • Obtain cash

  • Add cash to petty cash fund

  • Record vouchers in general ledger

Employee Loan & Advances

A lot of organizations have a facility through which they provide loans to their employees. If your company is one of these, you are going to need the loan management module on your HRMS. It allows you to define the criteria for the loan including eligibility and policies, as well as the terms of payment based on the type of the loan.

features of the Loans and Advances Management

  • Configuration of loan options

  • Flexible payment options for loans

  • Online loan applications

  • Online approval from department heads and managers

  • Online approval from the HR department

  • Interest rate calculator

Vendor Payment

The process of paying vendors is one of the final steps in the Purchase to Pay cycle. Briefly, when a company orders goods from a supplier it raises a Purchase Order (PO), when the goods or services arrive they will receive an invoice from the supplier. If the goods or service matches the PO the details of the invoice are entered into the Account Payable system.

Features

  • Provides good or services within normal business operations

  • Provides similar goods or services to many different purchasers

  • Operate in a competitive environment

  • Goods and services are ancillary to the research project

Transport Reimburshment

Travel reimbursements are defined as payments to individuals for reimbursement of expenses incurred while traveling on related business, Companies, governments and nonprofit organizations may compensate their employees or officers for necessary and reasonable expenses. Reimbursement is also used in insurance, when a provider pays for expenses after they have been paid directly by the policy holder or another party. This is especially relevant in health insurance, due to urgency, high costs, and administrative procedures which may cause a healthcare provider to incur costs pending reimbursement by a private or public provide.