Structured, precise and result- and business-oriented. With the ability to see the whole picture and look forwards and with the talent to build frameworks, structures, procedures and processes. That is how we at Inyett recognise all our finance managers and CFOs.
Beyond the normal old tasks, such as responsibility for financial reporting, budget and forecasting work and annual accounts, daily life is also about driving and developing procedures and processes for the finance function. This is so as to contribute to the business from a profitability and cost perspective.
We think that the areas relating to internal control and risks connected to payments and suppliers are especially interesting. And how you as a finance manager can visualise key figures and take decisions based on input from data on errors, mistakes and fraud in the company’s purchase-to-pay process. This is something we know about…
As a finance manager it is difficult to …
…know that all payments are correct. It is not enough to have manual checks here and there or spot checks with an audit. Every transaction needs to be checked.
…have full control over master data and to work proactively on maintaining customer or supplier registers, for example.
…avoid colleagues being caught up in manual and repetitive tasks that take up unnecessary time and energy.
…maintain rational follow up of suppliers, where suppliers that are not up to standard or that are deficient in deliveries are identified.
Challenges for the finance manager
A great deal of the finance department’s working time is taken up validating figures. And the finance manager is expected to run, coordinate and develop procedures and processes to make this work as efficient as possible. Many finance departments today do not have good, structured solutions for making their work more efficient. To avoid time consuming and costly tasks, therefore, the employees need to have the right conditions to be able to do their work in the most efficient way. So there are time benefits to be gained, where companies that adapt their organisation to digital processes and use automated solutions in their purchase-to-pay process will take the lead and gain important competitive advantages.
Many companies today are overwhelmed by unstructured data and have difficulty in making insightful and data-based decisions if the information is not organised with the aid of a digital solution. And if you can spread the information in the organisation so that it can be developed by the employees, you achieve both validation of figures and increased quality. So that important values can be achieved by improving the conditions, such as by having correct decision-making data in real time. With this in mind, here are some reasons why finance managers choose to automate procedures and processes for internal control.
Here are some reasons…
- Key figure follow up
Key figures and patterns can be regularly followed up based on statistics and indications, which gives decision makers the correct decision-making data in real time.
- Gives the right conditions for employees to be able to do their jobs
Finance managers want their colleagues to feel the confidence to be able to do their work effectively. Implementing automated processes provides confidence that the purchase-to-pay process is scrutinised in the smallest details.
- Gain valuable insights
Automation contributes simply and quickly by providing commercially critical company information as a basis for assessing suppliers, for example. Moreover, being able to spread the information in the organisation enriches and develops employees and increased quality is achieved.
- There are time benefits to be obtained
By rapidly securing company processes through automation, the processes and procedures are made more efficient. This makes more time available to the personnel responsible and they can focus on other areas that need more analysis.
Good solutions for overcoming the problems
Digital platform for internal control.
Control of each supplier payment.
Inyett Payment Control
Integrates Inyett’s platform for control of supplier payments directly in your systems.
Inyett Register Analysis
Analyses customer and supplier registers.
Inyett Company Control
Assessment of customers and suppliers when setting them up or for monitoring. Receive critical information on customers and suppliers in areas such as Fraud, Finance, Remarks & Observations.
Inyett Company Data
Updated company information.