Financial transactions are risky and when it comes to managing other people’s money the risk gets bigger. Therefore, financial organizations need to implement stricter operating procedures along with advanced software for financial process management and workflows.
Being responsible for the inventory management process is one of the most challenging and toughest responsibilities to handle. A single mistake while managing the financial process can turn into devastating repercussions to the company as well as the clients. Even worse is it may demoralize potential clients and they may lose confidence in your organization! Managing other people’s money is hence not at all an easy job as it is directly connected to the consumer’s trust. That is why, it is extremely important to take utmost care while dealing with financial process management and workflows.
Therefore, the financial management organizations abide to strict operating procedures and guidelines that involve multiple approvals for keeping track of all the requests and transactions. However, relying on manual and repetitive tasks results in errors often although unintentionally in most of the cases. That is why; it is high time for the financial organizations to incorporate advanced software for financial process management and workflows to simplify everything. However, make sure to integrate the right software.
What to look for in a Financial Process Management and Workflow Software?
While looking out for a financial process management and workflow software there are a few things that you need to keep in your mind for ensuring better and easier management solutions. Some of these things are as follows:
- Audit Trail Feature
An audit trail can be defined as a record that shows who has accessed a computer system and what operations have been carried out by them during a given period of time. Audit trails hence are useful for both maintaining the security and recovering lost transactions. You can set up a separate audit trail software for the same, however a financial process management and workflow software that comes with audit trail feature is the best choice. Do not let the inaccurate transactional entries, incorrect processing dates and long overdue approvals to hamper your business’ financial process flow.
- Requests By Email
Regardless of what people believe about emails, it is still one of the preferred ways of communication not just with the clients or outside partners but also with the people within the organization. With a inventory management process software which can be synced with your email client either via ready made integrations or via API, helps in managing the processes seamlessly.
- Flexibility with Workflow Engine
Financial management workflows like certain other workflows need to be changed over time. For instance, there will be situations where one-time workflow changes may need to be accommodated such as a bonus approval process which is usually not warranted. While traditional workflow systems may require IT intervention for implementing a workflow change, adaptive workflow systems are flexible enough to empower users without any need of coding expertise for making the required changes.
- Real-Time Reporting Dashboard
Real-time reporting dashboards offer a great visibility to the workflow managers that allows them to know the status of each task by anticipating bottlenecks even before they happen. For instance, if any of the approve is not present and certain requests need to be addresses as soon as possible, you can assign the task to another person on a temporary basis. Such a feature helps in maintaining an uninterrupted workflow by eradicating needless delays.
This article is written by Rocketflow, a Business Process Management Platform with capabilities to configure and manage complex business workflows including financial process management and workflows.