Without an efficient method for requesting and approving cash flow, scaling and growth are weighed down by the ball and chain of manual processes. Businesses committed to excellence and long-term success are throwing off manual processes to amplify productivity, expand high-value strategical work, and stay on top of their competition.
Freedom from cumbersome processes and disorganization is possible through automating finance workflows, but what if your finance department isn’t sure where to begin? Simply follow this guide to see request and approval rates soar. With easy-to-use no-code software, anyone can create automated workflows and devote more time to critical tasks.
1. Select a Process
For a smooth transition, the first process selected to automate should have a consistent, well-defined workflow with predictable functions that don’t often vary. Think about a repetitive process where data is collected, passed on, examined, and approved, resulting in an action such as expense payment or reimbursement.
Examples:
- Budget approval
- Travel request
- Expense approval
- Petty cash request/approval
- Asset purchase
2. Define Goals
For any digital strategy, keeping an end goal in mind is essential for success—to hit the mark, there must first be a target. What outcome is desired from automating this process? Do you wish to improve the speed, reduce errors, cut down on chaotic email flow, or overcome another snag in current processing methods?
Once goals are in place, share them with anyone who will be involved in the automated workflow. When employees understand the reasons for a new system, they are more likely to buy into the change, facilitating a smoother transition.
3. Outline Current Workflow
How is the work item moved from start to finish? Using finance process mapping or by sketching a diagram on a whiteboard, clarify the work item’s journey from start to finish with your goals in mind. What data is needed to begin? Who must examine the data, and under what circumstances? At what point is the work item finished? The diagram should show each step, the related task, and the order of occurrence. Each time data is processed, the order and nature of steps should generally be the same. If conditions or exceptions can affect the sequence of steps, include these as well.
4. Create a Custom Form
Every automated workflow begins with a form to collect data needed for the task. No-code or low-code business process automation platforms make it easy for anyone to create a form to start a new app, regardless of their IT expertise level. Most platforms provide two options, either moldable form templates or custom-made forms. Forms usually include names, dates, sources, and amounts relevant to the work item.
5. Digitize the Automated Workflow
Use the workflow outline to build the app and digitally create the predictable data route. The best workflow management software systems include an intuitive, drag-and-drop interface for building apps that looks similar to a workflow diagram.
Auto-assign tasks based on employee roles in the pre-defined order and set conditions. For example, if an expense request is over a certain threshold, add higher management approval; otherwise, this step can be by-passed. Where applicable, include integration to import or export data via accounting software, CRM, ERPs, spreadsheets, etc. To keep data confidential, set viewing limits.
6. Test and Implement
Test the process on a small scale and compare the original workflow map to the digital workflow, ensuring no steps or data are missing. Also, measure the process against set goals. Adjust if additional exceptions, conditions, or tasks are needed for seamless progress toward item completion. If settings like email or mobile push notifications were left out, add them on now. Continue testing until the data flows smoothly through each task; then begin using the workflow to reach new levels of productivity in the finance department!
7. Track and Optimize
Often, after employees become familiar with using the automated workflow, they recognize ways it could be improved. Welcome feedback or suggestions to further streamline the process.
Reports and analytics are one of the most popular perks of automated workflow management. Take advantage of the metrics to identify bottlenecks and other inefficiencies and tweak for greater efficiency.
8. Repeat
After the initial process is running successfully and meeting goals, additional apps can be created for other finance processes. Fortunately, after gaining some practice with the software, building new apps becomes second-nature. Finance departments are burdened with data-heavy processes that become more cumbersome as a company grows. Automating your processes can ease data management and allows fewer people to complete tedious data management, even when the amount of data multiplies.
When finance processes run through automated workflows, errors and delays are reduced, progress can be tracked, and more information is processed in less time. Standardized operations ensure policy compliance, and transparency allows greater accountability while also encouraging collaboration. It’s no surprise that even small organizations can save tens of thousands of dollars a year by automating workflows. For maximum gains, don’t wait to automate—take these 8 simple steps today.
