02 Nov The Real Cost of Manual Financial Processes
The notion of paperless finance isn’t new. However, history has proven that it was a concept that proved to overpromise and underdeliver. Well, until now. Many finance professionals showcase a warranted level of skepticism when they think of the concept of paperless finance. In this guide, we discuss the real cost of manual financial processes.
However, there was also a time when the idea of having electricity or a computer in every household seemed farfetched. Time always seems to prove the naysayers wrong. Over time, and as we progress in terms of infrastructure and technology, but most importantly, the buy-in of people, many concepts which seem unattainable can be achieved. And paperless finance is no exception.
As financial systems advance, we’re seeing less need for paper and printing as we continue to automate routine processes. Automation not only free’s up time for finance professionals to focus on more compelling tasks, but also reduces errors prone to manual data capture.
Here is how much manual financial processes are costing you and how Cloud Financial Management is making the vision of paperless finance and reality.
Time
How much are manual processes such as having to hunt down information truly costing you? According to a 2020 report by McKinsey (The Next Normal: The Recover Will Be Digital), 1/3 of the time in the workplace across all occupations involves collecting and processing data. This includes time spent searching for documents or passing documents back and forth for approvals.
These are usually heavy-manual paper-laid processes. The global pandemic brought this issue to the forefront when businesses were forced to operate remotely, and the sharing of physical documents became near impossible.
Cloud financial management solutions offer efficient workflows and offer a collaborative landscape for teams to work on and share documents. According to Deloitte, adding technology to eliminate paper for the process can reduce operating expenses by as much as 25%.
Watch the 15-minute webinar below on the real cost of manual processes and see real-life case studies on how businesses have scaled easily, saved time through automation, and saved costs through the adoption of a cloud Financial Management System.
