The Finance Department is a crucial part of any organization, responsible for managing financial transactions, preparing financial reports, and ensuring compliance with accounting regulations. However, manual document management processes can be time-consuming, error-prone, and inefficient. In this section, we will explore how a Document Management System (DMS) can bring significant business efficiencies to the Finance Department.
| MASTER DATA | SUBLEDGER MAINTENANCE | PAYMENT HANDLING | GL CLOSING | GROUP ACCOUNTING & CONTROLLING | REPORTING |
|---|---|---|---|---|---|
| Validation to the external sources | Change the payment plan | Clearing and processing the incoming payments | Extraction of source data from subledgers | Financial statement analysis | Management reporting package |
| VAT code validation | Exernal bank confirmations/ certificates | Clearing unassigned payments | Closing and opening the periods | Completeness check for incoming data | Archiving |
| Sanctions screening and KYC | Subledger vs. GL reconciliation | Handling of unassigned e-invoices | Collection of material for financial statements | Validity check for incoming data | Regulatory reporting |
| New master data item creation | Support for various loan application processes | Automated insurance payments to customers | Preparation of journal entry supporting documents | Intercompany reconciliation | GDPR information for clients |
| Review and closing of old bank accounts | Overdue reminders and dunning process | Intelligent payment analysis | Journal entry approval | VAT deviations | Reporting to the parent company |
| MIFID II and contract update & archiving | Account determination process | Payment batch processing or monitoring | Journal entry posting after approval | Outlier detection | Filling out statistics |
Automatically send invoices based on predetermined schedules for each client or customer. Perform automated invoicing, drag and drop file organizing, electronic search, e-signature and many more.
AP process automation with 3-way matching. Transform inbound invoice processing with Artificial Intelligence (AI) and Machine Learning (ML). Empower your AP team to work smart with an automated invoice-processing solution by leveraging on an AI-powered document management platform.
Improve your company’s financial health today by automating expense reports. Automate the expense reporting process by capturing receipts and expense data, routing it for approval, and storing it for future reference.
Manual preparation of monthly financial reporting is time-consuming and prone to errors. The finance department is responsible for producing financial reports for stakeholders. A DMS can help with the production of financial reports by automating the collection and organization of financial data.
Auditors often require access to a plethora of company information to ensure your practices are compliant with regulations. This may include information such as payroll and other employee data, your company’s financial statements, and more. Auditing is an essential function of the finance department, and a document management solution can assist with the auditing process by providing easy access to financial records and supporting documents.
Facilitates preparation, agreement, approval, signing, storage, and
further management of all types of contracts. When contracts are printed out,
or saved in network folders, it is a hassle to create new ones, negotiate them,
or get them signed. It is also difficult to keep track of the agreed terms and
expiration dates, and you might be wasting opportunities to make the contract
work for your own interests. Here is where we can help.
