For accountants and financial advisors it’s crucial to deliver their services cost-efficiently while ensuring client satisfaction. Luckily, modern technology can take off the edge and make things a lot easier. Implementing the right tech stack eliminates common obstacles in invoice processing such as manual data entry and email clutter. It also solves the complexity of getting proper authorizations from remote client budget holders.
To take a deeper dive into this topic, make sure to join our webinar, "Bill Automation Tech Stack: Establish Proper Financial Controls for Accounts Payable" on November 19, 2020 at 12:00 p.m. EST to learn about the other opportunities this tech stack opens up. You can register here.
How to build such a tech stack? Well, let’s start with the three essentials of end-to-end automation for accounting tasks:
Data automation
All operational data needs to be digitized and stored in the cloud to have them readily available for both the accountant and clients. Efficient financial advisory relies on accounting data that is enriched with business context to make it actionable. In practical terms this implies extending GL codes with business-oriented coding so that accounts payable and accounts receivable information can be translated into company performance indicators. Such business-oriented codes are always specified together with the client and then continuously validated by their decision makers via timely reviews and approvals.
Workflow automation
Efficient process automation is vital for the successful delivery of advisory services. Client collaboration needs to run seamlessly and this simply cannot be achieved using paper or email-based systems for task handovers. Here, an application that automates workflows, sends push notifications, allows real-time status tracking and keeps processes on the surface is a real game changer. Everything is executed exactly as predefined with cloud-based workflows that also capture the complete history, which leads to significantly less time wasting.
Customer experience
Frictionless collaboration with clients is business-critical, as is outstanding customer experience, so it’s important to leverage technology to the fullest. Mobile apps for successful client communication are a key element for ensuring swift and easy collaboration. They provide access to relevant data on mobile platforms and facilitate interaction with clients regardless of their location.
QuickBooks Online + Receipt Bank + ApprovalMax = an end-to-end bill automation app stack that covers all these essentials
This workflow setup enables access to real-time verified data that can be used for spend control, reporting and cash flow forecasting. The seamless integration between client-facing tools (Receipt Bank and ApprovalMax) and the cloud accounting system on the advisor’s side enables efficient collaboration with the client and ensures great customer experience.
Read the full article in the ApprovalMax blog.
Make sure to join our webinar, "Bill Automation Tech Stack: Establish Proper Financial Controls for Accounts Payable" on November 19, 2020 at 12:00 p.m. EST to learn about the other opportunities this tech stack opens up. You can register here.