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How Finance Dashboards are Driving Change in 2023

10th Jan 2023
Brought to you by
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Kefron provides a range of information management solutions including Document Scanning, Accounts...
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Finance Dashboards Reports

What are finance dashboards exactly?

Finance dashboards are a solution utilised by many companies to consolidate and analyse data surrounding your AP processes automatically. This allows you to get information regarding KPIs and that which most affects your business financially, both negatively and positively, at a glance. This is helping to drive change in the coming year for a multitude of reasons. Just a few being the ease of use, customisability, and informativity of finance dashboards.

Ease of Use

Finance dashboards tend to be very intuitive systems with little intervention required after the initial set up. It ensures that nothing is changed for the supplier, as once a supplier is established in the system all financial documents emailed to your company are automatically uploaded onto the dashboard. It then extracts all relevant data and consolidates it in order to provide any pre-approved user with a detailed analysis of how supplier invoices are affecting your company. Rather than wasting time pulling this data together manually, the system updates daily in order to be as accurate as possible.

As a result of this automation human error is practically eliminated and significant time is saved. For example, for a small to medium sized business to manually process one invoice it takes an average of 25 days from receipt to payment. Financial departments lose a considerable amount of time, and therefore money, manually dealing with invoices and the data they contain when there are solutions such as the Kefron AP Dashboard which do so automatically and can reduce associated costs by 90% and errors by 40%. These are facilitating the drive towards change as companies seek more progressive and proactive methods of improving business practices.

Customisability

Not only are finance systems easy to use, they are also highly customisable. Businesses can adjust many aspects of the dashboards, allowing them to receive data that is most relevant to them. Within Kefron AP Dashboard one can assign different levels of access to users. The options, with decreasing levels of accessibility, are:

  1. Senior Management
  2. AP Manager
  3. AP Team,
  4. Approvers/Procurement Managers
  5. Or to Set the User’s Role themselves

Additionally, the Company Admin can choose who views which dashboards to make sure their staff are seeing the relevant data, not spending time viewing unnecessary data. The AP Ageing Report allows one to see the status of each invoice, including which invoices are being prioritised based on the waiting/ageing period of documents in the system, i.e. documents that have not yet been fully processed. Invoices can be categorised into 3 zones according to how long they have remained ‘open’ (unprocessed). The waiting period for each zone can be adjusted by Admin, the three zones are:

  1. Green = low priority, (e.g., documents that are open for less than 25 days)
  2. Yellow/Amber = medium priority, (e.g., documents open for 25 – 60 days)
  3. Red = high priority, (e.g., documents open for over 60 days)

So, your company can quickly see what needs to be prioritised based on the colour-coding of the system. Date parameters and currency can also be adjusted as required by the user. The system is automatically updated nightly so the user is guaranteed that recent information is available to review.

Informativity

The main reason that many are turning to finance dashboards to drive change within their business is how informative they show themselves to be again and again. Kefron AP Dashboard offers three types of analytical dashboards. This is to better display the information your company needs to begin making changes that will improve your services and benefit the bottom line.

Ageing Dashboard: The Ageing Dashboard as mentioned above provides one with an overview of what invoices require especial attention. The extraction rate is 90% effective, the Ageing Dashboard places an emphasis on the other 10% for the company. These issues will be handled by Kefron who will investigate the issue and seek the appropriate information and escalate as necessary, but it allows your company to see where any issues with your invoices currently lie. This allows you to take action to prevent this issue recurring in the future.

Extraction Statistics: Extraction statistics is an analytical dashboard offered as part of Kefron AP. It allows users to gain a high-level understanding of the rate of successful data extraction from the invoices received within a certain period. The system includes documents set to be extracted from all databases, both active and inactive. It brings one’s attention to any suppliers consistently causing an issue in regard to invoice extraction. Not only this, it also highlights the suppliers with the highest successful extraction and automation rates. The listing can be arranged in ascending or descending order and be filtered by supplier and/or databank. This allows companies to focus attention on solving these issues to better utilise the automation process to benefit their business.

Return on Investment (ROI): Kefron’s ROI dashboard is particularly informative as it allows one to view the efficiency and profitability of the entire AP automation system. The user fills in some simple information during set up, such as the average salary of an AP team member, the amount of time spent processing an invoice and resolving issues relating to invoices, and the amount charged by Kefron per invoice processed. This then allows the solution to calculate the amount of time, effort, and money saved by utilising Kefron’s AP automation system so that you can make an informed decision about the proficiency of the system, as well as how your company is benefitting financially and productively.

Conclusion

Finance dashboards are incredibly useful tools when used in conjunction with AP automation systems. They provide a plethora of features which greatly benefit any business who avails of them and are driving change throughout financial departments. The intuitiveness, customisability and informativity are but a few of the reasons many companies are turning to these analytical tools to help business. They serve to display the time, money and effort saved by your organisation and how to improve these further. In turn, this allows users to use that which is saved by the dashboards to perform tasks to further benefit the overall business and bottom line. By having quick and easy access to all this information, significant time and effort can be saved and put toward tasks that advance your company financially, productively and regarding client relationships and overall reputation.

For more information on Kefron’s finance dashboards and AP automation, see here.