How to work better remotely with a modern finance system
19th Jun 2020
Brought to you by
Share this content
We are facing now, more than ever, the genuine need to digitally transform our organisations. While there are many elements to digital transformation, modern cloud-based finance systems have a huge part to play in enabling both the finance team and wider organisation to work better remotely.
Here are some key elements that a modern financial system can offer to help your organisation to work efficiently, remotely.
‘Workflow’ is fundamentally the electronic approval of documents and a finance system that automates tasks and approvals removes the necessity of printing, hand signatures and time delays. If purchase invoices need to be approved by a budget holder, an in-system workflow is a big plus for an organisation working remotely.
An integrated document management system guarantees that everyone has access to the documents they need to operate remotely. Also, because budget holders can access and review documents in the system, they have a more comprehensive understanding of their financials, leading to better budgetary ownership and improved financial control, regardless of location.
Self Service Reporting
Putting live, financial data in the hands of budget holders is essential for them to make informed decisions. The best way to achieve this remotely is by giving budget holders direct access to your finance system to facilitate self-service reporting.
Remove Supporting Documentation
Fixed assets, prepayments and balance sheet reconciliations are examples of finance functions that are traditionally managed offline via spreadsheets. Look for a system that not only operates with these modules as the standard but one that can also help to automate the postings and reconciliations of them, eliminating the requirement to hold supporting documents.
Integrated Expense module
An in-system expense module means that employees don’t need to send paper receipts to finance for processing, nor do finance need to manually record those expense transactions in their system, facilitating a more streamlined and efficient process.
An arduous process at the best of times, payment runs typically involve the printing and manual approval of a mound of paper and supporting documentation. Look for a system which fully integrates with your bank from a payment perspective and allows the in-system approval of payments.
Finally, ‘True Cloud’
Most finance system’s now call themselves ‘cloud.’ Even on-premise systems do, simply because they can be accessed remotely through a VPN. The problem with many of these solutions is that they present issues with bandwidth if everyone tries to access the system at the same time. They are also inherently slower, as the system itself wasn’t designed to work in the cloud.
Look for a ‘true cloud,’ multi-tenanted system, as much like Facebook and Google, they are specifically built for the cloud. With multi-tenanted systems, everybody utilises the same version of the software, meaning free remote updates, out of the box integrations and, as everyone sits on the same version, it’s easier to support, especially remotely.
Find out more about how Xledger can help you maintain the same efficiency in the office - anywhere, anytime. Request a demo and we'll go through the functionalities in Xledger that are important to your company. Your demo will take 20 minutes.