Payment Processes: How to Save Time with Automation
In this day and age, the business need for installing automated systems is on the rise. With many benefits from saving time and money to achieving faster and more accurate business transactions, automated payment processes have proved to be a necessity in any growing company. With the COVID pandemic, even local businesses like grocery shops and supermarkets have adapted online shopping and digital payments.
On a smaller scale, we’re so used to paying for everything either online, by a credit or debit card, or via digital wallets that we don’t feel the need to walk around with cash anymore.
Imagine how it is on a bigger scale for large companies with huge archive rooms to store thousands of customer’s files, invoices, contracts, etc. In this article, we’ll discuss how automated payment processes play an important role in saving time for business financial processes.
Data Entry Process Made Easy
Data entry must be one of the most daunting tasks that any employee faces. If you are an accountant or work in the finance department, you probably spend hours inputting customer’s information in the company’s database. There will be no need to register each and every piece of information about your clients with an automated system.
Using the digital workforce or robotic process automation, every invoice, document, or form can be automatically scanned and recorded in your system in an editable document. Imagine how much time will be saved using automated receipt tracking and billing processes, which helps reduce the risk of human errors significantly.
Eliminating Repetitive Tasks
The procedure for collecting and processing data is one of the dullest tasks that an employee is required to do. Doing this mundane work requires high attention to detail because your brain, being rather unstimulated, is prone to wander, and it takes up a lot of time.
This process can be avoided entirely using task automation tools for repetitive tasks, eliminating these tasks more quickly and efficiently. There will be no more invoices verification, printing checks, filling envelopes, or getting manual approvals. Employees who usually take 2 to 3 hours daily for recurring tasks will now have more time for other aspects of their job.
Better Risk Assessment Management
Risk assessment is a multifaceted process that requires different business units to assess their risks and report them each quarter. Risk managers have to create spreadsheets manually to record all the points discovered by each team, follow up on all units, and collect all the relative assessments to generate a final report.
With automated risk assessment via this link, this long process can be optimized. An automated system will have categories and definitions in a library, so when all departments write up their risk assessment, they use the same platform, terms, and report templates. The automated platform can easily access relevant data from these reports and provide it to risk managers for verification, saving a lot of time and remarkably improving the risk assessment process.
Reducing Human Errors
No matter how thorough employees are when dealing with financial data, mistakes are bound to occur. Using an automated financial system will help minimize human errors by preventing duplicate invoices or payments and transferring numbers or extracting data from the system manually.
There will be no more late payments because they are automated, and this will benefit your company with early payment discounts that many suppliers offer. Making fewer mistakes saves time from extensive research for an invoice or receipt and from working it through the payment process by hand. You will spend a lot less time dealing with sellers or contractors for corrections. An automated system also alerts the company for any suspicious activities by the employees and avoiding business losses due to fraud.
Consider how employees used to access a customer’s invoice or receipt or any other financial document; they’d have to go into an enormous archive room with endless filing cabinets, search for the right drawer, and pick out the specific client’s file from the batch.
Now think about how an automated system makes this room obsolete; there will be no need for printing papers and countless storage spaces. An automated system provides quick access to customers’ information, as their accounts will always be updated, leading to better monitoring of clients’ data, allowing the accounting department to control finances efficiently.
Faster Responses to Customers
Customers’ inquiries are considered a top priority for many businesses, especially regarding their finances. Employees must aim to respond to each inquiry as soon as possible; no one likes to wake up to dozens of emails that probably take up a good chunk of their working day.
An automated system can automatically identify the core issue in the client’s email, classify the problem to a specified group of complaints, and send back the appropriate response. Having robotic process automation helps respond to clients with zero delays, saving a lot of time for the employees to perform other, more important tasks.
Many people think that applying automation in business will eventually strip people from their jobs, but that’s hardly the case. It can be used to free employees from tedious tasks that can be performed a hundred times better by a machine, giving them the time to engage in more creative aspects of their work. It will increase employees’ productivity by doing other valuable activities like tackling compliance issues, managing budgets and cash flow, and supplier rationalization.
There are many tasks that people hate to do, and just the mere lack of enthusiasm can lead to many mistakes in the process. Even finding and fixing the cause of errors takes up too much time and effort. These automated systems can save us a lot of time spent on frustration from having to do those tasks every day.
Automation minimizes the chances of human errors, which helps to ensure reliability, process compliance, and enhanced security by avoiding mistakes that may cause incorrectly constructed systems. With the extra time available thanks to automation, there might even be time for that elusive round of golf.