Money makes the world go around and is the heartbeat of a business. If you don’t know where your money is and how it’s impacting operations, you’ll have issues. Having financial data readily available is imperative to a business in understanding the financial health of that business.
Business leaders must understand ways to increase efficiency. How do you set up your business for success? How do you increase efficiency? That’s where digital transformation comes to play.
Building Your Finance Stack
What is a finance stack? A finance stack is the set of tools that a business uses to streamline and optimize financial and accounting processes, connecting those processes efficiently to the company’s operations. This may also be called fintech stack or financial technology stack.
This stack of tools is integrated into the accounting process which in turn streamlines and standardizes workflows. Through these technology toolkits, businesses can leverage value-added services such as insights and reporting, while automating as many processes as possible.
What are the Benefits of a Finance Stack?
An integrated finance stack lets organizations focus on growth by reducing the manual workload of running their finance and accounting processes. A finance stack automates manual tasks such as invoice data, checking invoice numbers for possible duplication, routing invoices to the right people for approval, storing invoices and related communication, and keeping an audit trail of invoice approvals and other touchpoints.
The right finance stack significantly reduces stress by minimizing the chance of human error while applying user-friendly systems that keep all the information you need at your fingertips. It leverages technology to turn small, agile accounting teams into industry leaders.
What Will Work for My Business?
Your finance tech stack should harness the power of automation to handle manual, repetitive tasks like entering data, checking invoice numbers, and applying set rules to your workflow. Your tech stack should also integrate with payment systems that take most of the effort out of the payment process, for instance, Bill.com. Make sure the systems you choose allow all the various levels of access and approvals your team needs.
Best Practices to Look For
There is no single solution, and each business is unique. There are a few points to keep in mind when choosing what could work for you:
Automation – automate manual processes and eliminate time spent on repetitive processes
Intuitive – must be user friendly and require hardly any time at all for new users to become acclimated
Mobile Access – tools should be available on the go
Integrations – will it easily integrate into your systems
Support – does it have customer support (and which type? email or chat)
Strategic Value – data and analytics should be available to help us make more informed financial and business decisions
We Can Help
At Redmond Accounting Inc. (RAI), we believe technology is the key to helping you get your business in order. Accounting technology is our specialty, and we provide multiple accounting services and are experts in cloud-based accounting technology. We can guide you through the process of what finance stack would work best for you. Schedule a consultation with one of our team members today to get started!
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