Growth can trigger all sorts of new challenges for a business.
While many organisations have figured out marketing and sales strategies and workflows well in advance, and right down to the smallest detail, the finance side of things is often left until last. Surely, all that is required is for the finance team to deal with a different set of numbers, right? The reality is that growth requires an adjustment when it comes to finance workflow – and the optimum time to start might be earlier than you think.
Optimum moments to start your finance workflow:
1. When the numbers start to increase
That’s not just the sales numbers but an increase in other components in your business too. This could be an increase in the number of employees, a change to the variety of different departments the company has – each with its own budget – as well as a rise in the number of vendors and purchase orders. It’s when these figures start to move that it’s a good idea to start your finance workflow.
2. Before you achieve stability in growth
A lot of business owners wait for the point at which there is stability in the growth they’ve achieved before investing in finance workflow. However, if you want to lay the right groundwork for that growth then the optimum point is actually much earlier. Automated finance workflows will grow with the business and help you to cope with the challenges of scaling up. So, it’s a far better idea to start incorporating them before you hit the point of sustained growth.
3. While the business is still flexible
Larger enterprises are much less flexible than smaller businesses and startups. So, once you reach a certain size it may be more difficult to introduce automated workflows into what you’re doing. Far better to opt for this at an earlier stage and start creating a smart and versatile infrastructure that can grow and change as the business does.
4. At the moment when you think you need to hire more people
Evolving businesses often do best with a combination of automation and human effort when it comes to finance workflows. And, if you’ve reached the point where you honestly believe the finance team needs additional support, it’s worth looking at whether this could come from automated workflows. The right combination of human and machine involvement will depend on the business.
5. When you’re looking to save money
Although there is cost in implementing an automated workflow solution, this cost in comparison to the expense of hiring, training and paying a new employee for the finance team can represent a significant saving to an organization.
6. If the business could benefit from better efficiency
Existing systems might mean that your finance team spends hours on a single task or just has too much on their plates right now. Automated workflows can speed up work processes and remove many simple, mundane tasks from the hands of employees, leaving them free to focus on adding more value.
These are just some of the moments in the life of a business when it could be a good time to invest in finance workflow. Contact FinanSys today to find out more about how SunSystems and our automated workflow solution, Workflow for SunSystems, could work for you.