Finance
Automation
How Finance Automation Works
Dealing with lots and lots of documents can be frustrating, and a recent Gartner study shows Finance Leaders have had enough; 94% of CFOs are accelerating their investment in digital technologies.
So, what does the future look like if you’re one of the 94% acting now? Let’s take an invoice that comes into your organisation as an example. There’s finance automation technology available now that can essentially read the invoice and extract information from it using invoice processing. So, things like purchase order numbers, supplier code, the value of the invoice, and even the actual line items on the invoice can then be used to match up against all the systems to check whether this it is valid.
And if you find a match, then that’s fine. You can process it for payment. If not, that’s fine as well. You can use workflow technology to send that to a human who can check it. This means that you and your team can just focus on the exceptions, not every single invoice that comes into your organisation.
What Automation Looks Like
Where Spectro Currently Lives
Automation for Finance
Purchase Requisition
What do you have in place to ensure procurement within your organisation is controlled? How do you ensure that purchases are approved before they happen, not after?
Spectrum Digital can help. Our simple Purchase Requisition solution will provide digital workflows within your organisation to ensure that any procurement is approved prior to the spend taking place.
Our clients use this solution to reduce unnecessary spend, improve visibility of spend and automate the purchase order creation process.
Accounts Payable
Spectrum Digital has decades of experience in automating the end-to-end accounts payable process.
From utilising machine-learning driven technology to capture and extract key information from invoices, through to matching that data to purchase orders and goods received notes, Spectrum Digital can provide it all.
In doing so our Accounts Payable solutions will free up your time, improve your data accuracy, provide you with enhanced insight, protect you against fraud and increase traceability and auditability.
Statement Reconciliation
Supplier statement reconciliation can be one of the most time-consuming and frustrating processes within the finance and accounts department.
With Spectrum Digital’s Statement Reconciliation solution you can automate the matching of supplier statements against received invoices and credit notes.
Not only does this save time but it improves the speed of payment, reduces queries and ensures ledgers are accurate for month-end reporting.
Remittances
For B2B organisations with a high volume of sales transactions, the matching of the sales ledger, remittance and bank transactions is a manual and time-consuming job.
It does not have to be.
Spectrum Digital’s Remittance solutions can automatically match the information across those three sources of information leaving the team to just focus on any exceptions.
This saves time that can be better spent elsewhere and identifies discrepancies earlier in the process meaning they can be resolved quicker.
Credit Control
For most businesses an effective credit control process is critical to business growth or in some cases survival.
It’s therefore surprising that so many organisations still rely on manual, paper-based processes for managing the credit control process.
Is this you? There is another way.
Our credit control solution can automate the chasing of payments thereby freeing up time and improving cashflow.
Expense Management
The management of staff expenses can be a time-consuming process for all colleagues and the finance team that need to process them.
Receipts can be kept in desk draws for months on end or even worse lost before they are processed. The month-end expense claim is no-one’s favourite job.
There must be a better way and there is.
With Spectrum Digital’s Accountabl© solution we can automate the expense management process making it hassle free for everyone involved in the process and giving organisations better control over who spends what.
Insight & Reporting
For modern organisations the availability of data and the insight it can provide is critical to the day to day and strategic decision making of a business.
Without that data and insight, key performance indicators can be difficult to identify and track whilst core processes such as operational planning and forecasting can be difficult or impossible to do resulting in issues and lost opportunities.
Our business intelligence solutions are the answer. We work with you to understand the key questions you need answering and then work out what data you need to make better, more informed, decisions. We then visualise this data through intuitive, intelligent dashboards that are available any time, any place.
Invoice Approval
Our invoice processing solution provides you with a fast, transparent and effective way of managing the invoice approval process within your organisation.
Approvers can access the solutions at any time and from any place making it easy and efficient.
Senior management will also benefit from having improved visibility and traceability of spend, making month-end a much easier process.
