Apple launched the iPhone ten years ago and already are the smartphones a vital part of our daily lives. It is hard to even remember how we managed our lives without all those technical functionalities that save time, increase availability and access to information.
Technical development advances in rapid pace and has a tremendous effects on businesses and the finance departments are clearly feeling the impact also called the Finance Transformation. It is time to find timesaving systems in order to work in more intelligent ways, free resources from transactional processing and to start partnering up with business and simultaneously gain more control over the account payables processes.
According to the extensive study “The Future of the Finance Function” carried out by British FSN among 46 000 CIOs and CFOs last year, over 50% of the CFOs are still using too much of their time for managing transactions. The study also clearly indicates that it is absolutely crucial for companies to standardize and automate its processes in order to drive the business further and give shift finance departments’ focus on analyzing the business and delivering business insights.
With PaletteArena companies are able to automate manual AP transaction processing and gather data so that all parties involved in the procurement and invoicing processes have access to same information. With PaletteArena it is also easier to have an overview of the procurement invoices and their status in the process. PaletteArena enables more efficient cooperation between finance department and business.
Despite of the obvious benefits of a new Procure-to-Pay system, FSN’s study shows that many CFOs are facing difficulties in convincing the management teams of the urgency to modernize the finance function. The question is if companies can really afford to stay put and not to invest in systems for automating the transaction management?