How often do you see your C-suite executives? With back-to-back meetings, off-site visits and multiple other demands on their time from across the business, it’s understandable that the leadership team will rarely be around.
This is no different for the CFO or Head of Finance, who is not only responsible for organisations’ budgets and ensuring the financial well-being of the business, but also a vital strategic leader who is integral to the organisation’s planning and success. In addition CFOs are increasingly responsible for ensuring compliance with a variety of regulations and ensuring business efficiency – on top of their day role of overseeing the day to day accounting activities of the business.
It’s hardly surprising that a recent survey found that many finance leaders struggle with resource issues and time pressures, with 43% saying this prevented them from completing tasks effectively.
One such task that regularly suffers from the time and resource crunch faced by CFOs is expense and invoice management. With so many pressures on the CFOs time these can soon start to mount up as they await C-level sign-off, as these administrative tasks are viewed as less of a priority than other more strategic tasks.
However late payments can lead to businesses losing negotiated discounts, threaten supplier relationships and impact cash-flow. So how can you make sure that their authorisation can be gained while accommodating their busy work schedules?
The key to this is ensuring that finance leaders can view, understand and authorise spends quickly and simply, wherever they are, regardless of the device they are using, to ensure that payments are made without delay. In essence, this means enabling users to access business-critical tools remotely and execute their tasks in an effective way even when out of the office or away from their desk.
To achieve this organisations should utilise a purchase-to-pay solution, which not only removes the need for paper-based approvals but also incorporates a mobile offering, such as PaletteArena. This will enable you to work with business-critical tools wherever you are and whenever you choose to, enabling you to check and authorise invoices, approve purchases and even assign account codes, across your mobile device, a tablet or a laptop and regardless of your physical location.