{"id":1982,"date":"2019-09-30T02:56:48","date_gmt":"2019-09-30T02:56:48","guid":{"rendered":"http:\/\/kusuaks7\/?p=1587"},"modified":"2024-03-19T13:00:47","modified_gmt":"2024-03-19T13:00:47","slug":"six-ways-financial-process-automation-improves-fintech-organizations","status":"publish","type":"post","link":"https:\/\/www.experfy.com\/blog\/fintech\/six-ways-financial-process-automation-improves-fintech-organizations\/","title":{"rendered":"Six Ways Financial Process Automation Improves Fintech Organizations"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1982\" class=\"elementor elementor-1982\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"has_eae_slider elementor-section elementor-top-section elementor-element elementor-element-19405422 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"19405422\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_eae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-36c67a87\" data-id=\"36c67a87\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e8ea740 elementor-widget elementor-widget-text-editor\" data-id=\"e8ea740\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tThe term \u201cFinancial Process Automation\u201d refers to making use of the\u00a0<a href=\"https:\/\/www.techfunnel.com\/fintech\/how-to-use-robotic-process-automation-in-finance-and-accounting\/\" target=\"_blank\" rel=\"noopener noreferrer\">latest technologies to streamline accounting and finance operations<\/a>, helping to save time and to reduce labor and cost.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b3a0ef5 elementor-widget elementor-widget-text-editor\" data-id=\"b3a0ef5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tAs Fintech organizations focus on helping consumers and business owners manage their accounts and finances using specialized algorithms and software, they can really improve the whole process using Financial Process Automation.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-05ae9fc elementor-widget elementor-widget-text-editor\" data-id=\"05ae9fc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tBesides the CEO, the top person liable for taking on the ups and downs within an organization is the CFO. The CFO is always focused on providing timely, accurate, and precise results. It is also the responsibility of the CFO to keep pace with the\u00a0<a href=\"https:\/\/www.techfunnel.com\/fintech\/4-ways-banks-can-leverage-data-to-comply-with-complex-global-regulations\/\" target=\"_blank\" rel=\"noopener noreferrer\">regulations and fintech trends<\/a>\u00a0happening within the industry.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5a44f98 elementor-widget elementor-widget-heading\" data-id=\"5a44f98\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><h2><strong>Financial Process Automation<\/strong><\/h2><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22419b5 elementor-widget elementor-widget-text-editor\" data-id=\"22419b5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.onlinewhitepapers.com\/finance\/why-business-continuity-for-finance-and-accounting-departments-matters\/\" target=\"_blank\" rel=\"noopener noreferrer\">Financial and accounting process management<\/a>\u00a0are consequently two of the toughest professions worldwide. Unlike any other profession, even the slightest different approach in financial management can lead to severe problems.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-43752a7 elementor-widget elementor-widget-text-editor\" data-id=\"43752a7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\nBecause managing financial transactions across an organization require a lot of knowledge, expertise, know-how, pressure-handling capabilities, mental ability, and most of all commitment. As a financial manager or CFO, you\u2019re probably aware that today\u2019s financial responsibilities are much more than just math. In this regard, Financial Process Automation is the answer.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f74b652 elementor-widget elementor-widget-text-editor\" data-id=\"f74b652\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tFinancial process automation allows you to:\n<ul>\n \t<li>Determine the non-payment risks and undertake the financial concerns<\/li>\n \t<li>Take measures to avoid late payments<\/li>\n \t<li>Streamline the credit decisions<\/li>\n \t<li>Find out higher percentages of vendor discounts<\/li>\n \t<li>Get rid of unproductive operations<\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-50a137c elementor-widget elementor-widget-text-editor\" data-id=\"50a137c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tKeep following and learn more how Financial Process Automation improves the bulky procedures and does the hard part in fintech organizations:\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d87d20f elementor-widget elementor-widget-heading\" data-id=\"d87d20f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3><strong>1. Treasury Management<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-51fdefb elementor-widget elementor-widget-text-editor\" data-id=\"51fdefb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tA fintech organization\u2019s capital has the closest relationship with all the organization and it enables it to make key decisions based on quality information. But what if the information you\u2019re provided is compromised due to human error or traditional financial process management? Thereby, accurate, dependable, and up to date information is crucial to treasury management.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-072f8d1 elementor-widget elementor-widget-text-editor\" data-id=\"072f8d1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tHere, a powerful financial process automation system helps in locating, organizing, and utilizing the relevant information needed from the entire organization. It promotes better integration, visibility, organization or company\u2019s valuable transactions, payables, and receivables.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b68633c elementor-widget elementor-widget-text-editor\" data-id=\"b68633c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tThe automation system, therefore, helps in better treasury management\u2013 the most important part of a Fintech organization.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4ad415f elementor-widget elementor-widget-heading\" data-id=\"4ad415f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3><strong>2. Data Integrity<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f618501 elementor-widget elementor-widget-text-editor\" data-id=\"f618501\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tYou probably have the best finance team hired in your fintech organization, but your team members are still vulnerable against high-end finance problems. Difficult operations, minor mistakes, change in financial policies, and multiple procedures at once can lead to a higher error rate.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b870440 elementor-widget elementor-widget-text-editor\" data-id=\"b870440\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tIn simple words, it is hard for the team alone to maintain accurate information. This is where automation comes in handy. When all your accounting and finance data is automated, you can at least be confident about error-free results, timely transactions, and correct numbers.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-46506ee elementor-widget elementor-widget-heading\" data-id=\"46506ee\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3><strong>3. Improved Operations<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9da3b0e elementor-widget elementor-widget-text-editor\" data-id=\"9da3b0e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tMoving from manual finance operations to automation leads to cost reduction, timely delivery, and efficiency. Any to everything that slows down accounting or finance operations at your fintech will be replaced by automatic programs.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45055c1 elementor-widget elementor-widget-heading\" data-id=\"45055c1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3><strong>4. Faster Approvals<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e7e4a67 elementor-widget elementor-widget-text-editor\" data-id=\"e7e4a67\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tTired of waiting for your letters for days? Well, faster approvals are by far the best thing about financial automation systems. Whether you\u2019re handling reimbursement claim or budget approval, using a financial process automation system can save you as much as eight hours. Moreover, you get to check each and every financial activity in the organization.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0f6c915 elementor-widget elementor-widget-heading\" data-id=\"0f6c915\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3><strong>5. 360-Degree Visibility<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d611623 elementor-widget elementor-widget-text-editor\" data-id=\"d611623\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tWhen all departments of your fintech organization are connected, the CFO can have a 360-degree view at the financials. Say goodbye to the fluctuating financials just because a team member didn\u2019t pay attention to a subject.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-70e6890 elementor-widget elementor-widget-heading\" data-id=\"70e6890\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><h2><strong>Payment Automation<\/strong><\/h2><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-737713a elementor-widget elementor-widget-text-editor\" data-id=\"737713a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tFinancial process automation includes quality practices to improve payment workflows. Say goodbye to managing payment factories, in-house banks, and a lot of labor and employ a benefit from payment automation.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ea46ffd elementor-widget elementor-widget-text-editor\" data-id=\"ea46ffd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tWhen most of the financial transactions are automated, it streamlines this vital function, reduce risks, costs, and gives you complete control &amp; visibility. Automation also excludes the error rate often committed by\u00a0<a href=\"https:\/\/www.techfunnel.com\/fintech\/paypals-upcoming-rollouts-could-disrupt-traditional-banking\/\" target=\"_blank\" rel=\"noopener noreferrer\">traditional payment systems<\/a>. Thus, now is the right time to get rid of those manual interventions, higher cost, and unproductive overheads.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The term \u201cFinancial Process Automation\u201d refers to making use of the\u00a0latest technologies to streamline accounting and finance operations, helping to save time and to reduce labor and cost. As Fintech organizations focus on helping consumers and business owners manage their accounts and finances using specialized algorithms and software, they can really improve the whole process<\/p>\n","protected":false},"author":623,"featured_media":4096,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[192],"tags":[99],"ppma_author":[3341],"class_list":["post-1982","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","tag-fintech"],"authors":[{"term_id":3341,"user_id":623,"is_guest":0,"slug":"danni-white","display_name":"Danni White","avatar_url":"https:\/\/www.experfy.com\/blog\/wp-content\/uploads\/2020\/04\/medium_b2fbc49a-2e99-4ebc-b14c-99ede02791a1-150x150.jpg","user_url":"http:\/\/www.bython.com","last_name":"White","first_name":"Danni","job_title":"","description":"Danni White is Director of Content Development at Bython Media, the parent company of TechFunnel.com, OnlineWhitepapers.com, BusinessWorldIT.com, List.Events, and TheDailyPlanIOT.com. She is also Editor-in-Chief at TechFunnel.com."}],"_links":{"self":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/1982","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/users\/623"}],"replies":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/comments?post=1982"}],"version-history":[{"count":5,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/1982\/revisions"}],"predecessor-version":[{"id":36482,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/1982\/revisions\/36482"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media\/4096"}],"wp:attachment":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media?parent=1982"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/categories?post=1982"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/tags?post=1982"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/ppma_author?post=1982"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}