Automation in financial operations has come to stay. It is no longer about if, but how it should be done. Manual processes cost businesses money and man-hours so they can no longer be the first choice for finance teams.
Understandably, many finance professionals, like everyone else, have concerns about being replaced by technology. However, these tools help finance team members to be more efficient by freeing up more time that can be channelled into other projects as against being weighed down by menial tasks.
But we’ve seen that modern tools are here for good. They’re helping finance teams work better, be more efficient and pivot to functions that add more value to their careers and the organisations they serve.
When it comes to payment approval systems, a key component of finance automation, it is crucial to get your team’s (and the wider organisation’s) buy-in since they will be major players in the workflow. What are some proven tips that can help bring everyone up to speed?
Let’s take a step back to first understand what a payment approval workflow is. It is a system backed up by an existing policy that instructs who within an organisation can approve a certain payment threshold before it can be disbursed. It typically involves the following roles:
One of the main challenges of implementing a payment approval workflow is resistance from team members. It is a major one because you need their buy-in to make this work.
Here’s how we help foster a faster adoption of payment approval systems.
By following these tips, you can help your team buy into payment approval workflows. This will help protect your business. It will also help improve your compliance with regulatory requirements and improve your payment process.
Learn about Duplo’s Automated Payment Approval Workflows.
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