Finance Process – A value addition

October 22, 2020 Blog

Mr Vijay Chandrasekaran

The Finance process helps your finance department start day-to-day activities outnumbered by an overwhelming number of tasks to get done. They have some superhuman abilities to help them, but most of the time, they lack the technological tools to really give them the edge to success. Consequently, the organization devolves into confusion, delays, redundancies and inefficiencies that cost them dearly.

Let’s look more deeply at the finance department, and what secret weapons it needs to handle the diverse finance process list: 

  1. Able to analyse the vendor capability
  • By receiving the feedback from the customers for whom they work for
  • By providing a test transaction
  • Adherence to the procedure followed by PCS
  1. Annual review of vendors
  • It helps to validate the performance, delivery, etc
  • Getting the inputs on the vendor review from the warehouse team
  • Getting the PCS customer feedback on the delivery part
  • Monitoring the movement through a digital tracking system
  1. Rigid Statutory compliance on the vendors
  • Adherence to ISO policy maintenance helps in Customer Satisfaction
  • Adherence to other statutory compliance helps the organization to achieve the highest compliance with the Government
  • Maintenance of records as per statutory laws helps to achieve organizational goals
  1. Prompt payment helps to uplift the image
  • Maintaining the credit terms of payment is more important
  • More credibility to increase more control on cost
  1. Adherence to the current audit report 
  • We need to get updated with the latest procedures to be followed
  • An audit helps in measuring our performance with global industries at large
  1. Change in accounting practice helps in visualizing the profitability measure and monitoring the same
  • Teamwork
  • Increases the responsibility within individuals and makes to achieve organizational goal
  • Increase in productivity
  • Change in the role after a particular time helps in understanding the process and implement new ideas
  • Multi-tasking is important to learn new things and improve the capability of an individual

When your processes that govern finance process management are loose, the whole system can fall down. Inefficiencies in key financial processes can cause operational chaos and significant setbacks to the business.

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