Fundamentals for business finance success in 2022
An updated guide to the future of finance and automation
Zahara recommends keeping up to date with digital innovations and shifts in the workplace to ensure a thriving finance team in your business this year.
This article is
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ahara recommends keeping up to date with digital innovations and shifts in the workplace to ensure a thriving finance team in your business this year. Automation Finance teams are continuing their digital transformation from manual paper processes to accounts payable automation. Many businesses are still processing invoices by chasing paper or using outdated spreadsheets. In 2022, this just doesn’t cut it anymore and doesn’t provide the speed and accuracy that can be found with automation solutions. Automation starts with optical character recognition (OCR) to scan invoices into a format ready to be automatically routed for approval, without the finance team needing to lift a finger. However, new technology and intelligence can reach far beyond that. A key to business success in 2022 is to adopt an invoice processing system where invoices filter their way through workflows based on meeting certain conditions. Zahara’s intelligent invoice
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processing identifies suppliers, line items and other details which are matched to corresponding purchase orders. Invoices glide through your customised workflows, are exported to accounts and securely filed away. Streamlining processes in this way is at the forefront of innovation in financial technology. It is ludicrous to still receive unexpected invoices after uncontrolled spend. Businesses in 2022 should have a firm grip on reducing any spend waste and adopting an automation system will prevent any unapproved spend or surprise invoices. Neobanks Traditional banks are currently being challenged by neobanks, which are completely onlineonly services. Rapidly- growing neobanks such as Monzo are offering innovative solutions and additional services to customers, and often value high quality customer service. Helping your customers by supporting these banks may help to streamline transactions. Neobanks cater for small businesses and startups, creating financial tools to assist with business growth. Digital
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Bethan Clothier, Marketing Assistant, Zahara Bethan is a forward-thinking marketer with a background in social media marketing and digital communications. She has recently achieved an MA in Marketing and Brand Management where she researched integrated marketing communications and branding using modern marketing strategies and platforms. Now working in B2B marketing for AP Automation software, Zahara, Bethan enjoys sharing Zahara’s aim of seeing businesses achieve their goals and stay competitive with digital innovations in accounts payable software.
banking services are expected to grow in 2022, so have a look at what they can offer your business. Human to AI balance With Artificial Intelligence (AI) continually improving and being adopted by more businesses, being successful depends on knowing how to balance between real people and robots. In various industries some forms of AI are becoming an industry standard, such as automated chatbots that direct customers to the right solutions on ecommerce websites. There are huge benefits to adopting this technology as it can speed up your businesses’ lengthy manual processes and improve the overall customer experience. However, consider when it is right to remain more personable to avoid becoming too cold and inauthentic. Self billing The tried and tested method for billing is for the supplier to send their invoice to their customer and hope the customer receives it, processes it and pays it. This method is used world-wide and has been very successful. But
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