Automaton is defined as management through computers or software that requires minimal human intervention. In any company, financial management is a crucial part and Finance Automation is helping the organizations solve this problem. It involves Source-to-Pay (S2P), accounts payable, accounts reconciliation, order to cash (O2C), expense management, payroll administration, and budget management.
Let us study more about expense management and budget management.
What is Happay Expense Management?
Happay Expense Management is a finance management tool provided by a leading automation company called iZoe. It can tackle all the expense-related complications smoothly. It is designed to be useful for managing expenses with friends, family, and colleagues. Organizations are using it to handle travel expenses of employees and with fully integrated payrolls, tax, compensation, & benefits.
Happay Expense Management advances your business strategies with a user-friendly interface, complete guidance and support system, AI and ML expertise, and cloud-based technology. It is a one-stop solution to concur expense management providing scalable tax solutions, fleet expense management and petty cash management in every business.
What is Vena Budget Management?
Budget management is a must-have tool in finance management to keep track of your money, accurate forecasting, and attain financial goals. iZoe brings to you an enterprise-class software called Vena Budget Management that gives you complete finance solution with exceptional planning & analysis. It is a convenient approach to simple business processes including tax & treasury, financial consolidation, strategic planning, and reporting & analysis.
Vena Budget Management is adaptable for someone who has knowledge of using Excel for budgeting, planning and analysis.
Why is Finance Automation important?
In no time, we will be witnessing companies running on finance automation tools due to their tremendous applications and advantages. Zoho, iZoe, LOGIC Account are offering cutting-edge office solutions and brings to you the most updated software required for your office management and better productivity. Let us have a look and know their significance.
1. Time-saving
Who doesn’t want a faster process? Time saved is time earned and to become an advanced business firm, you need time to build strategies and future planning. Gartner Report states that 30% of full-time employees’ time can be saved using finance automation tools. It reduces the amount of manual work done. This helps in scheduling their calendar for other tasks simultaneously.
2. Empowers Finance Professionals
It is a myth that finance automation software like happy expense management and vena budget software will take away the jobs of professionals. On contrary, finance automation has aided the productivity of professionals. Professional finance managers can now focus on building strategies while machines do the tasks.
3. Error-free
Humans are capable of doing tasks but lack the ability to find errors quickly. Calculations, accounting, expenses, and budgeting can come with unavoidable errors. Automation software is designed to find errors efficiently and eliminate them avoiding the risks of losing substantial funds.
4. Security
Traditional finance management can be easily hacked and doesn’t require rocket science. Reduce the risk of breaching and fraud with the use of modern technologies.
Tags: management