Finance departments have the gargantuan task of making sure all transactions in the organization are recorded timely and accurately. On top of that, they also need to be ready with valuable business insights so they can support the leaders in the organization in their strategy formulation and decision making.
However, historically finance departments have always handled all financial transactions manually. Finance departments often rely on humans and excel spreadsheets.
It means that one or more of their staff is in charge of collecting and inputting data, cross checking, collaborating with others in the team for the latest version, sending entire sheets for approval, sending back again for changes, etc.
All these while it works (albeit inefficiently) lead to errors and an extremely frustrating budget process.
It is why many finance departments these days who want to keep up with the times resort to finance workflow automation. It basically means automating either the entirety or bits and pieces of the process so that you remove a lot of errors and the slow pace in the process.
Finance Workflow Automation in Performance Canvas Financials
Performance Canvas Financials is a cloud-based FP&A software which among other things include finance workflow automation.
Performance Canvas Financials sets up business rules so that inputting of data is consistent and follows a standardized rule across the organization.
In the image in this article you can see that in the software itself you have workflow option which shows the workflow tree, workflows, and assignments.
The main goal in Performance Canvas Financials is to make the management and modification of workflow easy through instinctive and pragmatic features.
The workflow tree in the system is basically the hierarchy in the organization. All the input sheets and reports follow this workflow tree unless otherwise specified.
You can assign certain tasks to people or you can delegate certain tasks if you wish. You will see clearly in this tree who is responsible for what and who they report to as well as the status of each task for improved tracking.
Of course, editing this workflow tree is a simple case of drag and drop.
Do you want to know more about how this finance workflow in Performance Canvas Financials work? Email us at email@example.com and we will gladly show you – for FREE.
DSPanel offers cutting edge technology platform for business analytics, planning, and visualization. DSPanel designs, builds, and operates with the end users in mind. Performance Canvas was created by DSPanel to answer the unarticulated needs of the market not addressed by previous available solutions. With Performance Canvas, information is transformed into valuable business insights for the business executives to utilize in their decision-making process. DSPanel currently has over 2500 organizations deploying their solutions.