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Automating business banking operations can save time, minimise errors, and supercharge processes, thus enhancing business efficiency. In fact, McKinsey reveals that financial automation technologies can fully automate 42% of the finance department’s work enabling them to contribute more towards business growth.
If you’re still using spreadsheets in your finance functions such as accounts payable, accounts receivable, reconciliation, and payroll – you’re lagging behind. The high level of manual processing involved in it is slow and error-prone. Not to mention, it makes reporting convoluted and tracking due dates & payments difficult, often leading to business inefficiencies.
7 Reasons why you should automate business banking
1. Increases productivity
Modern banking solutions can significantly reduce the time required for day-to-day finance operations. When a single platform takes care of payroll, compliance payments, vendor payouts, and more, your team can focus on more important things, thus increasing the business’s overall productivity.
2. Reduces costs
Traditional methods of finance & accounting involve a lot of manual reconciliation, reimbursements, payroll processing, compliance payments, data entry, etc. Automating such business banking operations with a single platform not only unifies the processes and reduces silos, but also saves overall costs. Additionally, it provides more visibility across operations.
3. Diminishes chances of error
Even if your finance team consists of chartered accountants or financial experts, they are only human. And humans are prone to basic errors. However, such errors in accounting can have serious repercussions. A missing zero or an additional one can cost the company a tremendous amount of money. Finance automation software can eliminate such risks and errors by automating all processes, from generating invoices to balancing financial statements.
4. Reduces fraud risk and data theft
These days, hacking into a traditional system that stores critical financial data in a spreadsheet is child’s play. Information leaks can be catastrophic for a business. Systemic financial automation can secure the workflows and provide approval access to only the necessary stakeholders. It prevents fraud risk and also helps in detecting discrepancies that can lead to fraud.
5. Makes payroll calculations easy
A business needs to pay its employees on time. That makes the payroll process crucial for a business. However, disbursing the salary into different accounts after factoring in the leaves, reimbursements, allowances, bonuses, and tax applicability specific to each person is complex. It eats up a lot of time if done manually.
Integrated payroll software captures all these aspects and makes the overall payroll process a lot smoother.
6. Keeps you tax compliant
Tax payments are laborious, prone to human error, and stress-inducing. Errors and delays in such payments have severe implications ranging from exorbitant penalties to even debarment from certain activities. Automating these with a software helps businesses fulfil their tax obligations, maintain their tax records, and adhere to all such compliances.
7. Analyzes your business & generates reports
Automation of business banking operations helps generate crucial financial data from cash flow and financial statements to trend analysis for multiple years. Businesses can analyse the profitability index, cost factor, earnings per share, and trends for increasing profits.
Automate business banking operations with RazorpayX
Introducing business banking automation in various processes will eventually lead to an integrated automated system that will help drive all parts of your business smoothly. And the best part is, you can automate various workflows using a single platform.
RazorpayX is your one-stop shop to automate business banking operations. We help business owners and finance teams automate manual, repetitive financial tasks and provide rich insights into money flow.
By automating banking operations, you can focus more on idea generation and strategy implementation, resulting in profit-generating activities and higher efficiency.
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Scale 10X faster with business banking automation