An Advertising Feature is created, supplied and paid for by a commercial client and promoted by The Irish Times Content Studio. The Irish Times newsroom or other editorial departments are not involved in the production of advertising features.

Finance automation: how it helps everyone in your business – from the creatives to the optimists

Finance automation fits around different personalities to make a stronger business

Implementing finance automation is a big step for any business, but the key to overcoming resistance is to put the human into it

Implementing finance automation is a big step for any business, but the key to overcoming resistance is to put the human into it

 

Understanding what makes the people in your business tick is vital if you want a happy, productive, motivated team. This is especially true when you’re introducing change. It makes sense to understand how the change will benefit the different personalities in your business, not just the different job roles.

Let’s take finance automation as an example. Here’s how it can help four different personality types in your business.

The detail obsessives

Paper-based systems and detail obsessives simply aren’t a good fit. Finding the information they want involves them (or someone else in the team) disappearing down a rabbit hole trying to find it. Often, the result is frustration and too much wasted time and effort for the results they seek.

Finance automation makes their lives so much easier because they can see all the information they need at the click of a mouse. All-of-a-sudden, it’s possible to see how much the business spends with a particular hotel chain so they’re equipped to negotiate discounts. They can see how much the business has spent on stationery in the past month compared to the same time last year. They can also be confident in the accuracy of the data as human error is reduced.

The creative types

For creative types, admin is something they put off for as long as possible. Unfortunately, this means that when they can’t put off compiling an expense claim any longer, there are so many transactions to add that the experience is just as awful as they’d feared. And once it’s completed, the finance team gets a nasty shock when an unexpectedly large expense claim lands in their in-tray.

Finance automation helps creative types because the admin involved in travel, expense and invoice is dramatically reduced. For example, they simply have to photograph a receipt to start the expense process. Not only is much of the information then entered onto their claim automatically, they no longer have to keep hold of the receipt. The process has suddenly become a lot easier to manage. And the finance team has a much earlier insight into what’s going on.

How can you approach a director about their mileage claim, which looks suspiciously high?

The eternal optimists

For the eternal optimists, the business is always doing well and there’s always money to spend. In paper-based systems this can mean they can’t see the bad news until it’s too late. The marketing budget is dangerously close to being reached far too early in the year. The expense allowance has been exceeded.
Finance automation is a valuable tool. They can see at a glance where they are against budget. The system can be set to alert them when an expense exceeds the allowance. As a result, they can be more responsible in their spending and the finance team can sleep better at night.

The people pleasers

Sometimes, difficult conversations can’t be avoided and in a small business or a close-knit team they’re especially hard. What’s the best way to ask your best sales person if they can reign in their expenses because the rules apply to everyone? How can you approach a director about their mileage claim, which looks suspiciously high?

Finance automation helps stop these conversations from needing to happen. Policy can be applied automatically. Anomalies and discrepancies can be picked up at source. Evidence is there in black and white so you can be equipped with facts, not feelings, if a conversation does need to take place.

Which one are you?

Implementing finance automation is a big step for any business, but the key to overcoming resistance is to put the human into it. When you understand how it can help you in the way you like to work, you’re more likely to embrace what it has to offer.


LIVE WEBINAR

Finance and Technology: How to Automate your AP Process

Join our live webinar to learn more about automating your AP process. Expect to gain understanding into how technology can improve your processes and what benefits you can expect to realise in your finance team.

Date: Wednesday, 24th April 
Time: 11:00am


See how much automated processes could save you in both time and money by reading the

AMI-Partners Report: Elevate Business Performance and Better Manage Spend with Automation

So which one of these types are you? Can you recognise these types of people in your business?

Contact SAP Concur to discuss the solutions that best fit your business.