Why It’s Crucial To Modernize Your Financial Operations In 2023

Financial modernization is a vital component of a business’s strategic plan to maintain efficiency in its operations in 2023 and beyond. Modernizing is no longer an option, but a necessity as businesses evolve and grow. With many companies adopting a remote workplace, finding ways to stay connected and optimize workflows across departments is more essential than ever. Exploring the benefits and nuances of modernized and connected finance can help business leaders make the best decisions for their enterprises while achieving better overall profitability.

This article will cover the following topics:

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• The changing world of finance and the benefits of modernization
• Cloud-Based capabilities
• Optimized workflows
• Data and analytics
• Operational efficiency
• Virtual cards
• Automated processes and controls
• Modernize With PayEm

The changing world of finance and the benefits of modernization

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As businesses find new ways to adjust their operations post Covid, some measures include remote work environments. Although remote work options offer massive benefits to businesses and employees alike, it also requires alternate ways of doing business. Adjusting to remote workflows while maintaining connectedness is a top priority.

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With the financial climate changing and rapidly evolving, enterprises are putting away their legacy systems in favor of best-in-class cloud-based solutions. New SaaS platforms offer many benefits to support the changing needs of the finance industry. Some of the many benefits companies can realize from a modernized approach to finance include the following:

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• Enhanced forecasting capability
• Strategic decision-making with more insights and data
• Transparency and visibility across processes
• Improved margins
• Better asset efficiency
• Managed risks and reduced human error with automation
• Greater business agility across the enterprise

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Exploring cloud-based capabilities

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Disparate legacy systems require enterprises to adopt separate workflows resulting in disjointed systems. This creates an internal process that lacks cohesion and visibility. With the introduction of cloud-based solutions, businesses now have the option to create more connected workflows and enhanced scalability within the finance department.

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Spreadsheets and manual processes were the order of the day and still may be the default process for many enterprises. However, with the adoption of cloud-based software, companies can reduce dependency on inefficient legacy systems. Modernized finances utilizing cloud software offer enhanced functionality, improved controls, increased decision-making capabilities, and faster transactions. With the elimination of a manual-dependent finance system, companies can expand at a much more rapid pace and experience greater strategic decision-making due to insight gleaned from readily available data.

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Optimized workflows

Optimized workflows are more readily available with the modernization of financial systems. The entire business ecosystem is enhanced by software that offers immediate connectedness to employees and business leaders alike. With the introduction of modern finance solutions, it’s easier to create more responsive workflows that are adjusted and scaled based on real-time data.

Data and analytics

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One of the significant benefits of automation is the immediate access it provides to critical data. This data offers insights and analytics to help finance leaders make better choices for the future of their companies. With enhanced data and analytics, enterprises can improve their workflows and develop more effective processes moving forward. Using data and analytics to drive decision-making results in more resilient enterprises, faster and clearer decisions, and more profitable outcomes across the board.

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Operational efficiency

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The effectiveness of a company’s operational efficiency can be measured by its willingness to adapt. The best way to adapt to today’s business climate and move forward into 2023 is to adopt modernized financial operations. By implementing cloud-based software and automating manual processes, businesses can find enhancement in all of their operations. In the finance and accounting departments, using modern solutions aids in the reduction of inefficiencies. This is done using digital systems to standardize data while providing access across departments for better collaboration. By strategically integrating technology, enterprises have greater control and better productivity than ever before.

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Virtual cards

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An important consideration when transitioning to a more modernized financial approach is that of virtual cards. Virtual cards offer many benefits and function in much the same way as physical company cards. They have a unique card number and expiration date. However, they are virtual, so no physical card is associated with them. Virtual cards can be used for paying vendors and making online purchases. Virtual cards enhance the connected finance process as they can be assigned to specific team members, vendors, or types of expenses. Additionally, virtual cards offer enhanced fraud protection and greater insight into company spend.

Automated processes and controls

Automated processes put the control back in the hands of the finance department. Automation provides immediate access to essential data and analytics, removes redundancies and human error, and optimizes workflows.

Ultimately, automated processes and controls improve the employee and customer experience and enhance a company’s operational efficiency. Modern businesses are turning to automation to highlight ineffective methods and fine tune productivity.

Instead of manually completing redundant and repetitive processes, automation can help with speeding up the time involved in completing the same tasks more effectively. This ends up increasing employee morale as the frustration and blame associated with human error are eliminated. As a result, customer service is also improved, enhancing the customer experience.

Modernize With PayEm

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After identifying the benefits of taking steps to modernize finances, the next step is to begin implementing a system that offers full access to modernized business functions. One critical step is selecting a cloud-based solution that provides access to automation, improved operational efficiency, and better workflows. PayEm is one such system that offers connected finance solutions for enterprises both large and small, the benefits of which include:

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• Access to virtual credit cards for fraud protection and better spend control
• Global spend management platform ideal for multinational operations
• Easily auto-categorize and sync with your existing ERP systems
• Set rules and designate limits to control company spend
• Easily connect with HR management for simple off and onboarding

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With PayEm, businesses have immediate access to a fully featured dashboard that connects all separate finance and accounting processes and unites them in one place. The end result is a connected and cohesive workflow, streamlined internal processes, better decision-making, and increased productivity.

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Ready to find out more about modernizing finances for your team with PayEm? Contact PayEm’s experts for a commitment-free, no-cost demo of the platform.

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