Inefficient financial processes can be a significant burden on your organisation, wasting valuable time and resources and hindering growth. Within Wave's Finance as a Service (FaaS), we offer the expertise to thoroughly analyse and optimise your financial processes.
Our Expertise in Optimising Financial Processes in Detail:
Understanding and mapping current financial processes:
Detailed analysis of your existing financial processes (e.g., invoicing, accounts payable, closing procedures).
Visual mapping of process steps, parties involved, lead times and data flows.
Identification of bottlenecks, inefficiencies, redundancies and potential risks within the processes.
Simplify and standardise:
Redesigning processes with a focus on quality assurance and eliminating unnecessary steps.
Harmonise processes across different departments or entities to ensure consistency.
Define clear roles and responsibilities
Automate tasks (using technology):
Identify repetitive, manual tasks that should be considered for automation
Advise on the selection and implementation of appropriate technologies (ERP modules, specialised software).
Help integrate systems to streamline data exchange and reduce errors.
Optimise the use of existing technology to maximise efficiency.
Ensure the quality and integrity of financial data:
Implement data governance policies and procedures to improve the accuracy and reliability of financial data.
Establish controls and validation rules to prevent data inconsistencies.
Measure and improve process performance:
Define relevant Key Performance Indicators (KPIs) to measure the efficiency and effectiveness of financial processes (e.g., turnaround time, cost per transaction, error rate).
Implement monitoring mechanisms to continuously track performance.
