Not all companies have made financial plans for the worst the new year could bring, but even if the fiscal cliff does not come to be, there are plenty of other options available to help corporations prepare themselves to cut costs and act more aggressively in 2013. Chief among these strategies are better ways of managing information and digital systems, including improved software and more portable solutions. However, just as not all entities are ready for the trials of next year, some are planted firmly in the past, potentially missing out on innovation.
A leading bit of financial investing advice would be to take advantage of solutions that assist with tracking money and monitoring invoices. Human resources software helps make sure payroll is handled in a timely fashion, but automated billing and scheduled payments are also a necessity of forward-thinking companies. A review by Chrome River Technologies discovered that many corporate leaders are still using manual entry methods for creating and submitting invoice notices to contractors and outside entities. This slows down the process every step of the way, and could result in lost profits. The source stated that two-thirds of respondents said reimbursement took three weeks to a month to handle these cumbersome physical documents, as opposed to automatic statements through digital channels, which can be filled out in moments.
On the go, in the clouds
Some of these programs are even available as mobile applications, allowing companies to integrate more of their financial plan into on-the-go activities. Instead of being tethered to a computer, companies like Ariett Technologies are developing automated invoicing options that can be accessed and managed on a smartphone or tablet. These kinds of software innovations allow small businesses to take advantage of power billing tools, assisting with getting paid faster and making business banking more accurate.
Firms of all sizes can benefit from these kinds of deployments, but as Computer Weekly wrote, knowing which services best fit corporate needs is also crucial. Automated invoices may be helpful, but they also need to be cost effective to work in a small business setting. The source stated that outsourcing or using software-as-a-service solutions are therefore increasingly popular, especially as fledgeling companies find their wings in the cloud and take advantage of similar hosted software suites.