How Can Automating Processes Benefit Your Finance Team?
When introducing a new process, system or solution into a business it is imperative that all members of the organisation buy in to the chosen method. Priorities differ from role to role making it important to understand individual and departmental needs. It is also key to identify what the benefits would be to yourself and your team. The first in the series, this blog will be taking a look at advantages of an automated system for the Finance department.
For any Finance team the bottom line is top priority. But with calculating profitability and generating and chasing invoices, tasks within this department can be extremely time consuming and resource heavy. This is where automation can make a huge impact freeing up time to analyse, plan improvements and increase profits.
An automated training management system can cater to the Finance department in a variety of ways. For example, training courses can be tracked and traced to identify the effectiveness of existing courses. Furthermore, the generation of invoices can be automated and tailored to individual payment terms.
There are benefits of a training mangement system to all departments throughout an organisation including the areas below. Read more about the key benefits in 'ROI gains throughout the organisation' eBook.
This blog post explores some of the key benefits taken from the eBook in detail.
3 key benefits for the Finance Team
1. Easy to track course viability
A course management system provides the ability to see a quick and easy overview of course viability. It also offers an opportunity to set up alerts if minimum revenue criteria is not met. This allows action to be taken including the cancellation of courses or consolidation of existing ones. By doing this, you can maximise the effectiveness of your existing training portfolio and provide learners with courses that they benefit from. This increases the efficiency of your training company and allows you to focus on what you're good at and establish gaps in your offering for future improvements. Without this, training companies run the risk of investing into courses that are not providing value to the business.
2. Accurate reporting and measurements
Having all of your financial information in one central system enables a multitude of reports to be run to measure financial success. With a system which allows you to build your own reports, any aspect of the business can be reported on. Reporting and measurement assist in identifying enhancements and greatly improves the accuracy of forecasting.
For example, your training management system can be used as a management tool to assist in business development, compliance, budgeting and forecasting. This can assist in making well-informed decisions and increase business visibility.
Watch this short video which explains how Reed Learning use automation to report on all aspects of their business.
3. Instant payments and improved cash flow
It is suprising how many training companies only allow their clients to book their courses via manual methods such as via the telephone or in person. With an online course booking tool, your company can allow the option of taking instant online payments. With a variety of payment gateway options, this is secure and easy to set up with the added bonus of improved cash flow.
Online booking systems allow course delegates to book onto courses whenever they want and wherever they are! This means that you can maximise your booking opportunities and allow flexibility for your clients. In the modern age of advanced technology, this can be one of the main reasons why clients choose one training company over another.
By keeping up to date with existing technology and offering online booking and payment options, you can ensure that your company does not fall behind.
To explore more finance benefits and to delve into the advantages of course management technology to other departments and roles download the ‘ROI gains throughout the organisation’ eBook today.
Other titles include: