Each department of a given business requires certain tools for its employees to do their jobs properly. Some of these tools may be implemented across an entire company, while others may be useful only for specific teams or departments. For example, your finance team will require different tools than your customer service team. Here are some types of technological tools your finance team needs.
All-in-one platforms such as RHO banking are useful to finance teams because they can meet all of a finance team’s needs without requiring integration with many other programs. A typical all-in-one finance platform may include accounting integrations, banking solutions, expenses automation, corporate credit card programs and accounts payable automation. Your finance team can use an all-in-one tool to manage all aspects of your company’s money, from cash flow to available funds.
Human Resources (HR) Software
Some finance tools need to be utilized across departments due to workflows that require approval from multiple teams or cross-department collaboration. Finance tools may be shared between your finance team and your HR team. HR departments need to manage payroll and employee compensation, which are tracked as part of your organization’s cash flow and budget. HR software ensures hiring and compensation comply with industry regulations and wages are managed appropriately.
Cloud Computing And Mobile Apps
Not only does your finance team need financial management tools, but it also needs tools that allow team members to work on the go. Two of the best types of mobile tools are cloud computing infrastructures and mobile apps. If your finance team members are working remotely or while traveling, they will still be able to access and utilize your financial management and analysis tools.
Budgeting And Finance Tracking Apps
Providing your finance team with applications for budgeting and financial management is a requirement to ensure team members can do their jobs properly. These tools record snapshots of various accounts and expenses that you can review periodically. They may also track your business’s credit history, manage loans and sources of funding, automate and aggregate spreadsheets, record and track data and monitor cash flow. These tools have varying levels of automation and come with customization options for your finance team. Some are appropriate for businesses of all sizes while others may be geared toward specific types of business and business owners, such as entrepreneurs.
Enterprise Risk Management (ERM) Platforms
Finance and money management workflows come with inherent levels of risk. You can provide your finance team with tools such as ERM software to identify, assess and mitigate risks. This software typically comes with tools for analyzing many types of financial risk and providing information for the team to take preventive measures. Depending on your team’s needs, you may choose an ERM that incorporates artificial intelligence (AI) or other types of specialized applications. Organizations that choose specialized ERM platforms tend to have highly specific areas of risk or deal with risks that have unconventional origins.
Automation is incredibly important for finance teams. You may want to automate the entire workflow, but it’s a good idea to first review your current financial management operations to determine where there is a need for automation. Then you can decide how much you need to automate, what automation tools your team may benefit from and how much training you need to give to your employees. One type of automation tool you can use is AI. Machine learning algorithms can automate your data analysis processes or take over repetitive tasks for your employees. Robotics Process Automation programs can supplement your ERM. AI can also automate your finance team’s cybersecurity processes.
There are many financial management and assessment tools available. You should look for tools that will provide your finance team with an appropriate mix of automation, customization, accessibility and security features. Some companies may prefer to use AI as much as possible while others may prefer only to automate workflows when necessary, for example.