Finance teams are under pressure to deliver strategic insights that drive company decisions. But most are too busy dealing with paper invoices, chasing approval emails and reconciling spreadsheets to add this kind of value.
With 67% of accounts payable teams spending most of their time tracking down receipts and expenses, finance is often a business bottleneck when it should be a strategic enabler.
The good news? Automation can put an end to paper-pushing and enable your finance team to work more efficiently.
Let's take a closer look at how accounts payable and other personnel can use digital tools like DocuWare’s Intelligent Document Processing (IDP) software to automate six core finance processes:
We’ll also look at:
The accounts payable process perfectly illustrates how manual finance workflows drain productivity.
An invoice arrives by email or post, and someone manually enters that data into the accounting system. The invoice gets printed or forwarded for approval. Days pass as it moves from desk to desk. Once approved, someone manually inputs the payment details, then files the paper copy.
DocuWare’s IDP software turns invoice processing from a manual, error-prone task into an automated workflow. Intelligent indexing captures paper and electronic invoices, automatically matching them to purchase orders.
Customisable workflows manage the approval process, routing invoices to the right people based on predefined rules and logic. Approvers receive instant notifications and can approve invoices from any device.
The system then posts approved amounts back to the general ledger through pre-built ERP integrations. Automated processes capture and verify order details, validate invoices for accuracy, and dynamically handle exception-level approvals.
Traditional cash management processes rely on backwards-looking data and periodic reports. As a result, strategic teams lack current cash positions and are forced to track their budgets using outdated information.
IDP software - like that offered by DocuWare - is central to digitising finance operations. It gives finance teams real-time visibility into cash position by automatically tracking incoming and outgoing payments. Instead of waiting for manual updates, teams can see exactly what has been paid, what is pending approval, and what is due.
The best software includes dashboards that provide real-time visibility over payment cycles and cash flow patterns. Users can track KPIs, spot payment delays before they impact operations, and optimise payment timing based on current cash availability.
Workflow automation also ensures financial approvals can progress with minimal delays. Payments are approved faster to keep money moving, improve supplier relationships and potentially secure early payment discounts.
If you’re ready to use digital workflows with a document management solution, take the first step by assessing the current state of your existing paper-based processes.
Audit preparation exposes every weakness in manual finance processes. Teams can struggle for weeks to locate documents, emptying filing cabinets and searching through email chains. This document hunt disrupts daily operations and creates stress across the entire department.
The stakes keep rising, too. The average cost of a company audit has increased by 75% over five years. Manual preparation contributes to these costs through overtime hours and delays to regular work.
The most effective way to make audit preparation less burdensome is to create a digital repository for all financial transactions and their related documentation. Emails, letters and contracts connected with financial records can be collated and submitted in seconds.
Automated document management also enables you to process and archive accounting documents in a legally compliant manner, with simple information retrieval. Customisable access restrictions ensure security throughout the audit process.
Most finance professionals dread month-end, and for good reason. 87% of people work overtime during the close period to manually reconcile accounts and consolidate data from multiple spreadsheets.
The pressure is intense. The rush to meet deadlines often leads to incomplete documentation and overlooked discrepancies, while overworked staff make costly errors that only become apparent months later. Many finance professionals cite month-end as their primary source of burnout.
Automated workflows reduce month-end chaos by handling repetitive tasks. Instead of staff manually reconciling accounts, DocuWare’s IDP software matches transactions, flags discrepancies and routes exceptions to the right people for review.
Choosing a document management system that integrates with your ERP or existing financial systems also eliminates the need for manual data transfers. Teams can customise workflows to match their specific procedures, reducing close time from weeks to days while virtually eliminating human error.
The financial reporting process often involves days of manual data gathering and spreadsheet consolidation. As a result, many finance teams struggle to provide up-to-date insights; by the time reports reach leadership, the data can be weeks old.
Copying and pasting numbers between systems also increases the risk of version control issues and formula errors. These mistakes can undermine finance's credibility and lead to decisions based on incorrect data.
Automation shifts the reporting process from data compilation to strategic analysis. When routine data gathering is automated, finance professionals have quick access to accurate information, enabling them to identify risks, forecast trends and support tactical decisions.
Automating the financial reporting process also creates capacity for deeper analysis. Instead of spending time gathering data, teams can investigate variances, model scenarios and give business leaders valuable insights to shape strategy and growth.
Manual purchase requisition processes create a perfect storm of inefficiencies. Requests get stuck in email chains, approvals languish on desks, and finance teams lose visibility into committed spending before invoices arrive.
Without proper controls, unauthorised purchases are only uncovered when the invoice lands, while employees may bypass formal channels to get work done. This disconnect between procurement and accounts payable creates serious reconciliation problems and prevents proactive budget management.
Automated workflows turn chaotic requisition processes into streamlined approval chains. Web-based forms capture all essential information, from cost centres and project codes to item details and justifications, ensuring nothing gets missed.
More importantly, automating these workflows through IDP software connects purchase requisitions to downstream processes. When invoices arrive, the system automatically matches them to approved purchase orders, enabling straight-through processing for pre-approved spending. This eliminates the scramble to verify purchase authorisation and speeds up payment processing.
Most finance teams would need to double their staff to handle 1,000 invoices per month. ILB Group chose a different path.
The trans-national logistics specialist manages transportation via land and water through a network of more than 100,000 vehicles. ILB Group's finance team was drowning in over 1,000 supplier invoices every month. Documents arrived in multiple formats (paper, PDF downloads and email), creating a chaotic environment where invoices were printed numerous times, lost in email chains or simply overlooked.
Today, their invoice process runs like clockwork thanks to DocuWare’s invoice processing software.
DocuWare automatically matches invoices with purchase orders, routes them for approval and transfers all posting information to ILB Group’s ERP systems. Employees can now display documents and pay with just one mouse click.
"DocuWare brought calm and structure to our internal workflows. Discussions with suppliers about late payments are a thing of the past," explains Sebastian Erren, Managing Director at ILB Group
The strategic impact of finance process automation has been profound. Despite company growth and increasing document volumes, ILB Group has maintained its original accounting team size. Payment deadlines are consistently met, and external auditors can perform year-end closing work remotely with secure read access.
Finance touches every part of a company. So, when inefficient processes hold back your finance team, your entire business feels the impact.
Every hour your team spends on manual tasks is an hour not spent analysing data, optimising cash flow or providing evidence to back strategic decisions. Companies that automate finance processes have access to accurate information, make faster decisions and maintain lean teams, even as they scale.
ILB Group proves that handling 1,000+ invoices doesn't require an army of accounts payable staff; it requires the right technology.
For more support, read our process automation guide.
Or, if you’re ready to move forward, take our DocuWare product tour.