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Automation benefits to your Finance team [Series]

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 many ways which are outlined in our 'ROI gains throughout the organisation' eBook.

Here are 3 key benefits taken from the eBook:

 

1. Easy to track course viability

A training 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 a minimum revenue criteria is not met. This allows action to be taken including the cancellation of courses or consolidation of existing ones.

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. Watch this short video which looks at how Reed Learning use automation to report on all aspects of their business. 

3. Instant payments and improved cash flow

Many course booking systems 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.

ROI  

To explore more finance benefits and to delve into the advantages of an automated course management system to other departments and roles download the ‘ROI gains throughout the organisation’ eBook today. 

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