What is Financial Process Management?

A Financial Process Management is the automation of a company's financial processes and the internal steps needed to get the financial operations fulfilled. Financial Process Management aims at separating out the finance business function to do their respective tasks in a more consistent, predictable and measurable way. Finance Decision Makers within an organization should be able to view the various business functions within Finance Business Unit, see the bottlenecks, take swift actions, streamline approval process and at the same time ensuring compliances and reporting is intact. Financial Process Management not only streamlines the day to day operations but at the same time gives a clear visibility into debts, cashflows, spends that an organization does.

Financial Process Management in layman terms comprises of the methods and procedures followed by the finance office. Financial Process Management generally includes

  • Data collection from different business units under an Organization
  • Planning
    • Strategic planning
    • Profit and Loss (P&L) and balance sheet planning
    • Working Capital planning
    • Project Based planning
    • Production, Inventory, Stock planning
    • Sales and operational planning
    • Marketing planning
    • HR planning
    • Planning Statutory compliances and disclosures
  • Forecasting
    • Strategic forecasting
    • Rolling forecasts
    • Cash flow forecasting
    • Burn Rate and Runway management
  • Reporting
    • Financial Reports around compliance adherences
    • Financial Management across different business units, processes, and users

Let's have a deeper look into commonly used financial processes within an Enterprise.

What are the commonly used financial processes within an Enterprise?

  • Expense Management
  • Employee Reimbursements
  • Employee Reimbursements
  • Payroll Management
  • Inventory and Stock Management
  • Statutory Compliances Adherences
  • Working Capital Management
  • Billing and Credit
  • Taxations
  • Accounts Payable
  • Accounts Receivables
  • Procurement Process
  • Financial Approval Management

Financial processes are one of the key core functions any Organization need to organize to plan for scale. Any loose corner may lead to reputational, financial and operational risks.

Why is Finance process management important for Businesses?

  • Streamlining Business Decisions across Organization
  • Reality check into businesses financial health
  • Efficiently planning manpower for better financial output
  • Define Accountability, Track Revenues and Expenditures more accurately
  • Siloed Financial Management by Business units always poses a risk of miscoordination, skewed projections
  • Centralized Financial Process Management gives a better visibility into the overall business

How to improve and streamline Financial Process Management?

  • Unifying and connecting all the financial processes within an Organization into a single Financial Business Process Management Tool. A software like Rocketflow helps drastically in mapping all your business process together giving a unified view.
  • Map Processes
    • Define different process stages involved in a Financial Process
    • Define owners/users/group of users for respective process stages and map them
    • Define Data points which needs to be captured at each process stage
    • Define business rules and routing for defining workflow around the Financial Process
    • Test and Pilot the workflow with all the actors involved
    • Keep refining the process as you identify slow moving stages
  • A unified Financial Process Management instills lot of confidence as you have a Single Source of Truth. Define reports from process operations, statutory compliances point of view and keep vetting the data points at recurring check points.
  • Enhancing Collaboration amongst business users. Once you have setup a unified view for the Financial Processes within an Organization the next big step is to ensure the users of the platform are working towards a single common goal. Map Organization Hierarchy in the platform, define rules for compliance, escalation and operational governance. Enable the Financial Process Management Software for triggering notifications at crucial business events and process stages.

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Frequently Asked Questions
What is Rocketflow?

Rocketflow is a new age Low/No Code Enterprise SAAS Platform that helps businesses go digital within minutes.
RocketFlow is your Digital COO to manage and supervise your operational needs.
An innovative business process management platform to help you GO DIGITAL. Rocketflow helps you map your business processes in real time through a drag and drop workflow designer. Allows you to capture data through mobile app at different stages of your business, lets your customer and team perform business operations in real time ensuring transparency and efficiency. Rocketflow lets you manage your customers, teams, inventory, processes and data in real time through a click of a button. Users can download reports and view the progressions over a dashboard.

Who can use RocketFlow?

RocketFlow can be used by merchants/businesses who wants to digitize their business process to increase Sales revenue, create more transparency within the teams to maximize business productivity. RocketFlow can be used by One Per Company to big enterprise in order to go digital without investing much into building the technology platform.

What all does RocketFlow Offers?

Using RocketFlow businesses/merchants can get fully configurable website ready within minutes. The website can be used to promote to the customers in order to get the orders/bookings/service requests in digital mode. RocketFlow also creates a web admin portal to manage the orders/bookings/service requests and assign it to users/executives for fulfillment.

How much time does it take to automate the business process in RocketFlow?

Rocketflow lets you use a predefined business management process which can be customized to your unique needs. It takes less than a minute to register on the platform and start using Rocketflow."Start your free trial" or "Plan a Demo", In case you have custom requirements or would like to change the way workflows are configured. Please write to us at sales@rocketflyer.in and our Sales and Product team would be happy to assist. You may also raise your query via filling this form at https://rocketflow.in/#contact_us

What are the common business workflows which are automated using RocketFlow?

RocketFlow comes up with more than 40+ pre-configured business workflows to help businesses focus on their core area of work.
Commonly used business processes are listed below:

  • People and Service Related Workflows
    • Task Assignment Process
    • Lead Management Process
    • Service Management
    • Order Management
    • HR Related workflows for hiring, exit, allocation
    • Customer Feedback
  • Inventory Related WorkFlows
    • Inventory IN/OUT
    • Report Damage
    • Warehouse Operations Management
  • Finance Related Workflows
    • Purchase Order
    • Sales Order
    • Invoice
    • Billing
    • Payment Collections
    • Revenue Management
  • Service Management
    • Service Request Management
    • Incident Management
    • Operations Management

Does RocketFlow requires users to give their Credit/Debit Card details while signing up?

No. RocketFlow allows for 10 Days free trial and doesn't require you to sign up with Debit Card or Credit Card. No Software is required to be installed. It is a complete SAAS based Enterprise Business Process Management Platform which is deployed over cloud.

Is my data secured on RocketFlow?

RocketFlow uses state of the art security frameworks, standards and infrastructure in order to protect your data. Your data is encrypted over the network and while in transit.

How do I create an account in RocketFlow?

Select your business requirement, Choose a plan to subscribe , Sign-up and start using RocketFlow.

Can I create different user roles in the system?

Yes, RocketFlow comes up with a highly configurable user management system which can be used to configure and map your organization hierarchy. Businesses can run approval based workflows once the hierarchy is configured within RocketFlow.

How can I define user hierarchy in the system?

RocketFlow helps you define a manager for a group of users by creating a team of the users in the system.

What are the different payment options available?

RocketFlow currently supports Monthly and Annual Payment options. If you have more than 200 Users please contact sales@rocketflyer.in and we have custom payment options available.

Are there customization options available in RocketFlow?

Yes, rocketflow can map your business process and use case. To know more connect with our sales team at https://rocketflow.in/#contact_us

Are preconfigured business process options available in RocketFlow?

Yes, RocketFlow offers preconfigured processes mapped with many pre-existing use cases to choose from
Some of the commonly addressed use cases are detailed below:

  • CRM
  • Human Resource Management
  • Fleet Management
  • Constructions & Excavation
  • Field Force
  • Finance Process
  • Logistics Management
  • Inventory Management
  • Ecommerce
  • Healthcare
  • Waste & Sustainability
  • Process Management

Does RocketFlow offers customized process implementation for internal processes too?

RocketFlow can be configured for any organization's entire network of interconnected processes under custom request. For more information, please contact our sales team at https://rocketflow.in/#contact_us

Is RocketFlow GST Compatible?

Yes RocketFlow is GST Compliant. Rflow comes with in-built GST & EWay Bill integration with nearly 30 different use cases to cover all GST business process needs. For more information, please contact our sales team at https://rocketflow.in/#contact_us

Is RocketFlow Tally Compatible?

Yes. RocketFlow is pre integrated with financial systems like Tally and can be used to automate your Financial, Operational, Inventory related use cases. RocketFlow is also integrated with QuickBooks by Intuit. For more information, please contact our sales team at https://rocketflow.in/#contact_us

How many different customer channels are supported by RocketFlow?

RocketFlow is an Omni Channel platform which gives you a website and mobile site instantly. Your executives and internal teams gets Android (Android App link goes here) and iOS (ios link here) apps along with a web portal for all your administrative needs.

Can RocketFlow be integrated with our internal CRM or ERP?

Yes, RocketFlow is pre-integrated with well known platforms for SMS, Email, Push Notifications, Financial System Integrations. RocketFlow comes up with 50+ integrations with external Systems. For more information, please contact our sales team at https://rocketflow.in/#contact_us

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