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