Finance Automation Platform
Too many financial departments are still manually inputting and processing accounts payable data. And while receiving invoices electronically is sometimes regarded as the Accounts Payable department “going digital”, the reality is that these electronic invoices are still printed so they can be matched or put through an approvals process. The costs and risks associated with these paper based, manual processes are significant.
Convergent’s FINANCE AUTOMATION PLATFORM delivers greater efficiency and capacity to the finance department by empowering it with a fully digital Accounts Payable Solution, one that is fully connected with all the other elements of the finance function.
Procurement rules and processes are critically important to manage and control costs. But for many organisations there is clear disconnect between these procurement rules and what actually happens from day to day. This breakdown results in cost overruns and overspending. Manual processes, coupled with a lack of visibility and transparency are the core reasons why procurement rules are not adhered to.
Convergent’s FINANCE AUTOMATION PLATFORM empowers organisations to impose automated procurement rules for cost thresholds, multiple quote requirements and requisition approval levels. Critically, the accounts payable function have full visibility on procurement data when dealing with invoice anomalies to further streamline related processes.
Expenses and mileage processing are manual, frustrating and time-consuming tasks for both finance departments and employees. An added layer of complexity occurs when expenses need to be allocated correctly – what type of expenses are they, who approved them, are they client recoverable or not, were they paid personally or was a company credit card used, what nominal coding needs to be applied and what currency was used?
Convergent’s FINANCE AUTOMATION PLATFORM provides a mobile solution customised to your organisations specific needs for dealing with expense handling and processing. Expenses can be submitted at source, approved and then posted to your accounts package for payment along with a complete audit trail.
The volume of administrative tasks required for a single asset can build to the hundreds during its lifecycle and as asset numbers grow this can quickly become unmanageable.
Convergent’s FINANCE AUTOMATION PLATFORM enables organisations to efficiently procure and onboard assets, manage finance agreements and warranties, track asset allocations to projects, locations and employees, schedule service and maintenance checks, optimise usage by tracking hours or mileage, manage tax, insurance and CVRT renewals and allow remote or mobile access to all asset related documentation such as manuals, certification and photos. The platform also handles QR code allocation and scanning using our Mobile App and when connected to the Procurement and AP platform modules, all costs related to the asset can also be tracked.
Making informed business decisions is a critical element in risk management for any organisation today. And in order to make informed decisions the data supporting each decision needs to be accurate and up to date.
Convergent’s FINANCE AUTOMATION PLATFORM ensures that company data and information is gathered and stored in the structure the organisation requires and when connected to a related process it moves digitally and visibly. Having data that is accurate and up to dates enables organisation to report on it as well as creating business insights that aid important decisions that need to be made. These insights can be delivered directly from the platform or linked to 3rd party reporting and BI software.
Finance is the function of most organisations that is still heavily reliant on paper. Row and rows of lever arch folders are still visible in many organisations today and for some, additional costs for storing archive boxes offsite is commonplace.
Convergent’s FINANCE AUTOMATION PLATFORM connects and automates all finance processes seamlessly eliminating all paper dependency. Email usage is also dramatically reduced. And when information needs to be found and viewed, the platform empowers the organisation with extensive search capabilities as well as viewing information and documents contextually based on the views the user needs to see.