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Easy ways to improve Finance Workflows

Digitizing your finance-related workflows will allow information to travel instantaneously. With just a few clicks, everyone involved in the decision-making process can access all the latest files. This increase in efficiency through the use of smart mobile apps will improve results across the controlling department and the board. 

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Finance process optimization 

Paperwork might be common in every department of a company, but it’s especially prevalent in finance. Every financial maneuver requires documentation, and all those sheets of paper add up quickly. Not only is excessive paperwork unwieldy, but it’s also inefficient. Typed-out data can only move as fast as the paper it’s printed on, and you can never be sure a crucial document won’t be displaced. The best way to solve the paperwork conundrum once and for all is by switching to a digital model.  

The finance workflow process should be efficient, but it also needs to be precise. Digital reporting provides a handy way to input and check important data points without slowing the process down. A finance digital transformation can turn your company into a model of sound administration.  

The simplest way to digitize your company’s finance department is by using custom apps. Open as App allows you to seamlessly digitize your financial workflows by turning your spreadsheets into apps without any coding. You can also choose one of our pre-made apps, all of which were specially designed to meet our clients’ needs. Once you’ve made the switch to an app-based model, you’ll never go back to a paper-based approach.   

 

How to digitize Finance Workflow Processes 

While every organization has its own process, there are some finance-related questions that all institutions must face. Every company needs to plan a budget and determine whether they’re making a profit. Company evaluations are also necessary whenever a change in the corporate structure is approaching. ROI calculations can help with the decision-making process, and investments are essential for growth. In each of these areas, finance process digitalization can have an enormous positive impact.  

Open as App provides a fast, easy method for finance process improvement. Our apps can be opened on all sorts of devices, and they’re available offline. They’re also completely secure, meaning you’ll never have to worry about financial data falling into the wrong hands. If you’re eager to optimize finance workflows, then smart apps should be a key part of your administrative framework.  

 

Budget Planning 

Every organization needs to plan its spending at the start of the year. Plotting future expenditures requires in-depth analysis and careful consideration. Finance teams need to look at past expenses in order to make sound predictions, but they also need to consider how the organization as a whole might be changing. Perhaps leadership will plan to invest more money in one area and less in another. Maybe a product launch will demand an especially large investment. All of this information is necessary for preparing a smart, coherent budget. Once the plan has been created, the finance team needs to set spending limits and enforce them throughout the year. 

The Budget Tool App provides an easy method for creating a budget and ensuring company-wide compliance. The app displays key metrics in a neat, tidy fashion, ensuring everyone on the finance team has the information they need to make smart decisions. You can use the app to estimate revenue, plan expenditure, and even restrict spending that goes over the budget. With this powerful tool at your disposal, you’ll maintain a solid understanding of your business’s strengths and weaknesses while setting priorities for the whole team to follow.    

 

Profit/Loss Statements  

There are all sorts of important data points for a company’s leadership team to consider, but nothing is as vital as profits and losses. This is the statistic that tells you whether your company is succeeding. A loss might be acceptable in the early days, but you’ll need to earn a profit eventually for the enterprise to be sustainable. Determining whether you’re suffering losses or making a profit requires some documentation in the form of a profit/loss statement. The best way to create this all-important file is with a digital app.  

The Profit and Loss Statement App brings essential financial data together in a single secure location. With a quick glance at a screen, everyone on a finance team can see the latest news about profits and losses. You can also share the information with other people who can print the files but can’t alter them. This simple organizational tactic will go a long way towards optimizing finance workflows.  

 

Company Evaluations 

There are all sorts of reasons why it’s useful to know the value of your company. Maybe you’re planning on selling the business to another entity. Perhaps you’re trying to bring partners on board. Whatever your purpose for determining the company’s value, you want to make sure you conduct an accurate investigation. As with other financial concerns, digitilization can significantly improve the evaluation process.  

The Company Evaluation App takes a few simple assumptions and uses them to estimate the value of your company. There’s no faster way to get a general idea of your business’s worth. The information will appear clearly on the app, and you can print a PDF file when a physical document is required. The next time you need to evaluate your company, skip the endless spreadsheets and use a simple app instead.   

 

ROI Calculations 

Growing a company is never free. Every step forward requires investment, from the launch of a new product to a bold marketing campaign. The key is to make these investments strategically. When you accurately calculate the expected return on an investment (ROI), you give yourself the best possible chance of making good decisions. If you digitize the calculation process, you should be able to predict ROI based on just a few data points. 

The No-Code Application Development ROI App provides a great example of how technology can help you predict ROI. Open as App created the application to help businesses compare the ROI of a traditional app development process with the ROI of no-code platforms. When using the No-Code Application Development ROI App, you start by entering some general information. You’ll have to say how many apps you’re planning to develop, how complex they need to be, and what platforms you need them to work on. The app will use this data to predict the ROI of each potential strategy.   

 

Investments 

For many individuals and organizations, investments play a major role in maintaining financial stability. Putting your money in a place where it can grow is always a smart decision. The key is to find the investments that are most likely to provide returns. Choosing the right investments is never easy, but you’ll have a better chance of making smart decisions if you’ve got access to relevant financial information. Smart apps can make the process easier by allowing you to quickly and effectively evaluate the circumstances around your investments.  

The Interest Rate Calculator App gives you essential insights into an investment’s earning potential. You can use the app to predict how much a particular stock, bond, or property is likely to produce in the future. This information will help you decide which investments are actually worth making.  

The smartest investors spread their money around, limiting risk by investing in separate areas. The Investment Tracking App allows you to monitor all your investments in a single digital space. When you organize all your investments within the app, you can efficiently evaluate a complex, diversified investment portfolio.  

The Loan Calculator App is a valuable tool for anyone who takes out or offers loans. Financial agreements are often complicated, and it’s not always easy to determine how much a party will owe. Using the app is the easiest way for everyone involved to stay on top of the situation.