Streamline and automate your organization’s CFO back-office operations
An increasingly disruptive marketplace has led to a significant change in the CFO’s role. Organizations around the world are relying on their finance and accounting function to manage larger transactional volumes with leaner teams, optimize cash flows while lowering revenue leakages, reduce reconciliation time while increasing accuracy of reporting as well as deliver better business insights from existing data across different stakeholders. For CFOs to successfully manage the growing importance and complexity of their jobs, the solution is automation and digitalization.
Datamatics’ finance and accounting outsourcing services (FAO) streamline and automate your organisation’s CFO back-office operations, allowing CFOs to respond with greater agility to changes in the business environment. Datamatics finance and accounting outsourcing solutions make operations such as accounts payables and receivables management, account consolidation and reporting, tax processing, and contracts management more compliant and efficient. These automation solutions for F&A services allow you to generate a healthy cash flow, have better financial control through insights and forecasts, as well as adopt a highly systematic approach to maintain accurate documents for financial auditing.
Worth of invoices processed per year through successful implementation and delivery of enterprise wide BPM automation and digitalization efforts at scale
Invoices processed per year with 99.99% accuracy by using point solutions as well as end-to-end automation models spanning larger geographies
Accuracy achieved in processing of invoices with point automation as well as end-to-end automation solutions towards building a quality compliant business ecosystem
Digital finance service experts both in house and on consultant basis to deliver precision solutions in a timely manner
Cost reduction for Finance & Accounting (F&A) customers thus ensuring a secondary source of revenue generation in parallel with that from the business as usual activity
Automate procure to pay cycle to get better visibility & control over spend management and get insights into spend patterns and financial commitments
Reduce inventory carrying costs, proliferate JIT to reduce inventory, eliminate tail spend, and facilitate centralized procurement and supplier management with P2P automation
Manage contracts, purchase orders, invoice and receipt reconciliations in a highly efficient manner
Make your business efficient and competitive with faster order to cash process
Ensure high levels of accuracy in the synchronous order fulfillment to ensure customer satisfaction
Receive and process customer orders in an automated ecosystem to ensure better cash flow and financial performance with O2C automation
Ensure better financial control and decision making by providing timely, accurate and relevant financial information to the decision makers
Reduce transaction time, minimize processing costs, improve quality of operations
Generate and maintain accurate documents for financial auditing through a highly systematic approach
Strategize your company's long term financial plans
Get real-time and accurate insights for improved financial control
Create accurate forecasts about the company's P&L to support the budgeting efforts
Identify merger and acquisition (M&A) targets
Keep a tab on key performance indicators (KPIs) and operating performance of the organization
Enhance tax filing efficiency, manage larger volumes of business, and improve quality of audits for tax firms, small and medium businesses, and large multi-nationals
Engage experts in US & Canada Tax laws and bye-laws as well as automation strategies to mitigate risks
Improve turnaround time and reduce error in tax filing and management of multiple group accounts across different tax rates and jurisdictions through automation
FAS system is the enterprise finance and accounting (F&A) system, where the financial data of an enterprise resides. FAS maintains all the data related to accounts payables and accounts receivables in the enterprise.
FAS maintains all the books and ledgers on a digital platform, in a manner similar to a manual scenario, such that they are readily auditable. It records all the assets, liabilities, and operational data digitally and in real-time.
FAS automation is the process of updating all the transactions on a fast track. It involves mapping and synchronizing the records with different enterprise systems used for Customer Relationship Management (CRM), Inventory Management, etc.
FAS automation allows enterprises to automate their core processes, including accounts payable, accounts receivables, book keeping, taxation and compliance, payroll management, expense management, etc. It allows to expedite processes with the same number of existing resources and culminate monthly and quarterly closures in time, accurately, and consistently.
FAS automation allows enterprises to automate all swivel chair operations and synchronize all enterprise systems in real-time. It allows enterprise resources to auto-generate reports as well as create spare time for executives for analysing the financial information and emerging trends to plan enterprise growth in close coordination with other enterprise teams and enterprise leadership.
The main Finance and Accounting (F&A) processes are Accounts Receivables (AR) and Accounts Payables (AP). Automation of these two processes allows enterprises to accelerate the processing time, ensure timely closures, improve accuracy and cost savings. These automations are also referred to as Order-to-Cash (O2C) Automation and Procure-to-Pay (P2P) Automation, respectively. BPM service providers offer Finance and Accounting automation and outsourcing services as well as process accelerators to jumpstart Finance Accounting System (FAS) automation.
Finance & Accounting Procure to Pay Automation or simply P2P Automation is the process of automating all the tasks right from procurement of goods and services to the paying out to the last mile vendor in the supply chain or value chain. Purchase Order and Service Order automation, Invoice Management, Service Received Note integration, 2/3 way matching, Reconciliation, and integration with core systems are all part of P2P Automation.
Most F&A P2P Automations enable evaluating vendors, shortlisting them on the basis of quotations for each and every part required for manufacturing, and generating payment advices for account transfers. Master Data Management, Vendor Catalog Management, and Contract Management are also part of P2P Automation.
The main goal of F&A P2P Automation is to improve accuracy and first-time rights, streamline processes, improve collaboration between intra and inter department stakeholders, reduce operational costs. Aligning the Procurement division with the Accounts Payables is also a primary ask in P2P Automation projects. It focuses on eliminating technical debt that has accrued over a period of time as point automation solutions were embraced in the different stakeholder departments at different time periods.
F&A P2P Automation also propagates complete visibility for audit purposes and eliminates the scope of fraud. It empowers the Just-in-Time (JIT) manufacturing and production paradigm and improves supply chain management, which may involve different time zones. It offers real-time visibility of the digital platform to the leadership and management teams to conduct business as well as envisage changes and expansion. It also steps up vigilance activities and compliances with internal and external governance bodies.
Most BPM service providers have Finance & Accounting services and accelerators to jumpstart P2P Automation for their customers.
Finance & Accounting Order to Cash Automation or simply O2C Automation enables businesses to improve cash flows and productivity, over time. The automation in the Accounts Receivables ensures that your earnings are received quickly and invested back in the business for expansion, dividends are paid out, and payables are cleared. Improved revenues also ensure sustained growth. A healthy balance sheet also improves the trust of the investors and employees.
End-to-end O2C automation for Accounts Receivables also allows keeping track of customers who make on-schedule payments and those who cross the credit days frequently. It also allows maintaining research data about new customers and their creditworthiness such that credit limits and credit days are enforced in the automation logic and write-offs are practically eliminated. It improves the cycle time of order processing by routing all incoming channels of orders to the concerned departments by converting them into sales orders to deliver the goods. Each department, right from Sales, Finance Credit, Product Engineering, to Logistics starts working in a clockwork manner thus reducing lead time and improving customer satisfaction.
Most BPM service providers have Finance & Accounting services and accelerators to jumpstart O2C Automation for their customers.
F&A Record to Report Automation or simply R2R Automation automates the gathering of all the Finance & Accounting data, processes it, and generates a story for internal and external compliance reporting. It frees up the bandwidth of resources to focus on strategic decision-making and high-value tasks.
The R2R Automation usually sits atop core systems. It collates and consolidates data in a particular staging server, verifies and validates the data, flags anomalies, and outliers, generates various reports for different levels of compliances, improves the effectiveness of productivity tools, eliminates time lag in reporting, and reduces risk exposure.
Most BPM service providers have Finance & Accounting services and accelerators to jumpstart O2C Automation for their customers.
The F&A services that are usually outsourced to finance and accounting outsourcing companies are Accounts Receivables and Accounts Payable management, Financial Dashboarding & Reporting, Financial Planning & Analysis, AI/ML-enabled Forensic Accounting, and Tax Filing.
Some of the main benefits of Finance and Accounting outsourcing are saving operating costs, saving time on hiring expert resources, eliminating the hiring of temporary staff to mitigate peak workloads, improving cash flows, and making data-driven decisions.
CFO in the Manufacturing Industry
Company Size: 500 Mn - 1 Bn USD
Head Collection Strategy Analytics & QA in the Finance Industry
Company size: 500 Mn - 1 Bn USD
Senior Executive in the Construction Industry
Company size: 1 Bn - 3 Bn USD
Datamatics is a technology company that builds intelligent solutions enabling data-driven businesses to digitally transform themselves through Robotics, Artificial Intelligence, Cloud, Mobility and Advanced Analytics.