There are ways that a company can move into the next generation using technology. Being able to leverage certain processes that were previously impossible means cutting down the time needed to put through or complete a particular task. As expected, the old ways of handling financial services were inefficient, and for a very specific reason.
How Were Check Requests and Purchase Requisitions Handled Before?
The short answer: paper—tons of paper.
Such processes used to employ a fully paper-based mode of interaction. For example, one department would need to re-up on supplies or make a major payment necessitating a check request or purchase requisition. The form would need to be filled out, mailed internally, and then be processed, negotiated, approved or denied, and finally, filed.
This entire chain of action was done by hand, slowing down its department’s productivity. At the tail end of things, one or more employees would need to go through and sign off each of these forms. What a hassle! Thankfully, something can be done to speed up the process for financial services.
How SharePoint Helps with Financial Services
Services coded within the SharePoint architecture help to not only speed up the process for check requests and purchase requisitions, but also keep all necessary employees in the loop. SharePoint’s ability to centralize information and disseminate it to multiple accounts is one of its main strengths. When a check request or purchase requisition is initiated, it is uploaded to the database, ready to be accessed by those on multiple levels of approval, as well as the ones who put up the request. It is the transparent and instantaneous exchange of information and communication that works to speed up the process, and creates accountability between employees.
Furthermore, lists and templates can be used to quickly help create new requests. If a department knows they need a standing order for certain supplies every couple of months, an automated form can be made and sent through this SharePoint program. Financial services are made incredibly easy through this automation.
Another example is the approval process for a purchase requisition. The finance department can set certain logic gates that will automatically approve or deny requests based on price range or types of products. Putting this in the hands of a SharePoint program means a more streamlined approach to a traditionally cumbersome process.
Creative Commons Attribution: Permission is granted to repost this article in its entirety with credit to Crow Canyon Systems.