When you’re in the business of managing millions of dollars in assets, one mistake can mean debilitating repercussions to both company and clients. Worse, it can undermine potential clients’ confidence in your organization, a situation you wouldn’t want to heap upon your business, as managing other people’s money is largely also dependent upon consumer trust.
What to look for in a financial workflow software
If you’re on the lookout for such type of software to help organize your process workflows, here are five things to keep in mind when considering a financial workflow management solution:
Webopedia defines an audit trail as “a record showing who has accessed a computer system and what operations he/she has performed during a given period of time. Audit trails are useful both for maintaining security and recovering lost transactions.” Inaccurate transactional entries, erroneous processing dates, long-overdue approvals – these and others negatively affect the financial process flow. Like a mechanic troubleshooting a car that wouldn’t start, to identify what’s causing process delays or reporting issues, you would have to carefully look into a number of things. You can, by all means, deploy separate audit trail software to do the grunt work, but workflow software with this functionality built into it is a better choice.
Requests by email
No matter what people are inclined to say about the impending demise of email, email is still a preferred method of communication, not just with outside partners and customers but with partners and colleagues within the organization. Having a workflow software that can be synced with your email client, either through ready-made integrations or API (application programming interface), maximizes your email software investment.
Requests from Outlook
For users to successfully adopt a new software, two things to keep in mind are usability and interoperability with third-party systems. Is the software’s interface easy to navigate? Or does it involve intricate navigation protocols that make their lives a living hell? Does it readily integrate with familiar systems? Users, particularly those who don’t relish being exposed to software with complicated user interfaces, prefer working in environments they’re already used to.
Workflow engine flexibility
There are workflows that would need to be changed overtime, and financial management workflows are no exception. There will also be instances when one-time workflow changes will need to be accommodated, such as an additional approval process normally not warranted. With classic or traditional workflow systems, any workflow change will require IT intervention, as the additional ad hoc procedure would have to be hardcoded. Adaptive workflow systems, on the other hand, are equipped with a flexibility advantage that empowers users, whether or not they’re coding experts, to make changes, even on-the-fly ones, with drag-and-drop ease.
For workflow managers, the visibility afforded by real-time reporting dashboards is a godsend. If you know the status of each task in your financial workflow, you can anticipate bottlenecks even before they happen, i.e., if an approver is on vacation and certain requests (e.g., early investment withdrawals) need to be addressed ASAP, you can assign another person to temporarily take his/her post. In doing so, workflow continuity is maintained, and unnecessary delays are eliminated.
All these are present in Aptitude Software, here is a link to an article about Aptitude software and it usages.