Accounts payable is an accounting entry that represents a company’s obligation to pay off a short-term debt to its creditors or suppliers. The accounts payable definition and meaning are universal across companies, but the ways accounts payable process is treated are specific in regards to certain business. It is obviously important to ensure proper accounts payable efficiency in order to have these debits paid off in time and avoid default, however a lot of businesses still lean toward manual processing.(more…)
Global competition is one of the challenges that modern businesses have to deal with. Also, they have to find ways to reduce their overheads while creating new products and services. As business processes evolve daily, organizations must search for ways to solve their challenges. One of the best solutions to use is workflow technology. It consists of software and methods that could improve the way business processes are captured, re-engineered, optimized and automated. Workflow is a concept that describes how processes in manufacturing divide work activities into distinct roles, tasks, procedures, and rules.(more…)
It may be true that mistakes are just part of being human, though this mantra is inadmissible for highly intricate and stringent operations such as new account applications and loan approvals as well as other crucial banking workflow processes. However, despite this firm guideline, a lot of banks have endured irrelevant errors because they were extremely dependent on the manual paper-based procedures.
Leaders and founders of companies often wander through many ways to improve all the different processes that require to be done for achieving a same goal between team members. They indeed understand the importance of ensuring communication and efficiency between departments or groups within a bigger structure. This search for intercommunication responds at a vital problematic which appears when division and individuality appears in the different areas of a company. (more…)
Are you running a small or medium-sized business? If so, getting new employees on board is one of the major challenges you might face soon. This is, particularly, if your HR manager will carry out a manual onboarding process with onboarding checklist samples. The process is not only flawed and outdated. It is also time-consuming and boring. If you have to depend on humans to recall different hiring dates, they could forget some intervals of the recruitment process. And if some dates are skipped, you can no longer claim to run a dependable HR department. What you require is some sort of automation software that will straighten out your recruitment workflow. Here are more things workflow software like Comindware Tracker is going to do for you in addition to new employee process automation.
Companies of all sizes face workflow challenges. If you own a company with more or fewer than 50 employees or you are a department head who knows that the company is hemorrhaging money because of workflow problems, you need a solution. First, you must identify the problems to understand what is needed to solve them.