Finance & Accounting
Finance automation is no more a ‘good to have’ for businesses. It has become a necessity to replace error-prone manual finance functions. To thrive in the competitive landscape, finance professionals need to take on the role of a crucial strategic business partner rather than doing time-intensive repetitive manual accounting tasks. Finance automation includes automating key finance responsibilities including book-keeping, expense management and reconciliations. Key Iqxora applications on this front:
- The process of invoicing customers and collecting customer payments is critical for enterprise cash flow and business liquidity.
- Accounts receivable is responsible for managing these processes that include setting up new customer accounts, producing accurate invoices based on incoming sales orders and collecting invoice payments.
- The entire O2C process including the AR module gets automated in Iqxora platform.
- The process of validating and paying vendor invoices for goods received is critical to ensure the validity of procured items, accuracy of billed amounts and timeliness of payments to avoid late fees and interest charges.
- The accounts payable is responsible for setting up new vendor accounts, entering information from invoices, matching billed amounts to purchase orders, and authorizing payments.
- The entire P2P process including the AP module gets automated in Iqxora platform.
Financial Planning & Analysis
- A robust Provisions management process involving budgeting and forecasting of operational expenses are critical functions enabling an organization to make sound business decisions based on timely and accurate financial information.
- The FP&A department typically spends a disproportionate amount of time on sourcing, aggregating, and formatting this data on a monthly basis.
- Iqxora FP&A applications seamlessly integrate with ERP solutions to provide reports and data inputs on finance planning and forecasting.