The financial area of a company: digitalising one of the pillars of your business

Dec 28, 2021 | Invoice management

We are not going to discover a new world if we highlight the importance of a company's financial area of a company. After all, as we have highlighted in other articles on our blog, having money and good financial health is essential and has been so for centuries, when the first businesses were born. Either the balance sheet fits and profits outweigh expenses, or the business is doomed to disappear. A reality that is irrefutable for both large companies and SMEs.

However, the evolution that has taken place in society and in the business world in particular has meant that you, as an entrepreneur or financial manager, work differently. Rather, as is the case today, it has meant that you have to adapt to the new digital-based times and rely on what they have to offer. It doesn't matter whether it is to apply these new technologies and tools to your entire business or to your company's finance area. At easyap we offer you a helping hand in both areas, which can be of great help to you to exploit your finance department in this new business landscape.

The financial area of a company by definition

What or what is the financial area of a company? Let's start with the basics. That is, by defining what we at easyap and as a company mean by finance department. We talk about the financial area of a company, by definition, of the internal department of any business that manages and coordinates the economic responsibilities of the company. of the company.

The main function of this area is to manage the financial assets, as well as to make the corresponding payments. At the same time, it should also be noted that the administrative and financial area in a company is indispensable. Its existence is necessary for the viability of the organisation, either through a department made up of teams with many employees and branches or represented in the figure of a single manager.

The functions of a company's finance department

Along these lines, as the objective of the financial department of any company has always been the same, its functions, broadly speaking, have also remained the same over time. That is why we could say that the general tasks of any company, regardless of its size and turnover, would be those listed below:

  • Fundamentally, to balance the books at the end of each month, quarter and year.
  • Budgeting and planning what to invest in based on the organisation's business and commercial strategy.
  • Taking care of paymentsWhether to institutions (for tax reasons), suppliers or to the company's own employees. This task also includes, as a further function of the company's financial area, taking responsibility for the employee expenses travel, per diems, travel expenses, etcetera.
  • Planning the financing of the business. In other words, taking care of finding, maintaining and/or managing the sources from which you will try to raise money.
  • Redistribute actions or tasks between other departments and between the different people belonging to the administrative area administrative area of the company and supervise that they comply with what has been established.

In this respect, it should also be emphasised that the manager responsible for the area will be responsible for coordinating all these functions with the various departments and employees concerned. To this end, the director of the department has the power to establish the financial controls he/she deems appropriate.

In turn, the finance and administration department department will have to be accountable and be the visible face in meetings with other business departments, stakeholdersstakeholders, partners, etc. However, this mission will normally fall mainly on the head of the area.

What does a company's finance department look like?

And in line with the previous point, there should always be a responsible person in the finance area in every business. finance area of any business.. Thus, the person in charge of a finance department is what is and has always been called the financial director. Nowadays, given the tendency to use anglicisms for everything related to the business world, it is also common for the head of the financial area of a company to be called the CFOfor its acronym in English.

However, the finance department of a company, as long as you have a certain turnover, becomes a vital cog in the wheel of any organisation. For this reason, the financial area of a large company or an SME will also have other positions. Or even with other "sub-departments".

For this reason, it is possible to find companies where, within the administrative and financial department, the administrative and financial department, everything is arranged in an organisational chart with these areas:

  • The area of financial controls to manage the company's assets.
  • The tax department, in charge of tax calculations, payments and collections.
  • The treasury area, which will deal with credit analysis, financial operations, insurance and other financial relations.
  • Individuals and teams that are responsible for both human resources and financial aspects are sometimes also considered to be a department of the finance area. human resources as well as those those who deal with funding for general services (materials, facilities, etc.). (materials, facilities, etc.).

On the other hand, in the control of the finances of any business, as we have been saying throughout this article, it is essential that the accounts comply with the law and with the relevant taxation. This is why certain business currents also place within the administrative and financial area of companies the team of audits. Whether they are the company's internal auditors or outsourced auditors, their service is also very relevant for the viability of any business.

Easyap and its role in business economics

However, what happens to the economic and economic and financial area of a company in today's digital world? And what role does easyap play in this digital world? As we have detailed in many other articles in our our financial blog, any company must adapt to this new landscape. Today's and tomorrow's companies have to adapt to the digital transformation of the world, where everything is online, teleworking is on the rise, and so on.

This is where we come in: easyap. A team made up of professionals in the fields of finance and technology with extensive experience in projects that combine both disciplines. We offer an e-invoicing service with multiple benefits for finance departments and financial managers and that we have already implemented in companies all over the world with which you will be able to:

  1. Issue and receive all your business of your business electronically and in the same space.
  2. Control the point in the process at which each of these digital invoices is located (known as the invoice workflow). In turn, your customers and suppliers will also be able to review this information, which will help maintain a transparent and clear relationship with them.
  3. Keep you up to date on tax matters, as the easyap solution adapts to the legislation and online tax systems established by each government.
  4. Add and manage all employee expenses that are generated in your organisation.

In addition, all these actions will be integrated within the unique space that is the electronic invoicing software easyap e-invoicing software. What's more, our system is compatible with any accounting package or any other ERP, so you don't have to worry about anything. In less than a week our team will implement the system in your business so that you, as a manager, can dedicate your time to other work tasks.

The benefits of our system for a CFO

The power of digitise your SME or certain tasks in the financial area of your large company, such as invoicing, will bring you two main benefits: cost savings and much more time. In fact, by focusing on cost savings, at easyap we offer two competitive advantages competitive advantages:

  1. Implementing our invoicing system for the accounting area of your company has no initial set-up costs.
  2. Invoicing, if you already had it outsourced before, with our software goes from being a fixed cost to a variable cost because the price is per invoice processed.

Above all, and to conclude, the fact that we charge per invoice processed means that we can adapt to a wide variety of businesses. Companies with high levels of turnover, as well as SMEs with lower volumes of business. And as we said, in less than less than seven days you can have the software fully implemented and invoicing in your and invoicing in your business.

Get in touch with us right now in the way that is most convenient for you: using the form you will find on our contact page, by calling us on either of our two telephone numbers (902 327 927 o 914 562 845) or even by visiting us in our office in Madrid, located at Paseo de la Castellana 135, 7th floor. We are waiting for you... and so is the future.

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