One of the longer-term effects of the current pandemic is, among other things, the changes it will bring to where and how people work. With lockdowns and social distancing regulations everywhere, IT management had to step up to the task of getting their workforce set up to work remotely, and fast! This necessarily includes a shift from hardcopy-based order and invoice management to paperless processing.
As has been the case regarding management of the pandemic in general, intra-company procedures and responsibilities will shift as businesses everywhere face pressures from the economic fallout. In order to address potential revenue losses and degeneration of supplier/customer relationships, companies should not shy away from making investments in technology that will help them increase the visibility of both customer and supplier processes.
Companies like Potter Electric Signal, a home security products manufacturer, have realised that by taking a holistic view of their accounting procedures, multiple issues in the company’s finance department could be addressed. “Our company is in a rapid period of growth and we didn’t want to pigeonhole ourselves with a solution that could only do one thing,” says Elizabeth Cassady, VP at Potter Electric Signal. “We ultimately chose Esker over the other solutions we were considering because Esker has a full suite of capabilities that we felt could expand and grow with us.”
Ensuring the company’s cash flow as well as having a complete overview of what is going on underlies every Finance Manager’s job, but today’s highly uncertain environment has added the crucial task of accurately predicting and quickly reacting to changing circumstances.
Read Gartner’s new report “CIO Strategies to Improve Cash Flow in a Downturn”for insights on strategies to support financial decision-makers and help with boosting present and future cash flow.
Esker’s Accounts Payable and Accounts Receivable solutions help businesses automate their entire accounting processes, providing visibility to financial decision-makers on cash inflows and outflows as well as enabling teams to adapt to rapidly changing circumstances.
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