End the Incessant Tug of Wars Between the Finance and Operations teams with Boya

End the Incessant Tug of Wars Between the Finance and Operations teams with Boya

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Finance and operations teams functions are at most times in conflict in many organizations.

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While finance team functions are optimized to get the most out of every dollar, operations team functions are optimized to get the most out of every hour.

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This situation is often made worse when these functions are viewed as stand-alone. In many instances, finance is considered the bottleneck to the flow of funds to the business functions.

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Inefficiencies and frustrations then become endemic throughout the entire organization.

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Imagine the operations of a high-growth business. On the one hand, the sales and marketing teams need funds to be disbursed quickly for their marketing and sales activities so that the company can meet its targets or business objectives for the month.

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Speed is of the essence to these teams.

On the other hand, the finance team has to finalize reconciliations for the previous month to make sure every dollar can be accounted for and evaluate if the business is getting an acceptable ROI on the marketing and sales spending before releasing funds for the new month.

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Call it a catch-22 situation. Both teams will definitely be frustrated.

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The sales and marketing teams will have to spend about 15%-20% of their time explaining their previous month’s expenses.

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The finance team, on the other hand, will spend up to 50% of their time doing reconciliations, chasing receipts, and creating expense reports.

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The situation is made even direr with systems that don’t talk to each other: the bank, corporate card system, business mobile money wallets, expense reporting system, accounting system, etc.

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Does it make sense for employees to spend such an enormous amount of time on these tasks?

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This valuable time could have been spent on strategic core business activities, right?

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According to IMM Graduate school, finance and operation functions need not be in conflict with each other. In fact, they should have a symbiotic relationship since they are focused on a common goal; organizational success.

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This tug of war is counterintuitive and leads to slow and inefficient operations.

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Successful organizations focus on unit economics and ROI through deep integration of business operations and finance. This is made possible by setting up systems that allow these businesses to measure and improve financial and operational efficiency seamlessly.

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By approaching finance and operations as closely tied functions rather than standalone functions, high-performance teams can become more efficient with their time and money. This eventually leads to organizational success.

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With the recent advances in finance automation, the tug of war between finance and operations needs to be a long-forgotten subject.

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Finance automation tools make it easy to bring together finance and operations to work seamlessly by enabling finance teams to optimize company spending more efficiently in the entire organization. This means that finance can finally become an important strategic partner to the business rather than a bottleneck to business operations.

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Businesses need to think critically about the efficiencies and effectiveness of their finance operations. They need to evaluate if they are using suitable systems for the organization and if the systems are correctly implemented.

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The good news is that finance automation tools like Boya enable businesses to get the visibility and control they need in real-time without compromising the efficiency of business operations.

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For example, businesses that have shifted their finance operations to Boya have reduced expenses with missing receipts by 80%! The time to complete expense reports is reduced by 85%.

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Why have Boya for your finance and operations teams?

By automating repetitive finance and operations teams tasks, businesses are able to:-

• Improve visibility so that business leaders are able to get accurate insights in real time. This real-time visibility enables businesses leaders to move quickly
• Save time so that employees can focus on core business strategic activities while still having a clear view of the financial health of the business
• Save money by reducing unnecessary and fraudulent spending in real-time
• Get funds to where they are most needed in the organization in real time without compromising accountability and control

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At Boya, we believe that adopting finance operation automation is critical to any business that wants to save time and money in any meaningful way.

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Businesses that fail to adopt an automated finance and operations teams framework are likely to fall behind the competition.

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You do not want this, do you?

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This is why we are building a finance automation platform that will enable businesses in Africa to succeed at scale.

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Interested in adding finance operation automation to your business? Sign up to Boya, and we will help you every step of the way.