Technology businesses, even small ones, are often surprisingly complex from a billing and contract management perspective. They need to combine billing events from many different sales models within a continually changing environment—this is tough, no question.
As a result, it’s not unusual to see large finance departments as a percentage of overall company size: 10% may be typical, 15% not unheard of, and 5% would be considered outstanding.
The solution to all this?
At HarmonyPSA, we believe it lies in automation. We are working toward creating a fully touch-free, work-to-cash cycle, a system where every keystroke adds real value.
Why are we so passionate about this mission?
The advantages of automation are many and spread across all sectors of a business, but, from a finance point of view, there are true tangible benefits of fully automated accounting processes:
- Reduced headcount: We’re not anti-finance people, we’re just pro-profit. We believe you should be able to grow your business without that growth driving more non-reimbursable headcount. In other words, the more automated your finance processes are, the more time you have to manage down your overhead staffing percentage. This will dramatically increase your profitability, and that has to be good.
- Error reduction: When your data is controlled by automated processes, you save the hours spent manually keying and re-keying information. This eliminates the need for data discovery, modeling and checking, and, at the same time, removes chances for human error, including that most heinous of finance-department crimes: missed invoices/payments. With fewer administrative tasks, the finance team can focus on controls and pure financial transaction processing. Not only would they be more effective, but your error rate would also go down and their roles would be more value-add and less administrative.
- Improved cash flow: With your finance team freed up from tireless administration, your cash flow is likely to improve because they will have more time to spend chasing payments (or just automating them with our Bluesnap integration). Finance simply has less investigation to do and less need for spreadsheet-based modelling and analysis. They end up with more time for control and overall business analysis.
At Harmony, the finance department is just 2.5% of our company size—so it can be done.
We have a dream: to build a system that contains such a high degree of automation that you just work and the system automatically provides you with payment for your services, directly into your bank. Thanks to Harmony and BlueSnap’s efficient new integration, that dream is now within sight.
So if you are wondering what all those people in finance are doing all day, keep an eye on the HarmonyPSA blog for more announcements, so that you can start living our dream.