Optimise your financial processes

Optimise Your Financial Processes with BrightAnalytics Automated Workflows

In today’s business world, efficiency in financial processes is crucial. Companies aim to obtain accurate, timely, and reliable financial data to optimise performance and support strategic decision-making. Workflows are key to automating daily tasks and reducing manual effort within an organisation. 

This is where BrightAnalytics steps in. It offers advanced automated processes that ensure data to fit properly in the various applications within BrightAnalytics. These processes are fully automated by BrightAnalytics and follow a consistent sequence, guaranteeing consistency and reliability. 

When BrightAnalytics is implemented, several standard workflows are already in place to fine-tune your data, covering a broad range of functions to ensure essential operations run smoothly without extensive setup. Additionally, custom workflows can be created in collaboration with the customer to meet unique business needs. Using these comes with a lot of advantages:

• Efficiency and automation: reduces manual efforts through automation
• Consistency and Reliability: ensures reliable and consistent data handling
• No extensive setup: Facilitates smooth operations
• Customization: Meets unique business needs with custom workflows
• Enhanced Focus: allows employees to focus on strategic and innovative work

The best example of custom workflows, is the automation of allocations. These workflows make cost management more effective and provide better insights into the cost structure. Through allocations, overhead or general costs that cannot be directly assigned to specific cost centers, projects, departments and so on, can be accurately distributed across these various dimensions.

These workflows also support multiple bases for cost allocations, including methods based on revenue, percentages, or cost drivers like Full-Time Equivalents (FTE’s). This flexibility allows for a more tailored approach to cost distribution, reflecting the unique needs and structure of the organisation. Additionally, by reallocating costs based on current needs and performance, the workflow helps optimise budget planning and management. The use of combinations of analytical dimensions, structure lines, accounts, … ensures that each cost is assigned in the most appropriate way, enhancing accuracy in financial reporting.

Custom workflows serve many other purposes as well. First of all they can automate adjustment bookings such as those recurring on a monthly basis. This reduces manual repetitive input, minimises the risk of errors and ensures smooth processing of routine financial transactions.

Another key feature is the use of flip accounts, where account numbers are assigned to assets or liabilities based on whether their monthly balance is positive or negative. This dynamic assignment guarantees that financial statements reflect the most accurate data.

Additionally, expenses and costs can be automatically assigned to the correct accounting period, aligning with the matching principle in accounting. This functionality ensures that costs are matched with the revenue they generate, providing a clearer and more accurate financial overview.

In conclusion, the custom workflows are a powerful tool for enhancing cost management within an organisation. By providing better insight into the cost structure and enabling precise expense distribution. This reduces unnecessary costs, supports better financial decisions and optimises budgets aligned with organisational goals, and ultimately boosts efficiency and effectiveness in financial management.

To get your platform running smoothly from the beginning, you need standard workflows in place. Therefore we use result processing workflows, creating opening balances, automatic intercompany eliminations and smooth currency exchange rate conversions. 

By leveraging these automated workflows, companies can enhance the accuracy, efficiency, and reliability of their financial processes. BrightAnalytics ensures seamless financial processing, intercompany transaction management, consolidation, and multi currency operations, leading to accurate and efficient financial reporting. Embrace the power of automation with BrightAnalytics and take your financial management to the next level, strengthening your competitive position and laying a solid foundation for growth and success in a dynamic environment.