Speed Up Your Financial Transactions Efficiently

With developments in computer, internet and other software applications, most organizations are resorting to electronic payment process for their financial transactions. The reason is that, this process is fast and contributes efficiently to the smooth operational flow of an organization.

Today, the market records the presence of eminent brands and companies that provide the users and customers with easy financial transaction methods such as electronic payment process solutions. Furthermore, these processes are an essential part of the Cloud Processes as well. They enable you to optimize and mechanize the overall manner in which you will handle the electronic financial transactions. At the same time, the inefficiency caused due to manual administration and tedium is eliminated. Other benefits include minimized processing time and enhanced processing accuracy.

The new age electronic payment processes has the ability to effortlessly incorporate your company’s system along with your collaborating business members and their respective systems. The business process networks too taken into account. There are configurable and well-defined business rules. As a result, you have total authority over the master data, for instance, its accessibility, integrity across the pertinent value network of the partners.

Electronic payment process and invoice creation

Service providers of electronic payment process solutions offer an invoice management platform that helps to receive and generate electronic invoices and save them with the present legal requirements accordingly. Various types of invoice include the invoices based on:-

• Transport
• Orders
• Travel
• Periodic invoices, for instance, mobile phone and electricity

The processes that are included in the automated credit card processing transactions for travel expenses, comprising electronic payment process are listed below:-

• Credit card transaction receipts regarding all travel expenses
• Reconciliation of expenses against the travel booking
• Generating reimbursement for travel costs
• Transfer of data to the salary system for payment with salary

Electronic payment process leads to a certain set of benefits to the organizations and companies using it. Some of them are listed below-

• Enhanced cash flow
• Enhanced saving
• Enhanced customer satisfaction and loyalty
• Improved visibility of processes, that includes invoice and payment processes.
• Brings down the administrative cost to a great extent along with enhanced accuracy
• Has the capability to cope with any alterations in your ever-changing business environment

All these processes and benefits together provide a competitive advantage to the organization using the modern day electronic payment process.

Also read more on: Digital management, spend analysis

e-government - Public Sector On The Cloud

The techno savvy business world today needs an effective network to collaborate across the global clientele and the mobile workforce. The organizations success depends on the effective collaboration and mastering the inter dependencies in the network.  The use of conventional methods, however does not give the business houses or the government organisations the required reach, control and visibility to effectively manage these increasingly complex networks. Further, these inefficiencies may cost the enterprise its life.

The advent of cloud computing technology and cloud process helps to integrate a multi-enterprise business processes in a network so as to make the information available across all authorized components of such value networks. Being an automated process this offers faster processing of the work schedules, end-to-end transparency and round the clock control.  Integrating cloud technology into the e-government or public sector domain results in free and faster movement of people, goods, capital, and services in a global environment.

The public sector is an integral part of the global community.  Because of its financial interdependencies, role in international investments, global trading, it plays a major role in the country’s economy. Modernizing this with the technological innovations, and better infrastructure, will only enhance the e-government’s efficiency. The cloud based services and technological knowledge can be utilized for the practical up gradation of the e-government process focusing on the e-procurement and developing purchase order software. Further, the provision of better infrastructure will ensure implementation of improved public sector procurement process. This would enable the small and medium business enterprises also to be a part of the public sector and in turn would facilitate regional development.

The involvement of technology in the workflow-oriented process of the e-government reduces operating costs by facilitating the automation of most of the manually conducted tasks such as handling of business transactions, procurements, travel, inbound and outbound order fulfillment, and financial transactions. With a nearly 100% transparency, faster implementation of the public services, eco-friendly and sustainable operation, the use of cloud technology provides for shorter lead-time in the operational process, lean change management and better customer satisfaction.

The e-government being a major buyer of goods and services, the cloud processes enables an  “on demand" sourcing for the company needs. This paves way for reducing the corporate expenditure as well as the investment capital in case of industry sectors such as pharmaceuticals, medicines and other critical goods and services.

Also read on - Order management system