Insights

3 Best Practices for SMBs to Reduce Difficulties in their Finance Department

According to a recent article, there are three ways your small or medium-sized business can reduce their difficulties in their finance departments.

  1. Centralize the finance function - "Small and medium-sized businesses must make the transition from simple data templates (like Excel) to more encompassing, sophisticated software environments." Smaller businesses have a larger risk and less resources compared to their larger counterparts when it comes to fraud. The article also states, "Software that reduces complexity and limits cost is extremely valuable to these entities."
  2. Automate time-consuming processes - "Cloud-based, automated solutions provide tremendous value because they allow companies to move key resources away from the more tedious and tactical tasks to the higher value activities that have a much greater business impact." Did you know that Vertex Cloud is a cloud-based sales and use tax automation solution designed for small and medium-sized businesses?
  3. Embrace the next generation - "Millennials provide value to small businesses, addressing many of the challenges that these organizations face with effective technology solutions that will have distinct competitive advantage that will only increase in the future."

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