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How to Optimise Financial Operations with Skydo's Payment Platform

How to Optimise Financial Operations with Skydo's Payment Platform
rohit
Rohit26 December 2023

Outdated financial systems and processes can create significant inefficiencies and costly business errors. Finance Heads are often forced to spend time firefighting instead of strategising. Unfortunately, the role of the modern Finance Head is about more than just overseeing financial operations; it's about leading businesses through uncharted waters. 

Platforms like Skydo offer a solution to these deep-rooted problems through their payment platform. This guide explains how you, as a Finance Head, can make your organisation more agile, and efficient, and stay ahead of the curve with Skydo.

The Challenges Faced by Modern Heads of Finance

As a key strategic partner in driving growth, you navigate the complexities of a globalised business landscape. Despite this expanded role, there are still numerous challenges that come with being at the top of the finance tier in a company.

Managing complexity in payment processes

  • A high volume of transactions
    Modern businesses are constantly operating across multiple channels and executing a large number of transactions every day. Keeping track of and ensuring the accuracy of these transactions can be overwhelming since they often involve different platforms and systems.
  • Cross-border payment regulations and compliance
    As businesses expand globally, heads of finance face challenges in navigating international payment regulations. Each country has its unique rules, making it a difficult and potentially risky task to ensure compliance.   

Ensuring Data Security and Fraud Prevention

  • Risks of financial data breaches
    With the increasing value and vulnerability of data, it's crucial to have strong security measures in place to prevent breaches. Not only can financial data breaches result in huge monetary losses, but they can also damage stakeholder trust and harm a company's reputation.
  • Fraudulent activities in payment processes
    The digital age has brought about convenience, but it has also created opportunities for sophisticated fraudulent activities. As a result, Finance heads like you have no choice but to prioritise robust systems in place to detect and prevent any unauthorised transactions. 

Manual and Time-Consuming Workflows

  • Inefficiencies in invoice processing
    Manual invoice processing and approvals are time-consuming and prone to errors, causing payment delays, disputes, and financial discrepancies. Streamlining this process with automation can save businesses time and money while ensuring accuracy.
  • Resource drain on repetitive tasks
    Redundant tasks can consume a significant amount of time for finance teams, draining resources and diverting attention from more strategic, value-added activities. By automating these tasks, finance teams can focus on more critical tasks and increase productivity.

Lack of Real-Time Visibility

  • Tracking payment statuses
    You may be dealing with outdated systems that don't provide timely updates on payment statuses. It leads to uncertainties and potential cash flow issues, hindering the company's success.
  • Implications for decision-making
    For top-tier finance officials, timely insights into financial operations are crucial for effective decision-making. Without real-time data, they may make reactive decisions instead of proactive ones, which can hamper the company's growth trajectory.

Being a modern Finance head comes with its share of challenges but also great influence and strategic importance. To effectively address these challenges, a combination of technology, process optimisation, and forward-thinking is necessary. With the right approach, you can have a major impact on a company's success.

Overcoming Finance Challenges with Skydo: A Comprehensive Solution

Skydo’s payment platform is designed specifically to address the pain points of Finance Heads iterated above. Here's how we help overcome these challenges and achieve company goals.

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