How State and Local Government Agencies Are Modernizing Finance Management
State and local agencies are in a tough spot when it comes to managing spending. With a need to make taxpayer dollars go as far as possible, and a belief that existing systems are “good enough,” investing in modern technology to simplify back-office processes is a move that’s often difficult to justify. What’s overlooked, however, is that relying on these outdated, manual systems actually does more harm than good.
One vital area in which public sector agencies continue to use manual, paper-based processes is expense and AP management. While these outdated processes may look scrappier and more fiscally responsible on their surface, the truth is they’re inefficient, error-prone, and make tracking cash flow accurately nearly impossible.
We partnered with Route Fifty to uncover challenges that state and local agencies face when updating their expense and vendor invoice management systems. Not just in making the financial case for investing in a modern technology, but also misconceptions about what implementing an automated, integrated digital solution actually requires.
“A transition to a paperless system minimizes overhead costs significantly, speeds up time to delivery and payments, and increases the ability for throughput within an organization’s accounts payable and receivable office,” says Carlos Soto, former technology innovation manager, Bank of America
We also examined shifts within agencies that are helping pave the way to better expense and AP processes. As the next generation of tech-savvy IT and finance professionals join state and local government ranks, their partnership is making the adoption of digital tools far easier and more likely.
To learn all about how state and local government agencies are taking finance management to the next level, read the full article.
