Four ways to improve business process efficiency.
Consultants usually charge a fee for this service, but there are some banks that offer it at no cost and with no obligation. It can take as little as 2-6 hours to observe your current processes resulting in a detailed report of findings and recommendations presented as early as the following day.
Here are four areas that a good Business Process Review (BPR) will cover:
1. Manual processes.When your company gets paid, does someone open the mail, gather the payments and invoices, post payments, get approval on invoices and prepare the deposits? If so, that’s a lot of manual work to keep track of — especially if you receive a high volume of payments and invoices. Part of your BPR will cover areas where these processes can be automated to reduce time and errors.
2. Check deposits.Rather than preparing a deposit slip to hand deliver to the bank (before 5 pm, no less), most banks offer remote deposit which allows you to scan checks in the office and submit an electronic record to your bank. It creates an electronic receipt of all your deposits and you’re able to receive the amount of your deposits more quickly. Your BPR will help you know if this is a good solution for you.
3. Sending and receiving payments.Paper checks can take several days for the funds you’ve deposited to be available in your business account. Even a “float” time of a couple of days can put a strain on cash flow. A proper BPR will address how you receive payments and make recommendations that fit with your business, such as Automated Clearing House or ACH.
4. Staff training.
If there is only one person in your business responsible for the entire payments process, what happens when that person has a bad day, is sick or goes on vacation? When you cross-train your staff, each team member can cover for each other during a vacancy. They can also check each other’s work to catch any errors. Plus, by rotating employees through different roles, you keep their job interesting and help them feel more engaged and productive.