How SMEs benefit from an approval automation-centred tech stack

Posted on February 20, 2023March 24, 2023 by Masha Komarova

case study

How SMEs benefit from an approval automation-centred tech stack

Combined
189K AUD saved

39k AUD saved
for one client

150k AUD saved
for another client

10 business days
saved p/mth

ApprovalMax
Certified Partner

Preferred Accounting
platform: Xero

Financial management can be a complex and demanding task for owners of small and medium-sized enterprises (SMEs) to understand, especially as they expand. Inconsistent financial records, unclear reporting, and cash flow forecasting difficulties can negatively impact business growth – however, if you have a trusted advisor, they will turn these issues around for you.

Tinka Consulting, a Brisbane-based advisory firm, offers innovative solutions to help SMEs overcome these obstacles and improve their financial processes.

This case study explores how Trent Todd, Technical Director at Tinka Consulting, and his team, implemented ApprovalMax for two of their clients, helping them streamline and eliminate manual tasks from their financial processes.

Overcoming obstacles: The challenges of financial management for SMEs

“One of the biggest financial challenges for SMEs is the difficulty in forecasting cash flow, due to unproductive email approvals that can easily be forgotten and a large number of approvers, making it difficult to do reliable cash flow forecasting and efficient accounts payable processes.”
Trent Todd, Technical Director at Tinka Consulting

Small and medium-sized businesses have huge potential for growth and success, but managing finances and ensuring accurate financial records can be a challenge. Obtaining clear financial reporting, forecasting cash flow, and managing risks can be difficult, which can hamper business growth and informed decision-making. To combat these challenges, Trent and his team at Tinka Consulting recommend their clients implement Xero for general ledger management and ApprovalMax for approval automation to drive AP Process efficiency on all levels.

Real-world results: Improved efficiency and cost savings

Cloud accounting and approval automation software has had a significant impact on some of Tinka Consulting’s clients. As Trent recalls,

“A software platform implementation business with 30 staff was bogged down by manual invoice approvals via email, leading to lost correspondence and a lack of control. ApprovalMax was implemented to centralise invoice entry and enable multilayer approvals, resulting in a yearly savings of $39,000 and improved control over accounts payable. Replacing email approvals led to increased efficiency, invoice accuracy, and a transparent approval process that aided quicker cash flow forecasting and reporting.”

Another business with over 140 staff achieved a total reduction of $150,000 per year, and the real savings were evident in their accounts administrator’s time. Trent says,

“As an important part of our client reporting, we measure ROI. Our system measures time spent, so as a business grows, savings increase. One example is a business with over 140 staff that achieved a total reduction of $150,000 per year, allowing 2.5 days a week of the accounts administrator’s time to be reallocated to other activities. This is equal to 10 days a month, so the time saved is huge.”

Final words: Unlock your growth potential with approval automation

Tinka Consulting’s preferred tech stack (ApprovalMax and Xero) improves the process for cash flow forecasting, and reporting, and enables resource reallocation, while also eliminating the need to hire additional staff. Tinka Consulting used ApprovalMax to help their clients streamline their financial controls and AP processes using approval automation. And the results speak for themselves – two of Tinka Consulting’s clients have seen significant cost savings (a combined total of $189,000 AUD), and dramatic improvements in financial process transparency and spend control.