Automating customer lettering and accounting entries: a strategic first step!
Continuous monitoring and analysis
The integration of technologies that enable the automation of industrial processes is on the agenda of many organizations today. The added value is immediately obvious to CEOs and CFOs in processes associated with machinery that no longer require repetitive manual handling. But the fact that some companies are still skeptical about the benefits of allowing such simple, cost-effective technology innovations to be integrated into some of their most critical financial processes is beyond comprehension.
Why do these companies continue to rely on ERP solutions that have great industry functionality, but do not improve the speed with which they handle customer lettering and accounting entries for example? Operations that have a cost, both in economic terms and in terms of employee satisfaction. This element of well-being in particular cannot be overlooked at a time when employees are increasingly demanding to be supported in their daily tasks by the most advanced and powerful tools available.
Figures that don’t lie!
Some say that you can make statistics say whatever you want. But if you compare the financial workflow automation capabilities of traditional ERP solutions to those of solutions dedicated to simple but critical administrative tasks – such as accounting lettering – the numbers speak for themselves.
Most traditional ERP vendors claim success rates for automating lettering and posting operations of around 60%. It’s hard to imagine that the other 40 percent isn’t even considered outside of further development of specific features – which aren’t very cost-effective, to say the least – while more advanced platforms achieve up to 90 percent efficiency on these same processes.
Expertly developed platforms, both from a technological and financial perspective, offer advanced parameterization and learning capabilities for those dedicated financial operations. All these processes ultimately contribute to an overall corporate strategic growth plan.
Priorities for SMB’s
As small and medium-sized businesses seek to differentiate themselves in highly competitive markets, they must turn to tools that automatically and intelligently manage some of their most basic and repetitive financial administrative workflows. Tools that automate and streamline the lettering of their customers and partners and generate the associated entries in their own accounting are a top priority.
Efficiency, rapidity, cost-effectiveness of processes and a drastic reduction of manual tasks – with the associated risk of errors – in the area of financial operations should be at the center of their concerns. Not only to benefit from immediate availability of cash for investments or to solve debt and credit collection issues, but also, and most importantly, to improve their overall financial agility and enhance the security of their transactions.
The sooner bank statements and corresponding invoice lettering are recorded and integrated into a company’s general ledger, the better. This gives organizations a 360-degree, 24/7 view of real-time financial information. This is essential for making a series of high-impact decisions within the organization’s finance department that will ultimately benefit everyone.