5 steps to achieving financial process automation for your business

Financial institutions operate in a very complex and intricate network of competition, regulations, and a very dynamic market.

With recent technological advancements, some companies may be struggling to keep up with ever-changing demands, as well as mitigating rising costs. Such issues can be overcome through financial automation, which is achieved by implementing a financial management solution such as Acumatica Financials.

Start by standardising

The first step in achieving financial automation is through the standardisation of overall financial and reporting procedures and processes. It is very common for some companies to be plagued with over the top protocols which may easily be remnants of past procedures and policies. By regularly standardising overall processes, companies can get a better overview of where their time is being wasted.

In addition to saving time and money, standardisation also benefits the reconciliation process, which ensures more accuracy of loan accounting. In turn, this also enables the company to easily provide auditors with the correct documentation when required.

Optimise your transactions

The amount of transactions and associated paperwork should come as no surprise to anyone that has ever dealt with a financial institution. The sheer amount of reconciliations, transfers, and transactions can take up a lot of precious time on a regular basis, which detracts from other important work such as customer satisfaction and business development.

Optimising transactions can save countless hours of manual work every month. This is possible with Acumatica Financials, which can also interface outward payments with other payment services such as SEPA. In addition to this, Acumatica can integrate with other internal banking applications in order to retrieve accurate customer information and conduct the necessary bank account transfers.

Keep track of asset balances

The ability to balance assets is a central process for most companies. However, this can be a very difficult task for accountants to handle, especially when one considers the balances of key bank accounts, credit card accounts, lockbox accounts, etc.

By automating reconciliations, companies have the ability to continuously verify such asset balances in order to ensure that the process is seamless. This is possible with Acumatica Financials, which allows a user to configure various payment checks and validations including standard IBAN and BIC checks. Additionally, Acumatica can also conduct validation checks and flag any inconsistencies so that accountants can review these before confirmation.

Adopt an automated approach across the board

It is quite common for tasks to be distributed amongst different teams within the finance department, so a single process will generally pass through multiple channels and individuals. This can create a considerable number of issues related to human error, however an automated approach can provide a centralised mechanism of closely monitoring tasks at every stage.

In addition, this allows workflows to be easily configured to better manage various accounting and finance processes, as well as other tasks connected to reconciliations. Automation with proper software can also allow a user to have a real-time snapshot of the workflow, identifying potential bottlenecks and other pending tasks.

Integrate to existing systems

While it is true that new software applications tend to be more technologically advanced, a complete overhaul of existing programmes is often an impossible task for most companies. In fact, the most popular software solutions are those ones which can easily be integrated into existing systems. This is a cost-saving exercise, as companies can improve on their existing platforms and retain vital information such as POS data, credit statements, or any other customer information that they require.

The automation of financial processes is a necessity in the current business climate, as it provides accuracy, control, and visibility. By combining technical automation and process optimisation, companies can modernise their approach to accounting and financial services. Learn how Acumatica Financials can help achieve financial process automation for your business.

Capitalise on smarter business decisions with Infor SunSystems

The right financial management application can help make more informed decisions by obtaining a holistic picture on how the business is running.

All businesses aspire to take the best decisions possible to increase its profits and improve its overall performance. While it is true that certain business software solutions may entail a considerable amount of time and investment, this is not always the case.

Deploying an efficient financial management application is one of the most cost-effective ways of achieving this – and Infor SunSystems is an ideal choice as it combines technological innovation and usability which delivers a high degree of functionality.

Streamline your business with Infor SunSystems’ add-ons

The strength of Infor SunSystems lies in the many features which enable a business to have a more holistic and streamlined approach to their daily operations. This is even more evident when using the various SunSystems’ add-ons. These add-ons allow companies to take a proactive approach towards achieving smarter decisions.

For example, the credit management add-on automates all the various processes that are involved in sound credit management. Another useful add-on is document distribution, which is typically used to improve document flow and security – saving precious time and costs on communication between various internal departments.

Likewise, the reports and utilities add-on is a set of tools that dramatically improve the process involved in exchange rates and VAT returns. This feature also includes the aged analysis report, which calculates the number of days of unallocated invoices and/or credit notes. Lastly, there is the SEPA payments add-on, which is designed to reduce manual workloads that are related to automated bank payments to beneficiaries.

Improve your overall business performance

Infor SunSystems is not just another business application, but it should be considered as the nucleus of the operation. Any company that employs Infor SunSystems can take control of their business with a unified ledger which gives fast and easy access to smart transactions. This not only produces data that is vital to taking better business decisions, but also specific information that is framed in the context that the company defines.

In addition, users can streamline reporting and planning cycles in a single and fully integrated environment. This has the added benefit of allowing a business to better understand how it is performing overall – by tapping into immediate reports and analyses. As such, the result will be more empowered decision makers that have the full operational and financial company overview.

Managing a business is by no means an easy feat, especially when it comes to taking certain decisions that can have long lasting impacts on the operation’s viability. Using a financial management application such as Infor SunSystems can enable any company to make more informed decisions and to obtain a more holistic picture on how the business is performing.

Benefits of Financial Management Software

As more and more markets move towards a financial services based economy, there is a growing requirement for adaptable financial management software.

With the onset of the free market concept and corporate globalisation, as well as companies adopting more complex business models, the software needed to manage a financial operation requires more robust functionality.

Infor SunSystems is one of the most dynamic financial management solutions which allows companies to achieve better control of their business.

Automation is key

Financial processes can be very diverse from one another, with each one requiring a different approach. Companies that still use legacy software will probably have different applications which cater for different financial processes. While this has been useful in the past, the growing financial industry is making such applications obsolete. In fact, more businesses are now moving towards solutions which consolidate all financial processes, in order to streamline the operation into a more automated one.

Infor SunSystems offers such a solution, which comes with various add-ons that are designed to be integrated into one central system. For example, users can apply the Credit Management add-on in order to automate chasing procedures which allow them to follow multiple customers concurrently. Another add-on, specifically for SEPA Payments, was designed to mitigate manual workloads that are related to the automated payments made to beneficiaries.

Clear focus on integration

It is very rare to find a set of financial processes that operate in a holistic way, especially when one considers complex businesses that may have several companies in one. Just taking something as simple as budgeting, this may vary considerably between different accounting teams, which in turn may hinder the overall view of business performance.

A great way to overcome this challenge is to utilise a software application that streamlines accounting and financial operations through integration. With Infor SunSystems, companies can easily integrate different pieces of financial information into one place. It makes no difference if the data is arising from sales, purchasing, or any other department – SunSystems allows users to have a unified ledger of information for the entire business.

Consistency is a key element of success when it comes to any business, so integration should be seen as an essential strategy to implement – apart from closing your books faster, businesses can drastically lower their costs and greatly improve their operation

Increased accuracy and accessibility

Statistical information is one of the main foundations of the finance function, which is in fact a department that is predominantly reliant on large amounts of data. Therefore, it should come as no surprise that mistakes can be made when collecting and managing such high volumes of information.

This clear lack of accuracy and accessibility can pose as a substantial hindrance to the overall performance of a business, as companies may find it difficult to create accurate projections and properly monitor their KPIs.

Infor SunSystems was designed to carefully combine technological innovation and usability with a high degree of functionality. Essentially, this means that users can receive real-time financial, operational, and reporting information, which is not only fully integrated, but also delivered with accuracy.

Regulatory Compliance made easy

Financial processes are very complex, so it is imperative that they are scrutinised to the highest degree. However, human error is a very real factor in any business function, especially when it comes to accounting, auditing, and forecasting.

As such, it is important that businesses adopt a financial management solution which fully adheres to key financial reporting guidelines. Infor SunSystems enables users to keep track of any loose ends that can be easily overlooked during the auditing and reporting processes. It also includes useful add-ons that facilitate compliance, such as the Exchange Rate reporting tool, detailed VAT reports, as well as Aged Analysis reports.

A sound financial management solution not only contributes to a smoother operation, but it also leads to increasing profit and better overall company performance. Infor SunSystems integrates various data points, increases accuracy and accessibility, and makes regulatory compliance more efficient.

Advantages of Cloud ERP

Cloud ERP, often called Cloud-based ERP, enables a company’s accounting, operations management, and reporting to run in the cloud.

While some companies may think that ERP may be too expensive, time-consuming, and simply not user-friendly enough for them, the fact remains that it is a crucial aspect for all businesses operating today.

The Cloud is particularly valuable to small and medium-size businesses because it provides access to full-function applications at a reasonable price without substantial operating expenditure for hardware and software. Using the correct cloud provider, a company can rapidly scale as their business grows or a new company is added.

As one would expect, Cloud ERP vendors vary significantly in their technology, functionality, and service. After researching ERP Cloud vendors, it becomes clear that they have few things in common beyond hosting of an application and utilizing the internet to provide connectivity. Acumatica is one of the few vendors that offer a true ERP Cloud solution.

Cloud ERP has been proven to reduce costs in many ways because it:

  • Avoids upfront costs for all computing infrastructure such as hardware and data servers
  • Reduces IT support services because IT is in the cloud
  • Eliminates paying upfront for application software licenses
  • Shrinks the cost of maintaining and supporting those applications since the cloud vendor handles the updates and upgrades

The most important benefits of Cloud ERP go beyond cost-savings and include:

  • Paying only for the computing resources needed
  • A fixed monthly rate so companies can use their cash on other business initiatives
  • Taking advantage of Cloud ERP applications faster since installation of hardware and software on servers or user devices is not required
  • The ability to adjust the amount of cloud service as a company’s computing or storage needs fluctuate
  • Enjoying the confidence that the data has been backed up and there is a disaster recovery plan
  • Avoiding attacks on the company’s server because the data in not stored locally, but in the cloud
  • Accessing the system from anywhere makes it easy for a company to expand geographically since the Internet is everywhere and there is no need to implement hardware and software at remote locations

Spend less, earn more

Return on investment is arguably the most compelling factor when it comes to choosing a Cloud ERP implementation. Companies who opted to head into the cloud saved money instantly, since this meant they no longer had to set up and maintain their own IT infrastructure.

Instead, they simply portioned off a reasonable amount of money for a Cloud ERP provider to do all the work for them. What’s more, spreading this expense to a monthly or yearly payment means it can be considered as an operating expenditure rather than a capital expenditure.

Flexibility and security – guaranteed

Flexibility is a necessity for any fast-growing company, as adapting your goals to recurring business realities will keep you on your toes and on the lookout for what’s best for the future of your business. This is why Cloud ERP is a logical choice that enables you to exercise that same agility to manage and grow your business.

Being accessible from anywhere and through any device, Cloud ERP means that as long as there’s an internet connection handy, you can access the key data you need right away – and so can anyone else in your organisation.

In addition to this, Cloud ERP is an entirely secure system, being hosted by such assured giants like Amazon Web Services (AWS) and Microsoft Azure. This assures speed, availability, and security – making it an even more attractive solution for your company.

Cloud ERP software – feature rich with seamless integration

Acumatica is a leading provider of cloud business management software that empowers small and mid-size businesses to unlock their potential and drive growth. Built on the world’s best cloud and mobile technology and a unique customer-centric licensing model, Acumatica ERP system delivers a suite of fully-integrated applications, powered by a robust and flexible platform. Acumatica SaaS ERP is designed for businesses looking for modern enterprise software powered by the Cloud.

A holistic data ecosystem empowers faster decisions

Integrating your business applications ensures both transparency and efficiency in your business operations.

Running a smooth operation in today’s world requires a business to be keenly in-tune to the critical systems which keep the business afloat. We are constantly touching data from various applications, and have become very much plugged into and dependent on what this data is telling us. So much so that these operational systems have drastically changed what’s expected of us at the workplace, and the turnover rate of work has increased to a dizzying capacity for a large number of companies.

While this new reality has created a lot of exciting opportunities across the board, it also comes with its unique spate of challenges. One of these, quite simply, is being able to understand and process the intricacies of all of these systems in a way that doesn’t compromise your working routine or, worse still, the very integrity of your business critical data. For this reason, and several others we will outline in more detail below, investing in an application integration solution may just be the best strategic move to grow your bottom line.

Keep human error at bay

One of the biggest risks of being overwhelmed with loads of data coming from different systems is that it exposes your company to human error. In the best case scenario, you might just make a small mistake that you can paper over with a polite, apologetic email. But being forced to juggle and redirect important data all by yourself or your staff – thus potentially overburdening even your most important employees – could lead to more serious mistakes that may leave a lasting impact on your business.

Perhaps, this is the most compelling day-to-day reason for adopting an application integration solution as part of the core technological toolkit within your business. This is where AXON Integration comes into play – it connects your business systems, providing you with full application integration and real-time data monitoring.

Keep a steady flow across all applications

While the technology revolution has ensured that basic data compatibility is a thing of the past, you certainly don’t want to end up with efficiency issues when it comes to transferring data from one application to another, even more so when such a task is just part and parcel of your daily work. If you need to communicate by SMS, email or other means, or if the task requires you to tap into your Customer, Financial or Document Management applications – an integration tool might just be the secret ingredient that you need to streamline data flow and optimise your operations.

Application integration solutions are in fact a perfect example of this. They connect all the necessary systems, data, and processes that are essential to your business, allowing you to take real-time action on your data. AXON provides an easy to use interface where connectors are registered and managed, and where transactions are fully audited and monitored. Alerting features allow users and administrators to be informed of exceptions or when human intervention is required. AXON provides real-time live monitoring of data streams and is able to trigger alerts and data update actions based on events captured from those data streams.

Keeping it flexible, and at a healthy pace

We have already mentioned some of the challenges inherent to connecting your business applications and ensuring the proper data flow amongst these systems. But in this often complex landscape of automating workflows, some benefits also emerge. Among these is the flexibility that comes along with a solution such as AXON Integration.

AXON is an integration orchestrator, allowing the creation, modification and management of referential and transactional data integration workflows between multiple applications and systems, whether real-time, scheduled or manually triggered. Using pre-built or customised connectors, AXON is technology independent, utilising web services, database queries and lower-level communication protocols such as TCP/IP or UDP, between any application or system whether on-premises or cloud based.

As with most tools that facilitate workflow automation, the real winners are your employees. Finally able to pursue more strategic work within the company itself, they can allow the technology to do the heavy lifting for them. AXON ensures that repetitive, frustrating tasks that nonetheless are important and require your full attention in fact get seen to with efficiency and minimum effort from your employees.

Allowing you to focus on what matters

While every business has their own operational processes, the management of data is something they all have to focus on. It is often a cumbersome, time consuming task which needs to be tackled manually, and cannot be avoided. For this reason, making all your data flow in one single system allows you to run a proactive business operation.

In many ways, application integration and workflow automation is a must for any company looking to boost revenue. The obvious benefits of AXON Integration, such as data quality peace of mind and smoother process workflows, are surely business differentiators. But the more long-term benefits are all about a healthier bottom line and a happier workforce, which are the cornerstones of any business of any size, anywhere.

Get in touch with us!

Big or small, we’ve got a solution when you need it. Our advanced service and support tools provide step-by-stepinstructions without being put on hold or waiting in line.