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.

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.

Why personalised customer marketing sells more

Customers are without a doubt the bread and butter of any business. Apart from being able to provide an appropriate level of customer satisfaction, companies firstly need to attract the right type of consumers their way.

In fact, when it comes to marketing, there is nothing better than a campaign with a personalised touch. However, not many businesses are aware of how they can achieve this, but certain software packages such as the Acumatica Customer Management module make personalised customer marketing more manageable.

The importance of existing customers

In reality, the strength of a business can only be judged on the basis of its existing client base, and not on the projected number of customers it may once acquire. In fact, it is worth noting that existing clients are most likely to represent their most loyal consumers, which have a higher probability of being more profitable than new customers.

This is a very crucial aspect of customer management, as the current market is highly competitive, meaning that it is becoming even more difficult to retain customers after their first purchase. The great news is that ERP software, such as Acumatica, can provide an easy way to automate sales processes – allowing you to respond faster to customers, while improving workflow and security.

Such customer management solutions improve the overall sales process, which increases customer retention in the long run. This is in itself an imperative form of personalised marketing, as happy customers will recommend a business to their contacts if they find the product or service to be effective.

Customer data is your most important currency

No marketing plan can ever be considered as being effective without the necessary research being conducted beforehand. In fact, customer data is a vital resource that every business should make sure to collect, store, and use to maximise their overall growth. There isn’t even the need to go out on a limb in order to retrieve such data, as customers leave behind significant information about their demography, behaviour, preferences, purchase history, and also browsing searches.

Accessing such key data will allow the user to carefully tailor their marketing campaign on the basis of the customer’s gender, age, location, consumer habits, and recent search history. Such an exercise will allow the business to save more money and run more efficient marketing campaigns – enabling you to communicate more directly with desired customers. Such a process is possible with the Acumatica Customer Management module, as it incorporates a complete set of reporting tools that help to improve forecasting and information flow.

A focus on marketing automation

As already described above, data collection is a crucial aspect of creating an efficient and effective personalised customer marketing campaign, thus increasing revenue. However, companies need to ensure that they also invest in the correct resources that make this possible. As such, the use of the right software is essential in automating the entire process – from data collection, to sales, all the way to marketing actions.

This is one of the main advantages of implementing a solution such as Acumatica, which provides specific marketing tools that manage leads, improve conversion, measure campaign performance, communicate with contacts, and improve productivity. Such an automated and centralised operation allows the user more control over marketing campaigns and strategies, which in turn increases overall profit.

Having a better understanding of your customers by analysing their behaviour and habits is a great way of improving your business performance, and creating more personalised customer marketing campaigns. In order to achieve this, companies have to invest in an appropriate software solution which provides an automated and seamless sales and marketing process.

Acumatica Cloud ERP empowers small and medium sized companies to improve their overall performance and increase their growth.

Increase Customer Experience While Controlling Costs with Acumatica ERP

Deliver first-rate service to your customers without breaking the bank

We live in a world where constant and clear communication is paramount to any business. However, with increased pressures on the bottom line, coupled with increased competitiveness, utilising the right ERP solution can give you peace of mind as a business owner.

Acumatica ERP is all about keeping your customers in check. Well, it delivers many other things as well, but the customer should be at the forefront of any business, and it should be a given that you would be tending to their needs first.

How service and support automation can work for you

With a properly implemented ERP solution, such as Acumatica, your business should achieve reduced response times, improved customer satisfaction, lowered support costs, and accurately billed transactions. This is mainly accomplished through the case management function of the Acumatica CRM module. Tasks such as creating a case from web forms or manual entry, setting policies to automatically assign and escalate cases, and billing accurately – all become streamlined activities in the company’s day-to-day operations.

Likewise, there are many other operational efficiency improvements driven by Acumatica’s ease of use. For example, you can view case activity by conversations for quick retrieval of all case-related information linked to tasks, events, and activities. Case information is also available to all authorised stakeholders, so there’s a level of permissions which can be defined according to your business requirements. Similarly, your business workflows can be preset based on established case severities, escalation paths, and priorities so that the system sends reminders to responsible parties.

By incorporating a clearly-defined and easy-to-use cloud ERP solution, your staff will have more time to pursue strategic tasks that drive the business forward, and will feel more like a central part of the company’s operations.

Learn more about Acumatica cloud ERP

Track service level and improve customer experience

Improving and automating your internal processes to better service your customers is only half the battle – being able to measure and improve customer experience is equally as important. With Acumatica, you can easily link cases to customer contracts and service plans, enabling you to quickly determine the level of customer service you’re providing. This allows you to ensure that proper support is provided and billed accordingly.

Furthermore, Acumatica gives you the ability to set service rates per incident, per hour, or prepaid. This becomes useful when calculating the cost of customer interactions through Acumatica’s ERP functions. Measuring both service level and cost of support metrics provides business owners with a clear view into the health of their customer experience department.

Learn more about Acumatica CRM

ERP software is rapidly moving away from being something of a novelty, to a key and essential component of any business that aims to provide a premium customer experience, while doing so efficiently and cost effectively. Acumatica ERP is the next step forward for your business to fulfill its true potential.

Acumatica Turns KPIs Into Actionable Process Improvements

Being able to successfully identify and analyse KPIs is a vital way of understanding how you can improve business performance.

People’s lives are relying more and more on technology, and this reality is something that has affected businesses as well. In fact, those companies that manage to utilise a proper Enterprise Resource Planning (ERP) solution seem to thrive and develop further, while those that don’t usually fall behind the rest of the pack.

One of these innovative ERP solutions used by businesses is Acumatica, which delivers its users the best cloud and mobile technology available, as well as a host of other benefits and features through a robust and flexible platform.

Improve your Customer Management

Serving customers is without a doubt the main reason for any company’s existence, so they should be managed effectively to ensure that the business grows. This can be easily achieved with the Acumatica Customer Management suite, which allows an organisation to set up its own customer relationship management (CRM) process. Such a solution is highly beneficial as it can automate sales workflows, which in turn allows companies to close deals faster.

In addition to the above, Acumatica CRM also caters for other business units such as marketing and customer service, which enable companies to provide better customer retention and loyalty. Likewise, workflow and security features allow businesses to customise approvals to match their sales process, while managing permissions for each screen object and customer account. Having a consolidated view into your customer accounts provides your business with a holistic view of the KPIs which drive customer growth.

Learn more about Acumatica CRM

Expand your product distribution

One of the hallmarks of any business is a good product turnover when they close their fiscal year. This may be quite a simple KPI to measure for some business, but companies that have a large variety and quantity of stock might find this challenging.

With the Acumatica Distribution Management suite, product distribution management becomes an easy and straightforward process. Users can determine the business real-time profitability, which can even be analysed down to specific warehouses, product lines, and locations. Overall, this leads to less cost that would normally be attributed to the management of the entire supply and distribution chain.

Learn more about Acumatica Distribution Management

Develop your financial management system

Being able to coordinate product distribution and manage customers appropriately are considered as critical business KPIs. However, the ultimate goal of any company is to turn a profit, which is in itself an integral KPI to take note of.

This ability to do so is possible with Acumatica, thanks to its Financial Management suite. Users can make use of a core set of applications designed for companies with complex requirements, yet are easy to use in smaller organisations.

Some of the key benefits of this package include closing company books more efficiently, having a better understanding of where the business stands, and also taking appropriate decisions on the basis of updated analyses. In addition, this Financial Management module can easily be integrated to any other Acumatica module, which allows the user to obtain a more complete picture of how the business is performing.

Learn more about Acumatica Financial Management

Keep your projects on track

Sound project management is a multifaceted skill to have, so it is no surprise that most companies find it very hard to recruit the right people for the task. While having the correct member of staff is essential, every business should consider investing in the right software package which allows you to centrally manage every aspect of a project.

With the Acumatica Project Accounting suite, companies can control budgeting, billing, and profitability for individual business projects, schemes, or initiatives. No matter how many employees are involved, tasks are assigned, or materials being used, this feature makes the process streamlined and highly manageable. In addition, there is the added benefit of real-time reporting, which rolls projects up to company-wide financial reports.

Analysing KPIs is a vital way of understanding how you can improve your business performance. But this is not always an easy process due to the sheer amount of different systems collecting data. With Acumatica, companies can take control of their business and play to their strengths by tailoring the Enterprise Resource Planning solution to fit their precise needs.

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