Accounting solution

Lack of Written Procedures and SOPs In a Standard Operating Procedure (SOP), clear stages are outlined for completing specific tasks in the workshop. Proper utilization of SOP improves communication and makes it easier to perform the necessary tasks for the work to move ahead. However, compliance issues tend to arise due to a lack of effective SOPs/Written Procedures. In addition, different issues prevent creating and using SOPs, including complicated language, lack of standardization, and inadequate [...]

Today, industries use EDI integration to share a range of document types. The most common document flow exchanged between business partners’ computer systems are purchase orders, invoices, and advance ship notices. Several other documents are transmitted via various EDI formats depending on industry and region. Food retail or FMCG (Fast-moving consumer goods) organization: requests for quotations, order status inquiries, product transfer, resale reports, etc. An e-commerce company: booking confirmations, shipping status, customs documents and others. A manufacturer: motor carrier load [...]

IoT devices fixed into assets are being used to record variables like vibration, temperature, humidity, and flow through at a much more granular level using IoT devices fixed into assets. Combined with advances in 4G and 5G – where we now have global network coverage – connecting and feeding data back from assets and devices is now simpler. Data from IoT devices flows into a data lake; from there, (AI is used to identify key [...]

Master Data Management (MDM) is a process by which the master data of your company is managed contemporaneously, providing a unified view of your organization’s internal and external data. Master data inclusively refers to the data of customers, employees, products, vendors, locations, services, contact mechanisms, accounting items and policies. As such large volumes of data are prone to inconsistencies, errors and duplication, it is advisable to adopt a master data management process for data cleansing, which [...]

1.High overheads include lockboxes, manual matching, and bank fees, among other things, are some of the major pitfalls that a business owner should look out for.    2. Slow time-to-cash, which essentially means an uptick in DSO and a negative effect on cash flow. A lengthier or more complicated cash conversion cycle (time-to-cash) signifies that the company takes longer to earn cash. Small businesses may have operational issues as a result of these delays, which [...]

Control When looking at new systems it’s important to have flexibility and control because: Each business is unique. Your payroll requirements are unique, too. Payroll must be managed in a way that reflects your distinct culture. There should be no blind spots. No workarounds. No kidding. You want a payroll platform that adheres to your business processes not the other way around. Bringing payroll in house gives you that control and access to all of [...]