White Paper: Statement Matching
The purpose of this document is to discuss the benefits of supplier statement reconciliation and why Accounts Payable departments should be more proactive. The Challenge Accounts Payable resources are limited, so the priority is always to process invoices through to payment on time. Suppliers share the same priority and consume significant AP resources, following up invoice submission with queries to check invoices have been received and when they are going to get paid. Paying any suppliers late increases the workload in AP as suppliers submit duplicate invoices, further queries and ultimately disruption to the business if they put the account on stop. All of this leads to Accounts Payable being largely a reactive process, which makes it difficult to ever free up enough time to be more proactive and drive efficiencies as a result. Reconciling supplier statements is a key control that enables Accounts Payable to check if all invoices/credits have been received and if there are any errors on the ledger to resolve in order to pay suppliers accurately and on time. Reconciliations are all too often done on a reactive basis, on request by suppliers or when AP recognises a supplier account needs to be cleared. If Accounts Payable could routinely reconcile their top supplier accounts, proactively on a monthly basis, then all the errors would be resolved before they become an issue - More suppliers will be paid on time, queries and duplicates will reduce which improves relationships with suppliers and reduces workload in AP. The process of reconciling statements manually is very time consuming and it’s the first thing to suffer in a busy AP department, so we cannot reconcile anywhere near the volume of statements we should be doing. There is no visibility, audit trail or reporting to manage the process, so we don’t know how many or what types of errors there are, whether they have been followed up and what the next actions are. Automating the process would enable a much higher volumes of statements to be reconciled, significantly improve controls, proactively identify and resolve issues, reduce supplier queries and gain valuable insights into AP processes to identify where controls could be improved to fix root cause.
White Paper: Basware
AUTOMATION ENABLES BUSINESS CONTINUITY In challenging times, a reliance on physical paper and manual processes significantly slows down the entire payables process, and in some situations makes it impossible to keep up with your normal business processes. But there’s a way you can minimize disruptions to your financial supply chain and day-to-day business. Automation. Automation does more than just speed up the process – it mitigates risk, supports a flexible and remote work environment, offers real-time insight into exactly where your business stands at all times, guarantees you can take care of your suppliers, and ultimately provides visibility no matter where you are or what’s happening in the world. To bounce back from today’s challenges without major economic fallout, businesses need data to not only make the right decisions but also make them quickly. We’ve now seen how critical it is to have visibility over your global supply chains for resilience and continuity to prevent shortages, ensure safety, maintain profitability, and future proof your business. In times like these, automation allows you to focus on what’s important – employee welfare, minimizing supply chain disruptions, and business continuity – instead of getting caught up in manual, repetitive processes. It’s about more than just making money – it’s also about ensuring the safety of your employees and protecting the supply chain.
White Paper: AutoRek
Transaction Reporting is one of the key priorities for regulators. Some are already warning that there will be no latitude for non-compliance, including late reporting. The aim of Transaction Reporting is to assist EU regulators in the detection and investigation of suspected market abuse. By implementing a robust, automated financial control regime, investments firms will ensure readiness for the significant changes MiFID II/MiFIR will have in respect of Transaction Reporting requirements. Currently there is divergence across Europe and the member states, in respect of the application of existing transaction reporting obligations. MiFID II is seeking to harmonise Transaction Reporting so that there is a more consistent approach. This whitepaper focuses on Transaction Reporting and how a robust, automated financial control regime can overcome often manual and complex reporting processes, hence ensuring on-going compliance, including: MiFID II Timeline and the need to prepare now Changes from the existing MiFID I requirements AutoRek's 5 step approach to Transaction Reporting
5 Ways Electronic Invoicing Helps Businesses Get Paid Faster
White Paper: Basware
Electronic invoicing delivers efficiencies across the accounts receivable cycle: invoice creation, invoice delivery, dispute management, posting, and reporting and analytics. Most importantly, reducing Days Sales Outstanding (DSO) with electronic invoicing enables businesses to reinvest more quickly to drive company growth. This white paper details the inefficiencies of paper-based billing processes, and shows five ways that electronic invoicing accelerates the accounts receivable cycle, and, in turn, greatly reduces DSO. Invoice preparation: With electronic invoicing, businesses can virtually eliminate the time required to prepare invoices. Invoice presentment: Sending paper invoices internationally can add days or weeks to the invoice delivery process. Dispute resolution: Resolving disputed invoices Posting: Consolidating payments and remittance information received via various channels Reporting and analytics: To manage all of their invoices from a single place for complete visibility and control across their accounts receivable processes
Are You A Full-Stack CFO?
White Paper: Mineraltree
The most basic definition, of Chief Financial Officer (CFO) is “the senior manager responsible for overseeing the financial activities of an entire company.” But, this definition is actually quite narrow. A tech savvy (full stack) CFO uses technology to drive innovation across the four faces (steward, operator, strategist, and catalyst) to lead the charge in improving efficiency, control, cost savings, and revenue enhancement across the finance department. This whitepaper provides insights on how the other roles of a full-stack CFO— catalyst, strategist, steward, and operations— can propel the company forward and where the full-stack CFO can most impact operations. Key takeaways from this whitepaper: The Role of the CFO Become a Full-Stack CFO The Impact of a Full-Stack CFO The Outcome of the Full-Stack CFO
8 Financial Reports Every Facilities Manager Needs (and Every CFO Loves)
White Paper: ServiceChannel
Facilities managers are tasked with all kinds of responsibilities, from ensuring the look and feel of a company’s locations remains in top notch order to literally keeping the lights on. Being a facilities manager is critical to maintain visibility into all aspects of the operations, particularly from the financial perspective. This whitepaper discusses all the metrics that are the key indicators many facilities managers use to stay on top of their game. It highlights the following key questions: What are the metrics that are important for a facilities management group to track and report on to the finance group? What are the numbers that modern facilities managers share with their CFO? What financial benchmarks and data points should you regularly use to optimize performance and make smarter decisions?
White Paper: Consero Global Solutions
Not having a clear financial picture of your company can lead to disaster. Growth can put a tremendous strain on your financial department: the people, processes and technology necessary for the company to continue successfully. Today, organizations are squeezing their finance and accounting functions like never before. Migrate to an enterprise-level accounting package that is connected to best-of-breed software programs, delivering a comprehensive financial solution. This white paper highlights: Common financial challenges faced by growth companies Painful results that occur as a consequence of these challenges Recommendations on how to avoid such financial issues Key factors that impact scalability and scalability best practices
White Paper: Quali
Cloud Sandboxing for Financial Services will ensure that your applications run smoothly on your large and complex infrastructure. Financial Services applications are becoming more complex and sophisticated – embracing newer technologies while at the same time having to support core services that are based on legacy and on-premises specialized systems. This whitepaper discusses these challenges faced by Financial Organizations, and introduces the concept of Cloud Sandboxing as an enabler for DevOps processes. How can sandboxes help you achieve faster application delivery? How do financial services organizations move to DevOps and deliver secure high quality applications at scale? How sandboxing provides the basis for good early application compliance security testing?
White Paper: Jedox
From the use of obsolete data, wasting crucial time and much-needed capital to shedding your reliance on your IT department, there are several reasons why you must consider bringing in a change in your budgeting and forecasting process. Maybe now is the time to stop relying on IT to fabricate financial planning and forecasting reports for you and being stalled by them for months, or it is the time to replace the antiquated business intelligence tools by a better self-service tool that propels your budgeting and forecasting approach and doesn’t hold your company back anymore. This white paper was written for financial managers needing a better self-service tool for budgeting, planning and forecasting and those needing a spark to change current practices that are holding your company back. It imparts the useful information about how this modern financial planning software solution with advanced planning functionality has accelerated many renowned companies’ forecasting process, and the data consolidation and data preparation, availed by this budgeting tool, for them has definitely strengthened their revenue, margin and expenses model.
White Paper: Xoomworks BI
The supply chain finance is ready to be addressed, whether you see today’s trade credit situation as a business ethics issue or a technology readiness issue. Getting the “buy chain” flowing is essential to maximizing potential growth. In this white paper on “The ‘buy chain’ – the next place for world-class focus,” learn more about the supply chain finance and real benefits in implementing buyer driven financing. It talks about: Different options available for supply chain finance Invoice discounting using the strength of the Accounts Receivable ledger to finance the loan Invoice factoring by selling the invoice to the bank at a discount. Implementing buyer driven invoice financing Approved payables supply chain financing or Reverse factoring Explore the different options for financing and de-risking the supply chain finance and gain valuable insight into the possible benefits that could be achieved with the right technology and processes in place.
How Financial Services are Achieving Technology-Enabled Competitive Advantage
White Paper: Adlib
Competitive advantage in the financial services can be achieved by delivering an exceptional customer experience. This, as we all know, is a Herculean task and questions like “How to drive the business growth in financial services industry?”, “How financial services are achieving technology-enabled competitive advantage?”, “How the management of business information is affecting the financial services enterprises?”, etc., always linger. This informative whitepaper helps you better understand those issues and also guides on identifying and addressing the below questions: Which are the most important cost reducing factors in the data management process? How the enterprise content management processes are used to decrease the cost? How organizations are making more intelligent business decisions? How to use the information systems to achieve strategic advantage? How to make better decisions, drive business growth and achieve information governance goals? How to reduce the operational cost in financial services organizations? It outlines three key findings regarding how the management of business information is affecting the financial services world today.
How Non-Profit and Public Sector Organizations Benefit from Shifting Custom Solutions to Dynamics CRM
White Paper: ALTUS Dynamics
Today, customizing solutions is becoming less and less of a need than ever before. Standardized technology platforms from successful Enterprise Resource Planning (ERP) solutions have more capabilities than ever to handle most of your financial, human resources and payroll needs. When an ERP solution could not handle unique requirements organizations would need to turn to custom programmers who would leverage ACCESS databases, SQL databases, or even Oracle databases to gain unique functionality that organization could not live without. Dynamics CRM, a platform as well as a solution, provides non-profits and public sector organizations tremendous capabilities to leverage and address unique requirements never before accomplished without significant customizations. This whitepaper provides an overview of why Microsoft Dynamics CRM can be considered your next development environment when addressing unique requirements not covered in ERP.
White Paper: Xignite
Now a days the biggest challenge faced by all the MNC is how to constantly adjust the regional currency rates ,manage accounting, inventory and procurement for multi-currency transaction. This descriptive whitepaper mainly focus on the following areas of challenges for facing the multicurrency transaction problems: Global multi-currency transaction operations ERP multi-currency integration Multi-currency transaction management solutions The key features of this whitepaper include: • Real-time and historical exchange rate quotes—bid, ask, mid and spread • Intra-day, end of day and historical open, high, low and close rates. • Currency converter utility included • Calculated cross rates USD/ EUR, USD/JPY, USD/GBP, USD/AUD, USD/CHF and USD/CAN