4 financial function tips


# 4 tips for finance functions in transition

Data across companies and ERP systems with links to scanned attachments

We work regularly with clients who either have multiple ERP systems with different setups on account plans, dimensions and ways to collect the company’s business data or just several companies within the same financial system.

Whether you need budgeting, forecast, analysis or reporting, the task of multiple data sources (ERP or companies) could be a task that potentially escalates as the number of companies and systems – Most people who work with finance can recognize to this issue.

How do I customize a new company in the ERP system to our budgeting and reporting process – and retrieves data automatically?

Can I retrieve data across multiple ERP systems? (Could for instance be e-conomic, Visma, Dynamics Nav, Dynamics C5, Dynamics AX et al.)

Is it possible to have a comprehensive reporting with the option of traceability to posted entries?

Will my reporting be linked with our scanned invoices and vouchers?

Yes … Let’s look at what changes you should be aware of ….?

# 1 – The control of the ERP system – where does your financial data entry?

The first thing you should be aware, of course …

Which ERP system do you use?

It is usually not something that just is changed overnight, as it often affects all processes in the company

– But if you change ERP system in as opportunity to reassess the structure of the chart of accounts design data have the right structure in relation to the measurement and management required from the example management, department manager or the board?

– The answer 'yes' is unfortunately rare...

It could be that you have gained subsidiary which has another ERP platform as it makes no sense to change. These can be integrated into one overall budgeting and reporting solution so that reporting can be aligned across ERP systems.

Do you lose the flexibility to have an individual reporting by each company?

No, of course not, you have the opportunity to design a reporting package to suit the individual company, while ensuring that it can be part of an overall reporting for the entire Group.

# 2 – Overview of companies – consolidation and internal reporting made simple

You know this claim?

– We have almost the same nomenclature across our companies …

Hmm, then it’s almost easy to make consolidated reporting :-)

There must be room for diversity in companies, otherwise would the daily registration be really complicated, so the importance of having a tool to help “mapping” different charts of accounts and dimensions to a uniform budgeting or reporting structure is far more important than trying to harmonize your company 100%.

Many have a standard chart of accounts as they are based on when the new companies created in finance, then customized names and new areas needed for the company.

– Argghh then my Excel sheet has to be customized by the rows also (do you remember to correct everywhere?)

Would not it be liberating with a budgeting or reporting hierarchy only be defined once and then be automatically updated with new accounts, names and changes in the ERP system?

You probably know the answer best yourself...

# 3 – Move data and specifications available and release time for new tasks

“Can you please send me a specification of account 6110 and 8120 for my department ???” or “What is the reason that administrative costs are index 114 compared to budget ???”

– the finance department often act as a service to the entire organization when following up on budget and objectives …

But to be honest, life is not too short to spend manual time on it?

The solution is actually quite simple, with an extension of your solution to every budgetary or reporting responsible access to double-click on their numbers and get a full account specification of the posted entries or budget. It offers insights and releases time for everyone involved in the process …

We actually have examples where there have been found postings errors the middle of the month hereby be adjusted accordingly instead of late this month in a big pot.

Our customers have also experience that it provides a much higher degree of involvement of employees in the organization and finance department can spend time on other more productive activities …

# 4 – See Annex scanned directly from your Excel reporting

Perfect, now we can see the posted transactions, but what kind of a description specified – can I get a copy of the invoice?

– We are seeing more and more companies have introduced workflow solutions for authentication and scanning of invoices – it is brilliant and can spare a lot of time.

Imagine that accounting for the month are aligned and closed in the accounting department, then to organizational or management even withdraw their budgets or relate to the results. They can make a specification of both actuals and budgets – and not least they can through this specification access the scanned Annex ….

It does not get much more simple right? – We can promise you that your users will be dependent on this dynamic in the process!

Do you have the following questions, then we can give you the inspiration to make it easier:

How do I customize a new company in the ERP system to our budgeting and reporting process – and retrieves data automatically?

Can I retrieve data across multiple ERP systems? (Could for instance be e-conomic, Visma, Dynamics Nav, Dynamics C5, Dynamics AX et al.)

Is it possible to have a comprehensive reporting with the option of traceability to posted entries?

Will my reporting be linked with our scanned invoices and vouchers?

Do not hesitate to contact us to make your budgeting and reporting easier! – call on +45 70 20 40 09 or send us an mail at marketing@toolpack.net

See more inspiration for an easier life on our Toolpack Academy YouTube channel.

Thank you for watching, please share with someone you know who works in the finance department and working with Microsoft Excel.

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