Here are a few suggestions for extending your investment with your current ERP solution without having to endure complex implementations. For most of the solutions mentioned below, there are several software options available from multiple vendors. The best product for you will depend on your requirements as well as which accounting software package you are currently using.
- Go Paperless
Are you scanning your documents now and saving them to a folder on your network? While that is a step in the right direction, you are missing out on many features included with true document imaging and workflow software. If you’re still dealing with paper, then these products will provide even more value.Document imaging products give you the ability to route your scanned documents through the same workflow you would push the paper. Users can approve or reject the documents at each step based on rules you define during setup. At the end of the process, your entire voucher packet will be scanned and linked to your accounting software for easy reference. The approval history will also be linked.Two of my favorite document imaging systems are Altec Doclink and ImageNOW from Perceptive Software.
- Electronic Banking
Not only can electronic banking solutions make your life easier, they protect you from fraud. Electronic Funds Transfer solutions are available for disbursements as well as receipts. Both options create a file formatted to “ACH” specifications and can be tailored to work with your specific bank. File transmissions to your bank can also be automated. This reduces paper by eliminating paper checks and everything is secured by the latest encryption technology.Electronic Bank Reconciliation solutions allow you to receive a transmission from your bank that indicates which items have cleared your account. This eliminates the need for you to manually mark each item as you reconcile to your statement.Positive Pay is a feature offered by your bank that allows you to transmit a file to the bank notifying them of all the disbursements you have issued. You can export this information directly from your accounting software after each payables check run. Your bank will only process checks included in the positive pay file, thus eliminating fraud that can occur from “check washing” or other techniques.
- Credit Card Processing
Do you accept credit cards from your customers? Are you currently processing credit cards from a merchant terminal or your Smartphone? If so, you should consider solutions that allow you to process the credit cards directly from your accounting software package. Most solutions offer the capabilities to process transactions online or directly in your accounting software. This eliminates the need to reenter data into your accounting software after the transaction is processed. It also gives you better visibility into your cash receipts.
- Use Integration Tools to Reduce Data Entry
Are you currently entering large transactions into your accounting package by hand? If so, you may want to explore the option of importing this data. Most accounting packages have the capability of importing data. Imports can be run by pushing a button or they can run automatically according to a schedule. There are also a variety of tools that let you push data into your accounting package directly from Excel.
RSM has worked with many third-party add-on ERP products and can help you with selecting the best choice for your organization. Contact our professionals today at email@example.com or by phone at 855.437.7202.
By: Matt Wilson – Maryland Microsoft Dynamics ERP partner