Accounting software solutions help simplify, speed up and improve accuracy in reconciliation, but the task becomes time-consuming when feeding through data from an Excel-based ERP system – can businesses find an integrated answer?
Balancing accounts is a labourious undertaking: data taken from ERP systems and then manually migrated into Excel takes time and requires high levels of accuracy. The opportunity for human error is great – ‘59 % of a finance department’s resources are spent dealing with transaction-intensive processes’ (Ernst & Young) – mistakes are easily made but not so easily traced.
Large businesses have complex needs often not met by standard accounting options in ERP systems, instead requiring specific software to handle different payment types, international payments and large volumes of transactions. However there are some software solutions which integrate seamlessly with any ERP system, its custom import and export data functions enabling swift automatic reconciliation and high visibility across all transaction data.
What happens when a busy finance department is matched with powerful and comprehensive accounting software? Let’s take a look at some real life cases…
The Aspirin of integration: software case studies in action
The White Company used to download data from the ledger, inputting into Excel with bank statement data, and manually reconciling against the ledger. This would take hours each month, taking up core staff time and leaving the process dangerously exposed to error.
Since they implemented Adra Match Accounts, The White Company is able to export its CSV file of relevant data from the ERP system and import it automatically to Excel, thus eliminating the need for manual data handling. Much time was saved by introducing automatic import/export data functions:
- reducing labour costs associated with reconciliation
- and negating the risks of manual data handling
The key to integrating accounting software with an ERP system is to take a look at the individual needs of the business. While The White Company required a system to handle data primarily for payment reconciliation against bank statements, other companies may need broader tools at their fingertips.
Wescot, a large UK-based credit services company for example, is an international company that handles many different payments types, such as standing orders and direct debits. Their bespoke ERP system required accounting software capable of handling huge amounts of transaction data from diverse sources. Where previously the ledger was manually split into standing order and direct debit files, their custom import adaptors now allow large volumes of data to be automatically split and sorted.
Dizzying legacy data is a thing of the past
Many businesses are overwhelmed at the prospect of ERP integration with accounting software, often out of fear that years of legacy data will not be compatible with the new system and will be lost in the ether. This is simply not the case. Adra Match Accounts custom builds allow for a 99% match rate on legacy data.
If your fears are still not sated, you can always take it slowly. Rather than immediately transferring everything over to the new system, consider only handling new transactions in the initial stages. Once the process is familiar, you’ll then feel ready to import legacy data. It’s like suffering a dizzy spell: first you need to sit up before you can try to walk in a straight line again. Taking legacy data bit by bit ensures you get the processes right this time around, reducing the risk of falling over.
Banish the earache of auditing
With increased need for data visibility across finance departments, it’s difficult to ignore the earache brought about by auditors requesting reports. Accounting software doesn’t just save time and money: it improves the audit trail by providing instant visibility over data and key reporting whenever required. Data can be presented in any form, allowing for comprehensive account overviews at any point in time.
Automating the accounts reconciliation process also reduces physical space required for binders of paper trails, saving time when creating reports. Rummaging through years of paperwork to create reports is a thing of the past – auditors love it!
Adra Match Accounts allows finance departments to take control over their transaction data. Not only does it save time – reducing headcount and saving money – it also provides high visibility over account data at any time. Click through for your free demonstration of exactly how Adra Match Accounts software works, supports and integrates with your existing solutions.
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