Financial systems integration and the way to a healthy business
Month-end, quarter-end, year-end... the deadlines never end for finance managers. They need to report on time, every time, with accurate details of all sales, purchases and liabilities, then turn them into meaningful management accounts that inform commercial decisions.
Unfortunately, in the hospitality industry they have some significant problems to contend with, including:
- Many different sources of data
- Lots of low-value paper invoices that need to be coded and entered manually in the ledger
- Even with electronic documents, entries often need to be reformatted and recoded
- Human error at the recording stage
Happily, there is a solution: financial system integration. It’s a fancy term, but it basically means that data is sent directly from local operational systems to central financial systems without having to be input manually. This includes everything from till records to payroll information to invoices.
By streamlining this process, the finance team can collate reliable and accurate information, quickly review it and post it direct to the finance ledger. An effective integration system, such as Fourth’s, provides a two-way interface between local and central departments, so finance gets reliable information and operating sites use the right accounting codes. This process is fully automated and transparent, so you can always spot and solve problems.
The Fourth solution is tailored to the specific finance system of each organisation and uses appropriate technology to transfer only the data that is needed. It can include a number of different elements, as required:
- Purchase-to-Pay & Inventory for purchased goods
- Workforce Management for payroll information
- Fourth Analytics for non-financial data, such as matching hourly labour costs to hourly POS data
Not only does it manage the processing of payments and analysis of sales, it combines ledger balances with non-financial data to give you valuable insight into how your business is really working.
If you want to make your next month-end the start of something exciting, why not get in touch?