AI Learning Resize

How Advancements in AI Technology Can Benefit Finance Departments

AI Learning Resize

In today’s digital world, technological breakthroughs are becoming more common. However, nothing has revolutionised day-to-day life quite as much as Artificial Intelligence. Computers having the ability to emulate human thoughts can seem concerning at first and while there are challenges to overcome, the benefits are substantial. When AI is used responsibly, it can transform the way finance departments operate.

AI has been in the media almost daily over the past few months and as the public becomes more aware of the capabilities of AI, it’s no surprise that CFOs and finance leaders are keen to reap the benefits of this technology. There are several ways forward-thinking finance teams can leverage the power of AI technology for finance departments. Various elements of the accounting process could be improved with the right AI tools, significantly enhancing productivity and output.

The continuous growth of AI means that it can now add value to businesses in ways that were previously unimaginable. From automating monotonous tasks and streamlining operations to generating reports and increasing the reliability of data, AI could change financial management for businesses of all sizes. Below we have further explored how the latest advancements in AI technology can benefit finance departments and how accounting software like Sage Intacct is already making use of Artificial Intelligence.

Automating Routine Tasks

There is an abundance of repetitive and time-consuming tasks that are essential to financial processes. AI can take over routine responsibilities and specific tasks from finance teams, such as data entry and invoice processing, saving hours of manual work and freeing up time for other more strategic tasks. When routine jobs are automated, finance experts can focus on future planning and decision-making.

By replacing manual tasks with automated solutions, AI can also help to reduce the risk of human error. Your data will instantly become more reliable when it’s not manually inputted, for example, and you can reap the benefits of accuracy. Not to mention, AI can complete repetitive tasks much quicker than finance teams. This can help to prevent common bottlenecks and streamline operations.

Decision-Making with Data Analytics

Data is essential in the financial world. AI can process vast amounts of real-time information in a matter of seconds, providing insights and trends that humans might overlook. You can trust that AI won’t miss patterns that could be key to decision-making and you will have all of the financial reports you need to make informed decisions about the future of the business. When it comes to responding to market changes, quick and reliable data is particularly beneficial.

The ability to analyse large amounts of data accurately enables finance departments to make more informed decisions, whether they relate to financial planning or investment strategies. In addition to analysing past data, AI can even use existing information to predict the future. By leveraging predictive analytics, finance professionals can anticipate things like market trends and adapt their strategies accordingly.

Risk Management

With AI, risk management reaches a new level of accuracy. This core responsibility of finance departments is made much more straightforward and you can trust that nothing will be overlooked. AI can analyse historical data and various risk factors to predict potential outcomes and highlight future risks that businesses need to consider. AI can be continually refined as more data becomes available, leading to increasingly precise risk assessments.

AI technology can even be used for forecasting and it has more capabilities than humans. By analysing things such as customer-related data, AI can predict future behaviours and enable you to plan accordingly to ensure future success. Through every stage of the supply chain, AI can help to reduce risks and ensure business continuity, resulting in improved customer satisfaction and profitability.

Compliance and Regulation

Regulatory compliance in the finance department is often a complex and labour-intensive process. AI can simplify this task by automatically monitoring transactions and other activities to ensure that they comply with relevant laws and regulations. This can reduce the resources required for compliance management and enable finance teams to focus on other important aspects of their job roles. Not to mention, it also minimises the chance of human error.

It’s possible to use AI to stay on top of industry regulation changes as well. You can be notified of changes that will impact business operations and even use AI to summarise important documents and highlight key information finance departments need to be aware of. Complying with all legal requirements couldn’t be easier with AI and the right technology can prevent the problems associated with non-compliance.

Accounting Software and AI Technology

Lots of accounting software already uses AI technology to improve functionality for users, you just might not know about it. Sage Intacct, for example, utilises AI technology in several ways that can benefit finance departments. Knowing more about the accounting capabilities of your software and understanding how AI is used can help you to make the most of your systems and improve the accounting process as a whole.

We have recently explored some of the main ways Sage Intacct delivers AI benefits to users. However, there is much more to Sage Intacct and its functionality can significantly improve day-to-day accounting tasks. Keep an eye on our blog page for more information about AI and Machine Learning, and how technology is not just revolutionising finance departments, but business operations across all industry sectors.

Speak to an Expert About Sage Intacct in Ireland

If you’ve been considering updating your accounting software to streamline operations for finance teams, we can answer any questions you may have about Sage Intacct. At Envisage, we work in partnership with our clients to help them find the best solutions to their unique challenges. We specialise in Sage Intacct product ranges and we have a highly skilled and creative development team.

When you contact us about Sage Intacct, not only can we help you to determine whether it’s the right solution for you, but we can assist you with the implementation of this software. Our experts can make the process of updating your current software and implementing Sage Intacct as straightforward as possible. We are committed to providing an efficient end-to-end service and we would love to have a no-obligation chat with you.

To learn more about the benefits that Sage Intacct can bring to your business, download a copy of our brochure:

Sage 200 to Overcome Common Inefficiencies

Reporting with Dashboards & KPI’s VS Spreadsheets

Sage 200 to Overcome Common Inefficiencies

Spreadsheets have been a go-to tool for businesses when it comes to organising and analysing data for decades. Many continue to use spreadsheets for financial reporting as well as for monitoring various operational metrics. However, spreadsheets aren’t necessarily the best option available for data analysis now and there are several modern software solutions available that are specifically designed to streamline the reporting process.

From small start-ups to large multinational corporations, companies of all sizes can benefit from updating their systems and using smart accounting software, like Sage Intacct. Although many are currently reliant on spreadsheets, the dashboards and KPIs (Key Performance Indicators) within Sage Intacct can transform the reporting process. As your operations grow and data becomes more complex, there are several limitations to using spreadsheets and now is the perfect time to introduce Sage Intacct into your reporting process.

Below we have explored how dashboards and KPIs can be beneficial when you’re reporting and why they’re a preferred choice to spreadsheets for lots of growing companies.

How Dashboards and KPIs can Benefit Reporting

When compared to using spreadsheets and manually gathering, inputting and analysing data, using dashboards and KPIs can be hugely beneficial. Sage Intacct provides you with accurate data at your fingertips and the reporting capabilities can help you to ensure you’re providing the right people with the best insights at the right time. Some of the key benefits of using detailed dashboards and KPIs include:

Real-time data – Accounting software like Sage Intacct will provide you with real-time data that is automatically updated. You can select KPIs to track on your dashboards and this will make it easy to analyse business performance. Removing the need for manual data entry and updating can save time and ensure you always have the up-to-date data you need to make business decisions.

Visual representation The dashboards in Sage Intacct will provide you with a visual representation of data and you can clearly see the information that matters most. It will be much easier to spot trends, flag exceptions and identify patterns when you have report visualisation. In contrast, when data is spread across different spreadsheets, it can be very difficult to turn it into useful insights.

Interactivity Modern, online accounting software is designed to be interactive and you can tailor the reporting experience to your specific needs. Using dashboards and KPIs, you will have full financial transparency and you can drill down into data to get a much more detailed view of performance. This will enable you to identify the root cause of any issues and make data-driven decisions.

Collaboration – The customisable dashboards can be shared with different departments and stakeholders in real time through email or via the cloud. This ensures that everyone is on the same page and it enables collaboration. You have full control over who sees real-time reports and period-end views, and you won’t have to manually consolidate or share data like you do with spreadsheets.

Ease of use – Sage Intacct is designed to be straightforward to use. Its simple and modern interface will enable the whole team to access the data they need, whenever they need it. There will be no time-consuming and error-prone spreadsheet formulas and functions to worry about, and you won’t require advanced skills or knowledge to make the most of the Sage Intacct functionality.

While spreadsheets still have their place in business, they are no longer the best option available for reporting. Keeping finances in good health starts with using dashboards and KPIs, which will provide you with the real-time visibility you need and will streamline your reporting process. Not only can accounting software save you time and enable you to use your resources more efficiently, but it can improve the accuracy of data reporting and provide you with a competitive edge.

Using Sage Intacct to Improve Reporting Capabilities

Sage Intacct is user-friendly, cloud-based accounting software that supports the needs of businesses in different industries. It’s a highly flexible solution that can be scaled up as your business grows and it provides impressive reporting capabilities. Sage Intacct offers a variety of dashboard features to help businesses track their financial performance, including:

Customisable reports – This accounting software provides a range of standard reports that can be customised to suit your current business needs. Whether you have multiple locations or you operate in multiple currencies, it will be easy for you to create your own reports using the Report Writer tool.

Real-time data – As mentioned above, Sage Intacct provides real-time data that can be accessed from anywhere at any time. It enables you to keep your finger on the pulse of your growing business and make informed decisions quickly. Having a flow of up-to-date data across your organisation can be very useful.

Interactive dashboards – This cloud-based solution offers interactive dashboards that provide a visual representation of your financial data. The dashboards allow you to easily track the performance of your business and you can customise them to display the metrics that matter most, ensuring nothing important is overlooked.

Drill-down capabilities – Sage Intacct enables you to drill down into 24/7 data to get a more detailed view of your financials. Being able to identify trends and spot patterns will help you to make informed decisions to drive your success. Having a full audit trail and being able to highlight exceptions is beneficial too.

Connected solution – Not only can Sage Intacct be beneficial for accountants and bookkeepers, but it opens up a world of insights to all key stakeholders. It allows users to collaborate on reports and dashboards, making it easy to share information across teams. Not to mention, it also connects with other industry-specific solutions.

Try Sage Intacct Accounting Software in Ireland

If you’re currently using spreadsheets for reporting, you should look into Sage Intacct in more detail. This financial management solution can help drive your internal efficiencies and it can be useful for both small businesses and multinational corporations. If you have any questions about how Sage Intacct can help your business, don’t hesitate to contact our team at Envisage today. We specialise in modern accounting software in Ireland and we will happily discuss the benefits of upgrading to Sage Intacct with you in more detail.

Here at Envisage, we take the time to truly understand our customer’s unique needs and we work in partnership with them to find the best solutions to their problems. We pride ourselves on being open and honest from the outset, and we genuinely care about the outcome of the projects we work on. Building and maintaining relationships with our customers is important to us and we look forward to being of assistance to you.

Transforming Business Operations with Sage 200 to Overcome Inefficiencies

Key Challenges for SMB Distributors

Transforming Business Operations with Sage 200 to Overcome Inefficiencies

SMB distribution businesses are an essential part of the business landscape, providing an extensive range of products and services to organisations in the small and medium business (SMB) sector. Distributors are a reliable and cost-effective resource for growing businesses, helping them to reduce their costs and increase their efficiency whilst meeting the needs of their customers and delivering a reliable service.

Although they play such a key role in the success of small and medium businesses, distributors face many challenges to remain successful and competitive. Both external and internal challenges impact the day-to-day operations of SMB distributors, and being aware of these common challenges can help them to better prepare and manage their business.

Below we have explored just a few of the most common external and internal challenges SMB distributors are facing in 2023. For a more detailed review of these challenges, download our free e-book on this topic.

When it comes to external factors, there are a multitude of challenges that can crop up out of the blue. We’ve seen how new threats can come stem from nowhere without much notice. We’ve had a few years of global challenges with knock on affects for distributors from economic downturns to energy crisis to technological advancements, and unfortunately, things that are outside of SMB distributors’ control can have a big impact on their bottom line.

E-Commerce

Changes in the way consumers shop are having an impact on SMB distribution businesses. Advancements in technology and the increase in e-commerce websites gives manufacturers the option to ship directly to consumers, sometimes even taking the distributors and retailers completely out of the equation. Changes in consumer demand can also impact SMB distributors. We’ve also seen shifts in customer demands over the past few years. Remaining agile and relevant is fundamental for any distribution business.

Knowledge of your Consumer

There was a time when businesses knew their competitors inside out. They knew everything about them and knew how to compete against them. Today, the landscape moves so quickly, that new competitors can spring out of anywhere. Competitors don’t necessarily need to be built on the same model as more established businesses, in fact newer competitors are more than likely built with technology and agility at its core. New entrants will prompt distributors to raise their game and force, with less focus on price and more focus on customer service, reputation and availability of product.

Internal Challenges

From an internal perspective, challenges can present themselves from many different angles including staffing (shortages and skill-set alignment) and systems and processes. While we can’t control all the external challenges, we do have control over the internal challenges such as cash flow and profitability.

KPI’s

Having up-to-date insights and clearly being able to see what’s happening with your finances is paramount. Yet, many SMB distributors don’t have sufficient data to run their business.

Planning and Forecasting

Data is a hot topic now. It’s essentially about knowing instantly what’s going on in your business, removing the guesswork. It’s about forecasting and planning with as much precision as possible. It’s about knowing what to order and when (based on accurate data) to avoid cash flow or customer service headaches. It’s about spotting potential issues and mitigating these issues before they become a real problem.

Cash Flow

Miscalculation of the cost of goods sold is also a big issue for distribution businesses. This can lead to overpayment of taxes and shrinking profitability, and having a good overview of cash flow is imperative. Some distribution businesses are not able to determine profit by item either, which is crucial to ongoing success. And finally, the practice of ad-hoc pricing is far too common, putting margins at risk, where price bands or customer-specific pricing isn’t being set.

Overcoming Challenges with Sage Small Business Software

Environmental concerns, cybersecurity risks, regulatory requirements and technology are all high up on the agenda for many distribution companies. Navigating through these challenges requires flexibility, accurate data and a proactive approach, helping to turn these challenges into opportunities.

Here at Envisage, Award Winning Sage Partner with expertise in Sage 200, we help businesses implement intelligent, powerful and game-changing Sage software solutions, and we can help you to overcome the challenges that your distribution business may be facing. Should you have any questions about how Sage 200 software can propel your distribution business to the next level, contact our experts.

Using Sage 200 to Overcome Common Inefficiencies

Artificial Intelligence in Finance

This is a topic that I am passionate about and I thought now would be the perfect time to write this article. With so much hype surrounding AI these days, it’s both mind-blowing and scary. Only a short while ago, we were amazed by the power and capabilities of AI. As time has passed, its boundaries have become much more blurred. Where can it go from here? What are the societal implications of AI? The other factor that I find both exciting and scary is the speed at which technology is moving. Have humans created intelligent beings with potential to outwit and potentially deceive humans? How is that even possible? Regardless of where you stand on this topic, it’s fascinating to see.

Wearing my technical director hat now, our business is all about cost and time savings, delivering automation and technology solutions to make it easier for our customers to do business. So, I thought it would be a good place to start by exploring the practical uses for both AI and Machine Learning in business. So, before we get started, let’s do a quick re-cap on AI and Machine Learning definitions:

AI – Artificial intelligence refers to the general ability of computers to emulate human thought and perform tasks in real-world environments. 

Machine Learning – Machine learning aims to teach a machine how to perform a specific task and provide accurate results by identifying patterns.

 

The Finance Department

The finance department - Envisage

Finance Leaders don’t want to be behind the curve. They want to be in the know at all times across all departments. They want their teams to be highly productive with technology and automation stepping in to take away the tedious, monotonous activities.

The Finance Team wants proactive data to be sent their way. They want to use technology to present emerging opportunities and risks to them on topics that they may not ever had on their radar.

I’ll bring in Machine Learning at this point, where machines can be taught to carry out a specific task and provide accurate results based on identifying patterns. Running a business with an “always on”, “ready to report at any moment”, strategy is what most finance leaders aspire to. However, this is only valuable if the data is accurate to begin with. Machine learning can be hugely beneficial in spotting anomalies and inconsistencies within the data based on previous patterns.

 

The Whole Business

Scope for using AI across the business is enormous - Envisage

But it doesn’t stop there. The scope for using AI across the business is enormous. It will present accurate, real-time data, at any point. So, cloud is key. I’ve mentioned data accuracy and detection of anomalies, but it goes much deeper into complete process automation, security monitoring, seamless integrations between different applications and flexible workspaces and user interfaces that adapt based on user activity and preferences.

 

The Value of Data

The value of data - Envisage

Many organisations struggle with data analytics as in they don’t have any or they have but they are not using it in a meaningful way. Some organisations are highly advanced in this area and are tapping into a wealth of data to help understand their opportunities and risks. I think it would be fair to say, however that the vast majority of businesses don’t have these visual insights to help guide them along the right strategic path.

Guesswork, fingers in the air and spreadsheets will just not cut it. Competitors are banging on doors to let them in, to let them do business with your customers. The power of your data should not be underestimated. It just needs to be harnessed and leveraged to help plot your strategic direction as well as managing the day-to-day with a critical eye.

 


Sage Intacct

I’m going to explore 4 key areas where Sage Intacct delivers AI benefits to its users:

General Ledger - Envisage

1. General Ledger

The concept of having a continuous close means that the data in your GL is open for business at any time of the day or night. The GL is the heart of your financial system and being able to tap into your data at this level means that you know exactly what’s going on. Powered by AI and automation, the intelligent GL allows you to post and report transactions immediately, share financials securely with specific people and reduces the reliance to manipulate data externally.

Manual data entry is reduced while accuracy is improved, just by simplifying and automating core tasks within your finance department and beyond.

 

Detection of Anomalies

2. Detection of Anomalies

With manual data processing comes mistakes, despite all the best intentions in the world. They are so-called “Human Errors”. So, what if AI gave us a helping hand to stop us in our tracks should it detect something out of the ordinary?

Sage Intacct’s GL Outlier Detection is magic. It leverages the power of AI to scan thousands of transactions in minutes. It will pick up any discrepancies and will flag any transactions that need to be reviewed. The GL Outlier Detection has built-in machine learning capabilities, so it grows to understand your business and its patterns. The system can be set up with parameters to set to tell the system what transactions qualify as an outlier.

The GL Outlier Detection is critical, not just as a time saver but for flagging serious anomalies such as fraudulent activities.

 

A Picture Paints a Thousand Words

3. A Picture Paints a Thousand Words

Nice, easy to see, graphical data representations that sit on your dashboard, leave the humble spreadsheet for dust. You may ask… Couldn’t you just “pretty up” your spreadsheets to give the same result? No and this is key. It’s not just about the pictures, it’s about the collation of the data to deliver those nice graphs and charts. How long would it take to compile vast amounts of data and then start to analyse trends, patterns and correlations using spreadsheets? This obviously depends on your spreadsheet skills, but clearly it will need time and effort to get this information.

Sage Intacct has an Interactive Visual Explorer, which builds visual data representations of your data. In seconds, you can have comparative data, showing trends, patterns and correlations. You have in the region of 200 pre-built visuals, plus you can build your own.

Here is a very simple example of what can be achieved. Let’s say you want to view your actual revenue, month by month. Using Sage Intacct’s Interactive Visual Explorer, you will get a prediction of next month’s revenue based on the analysis of past data and patterns. This is just a simplistic example, but my intention here is to get you thinking about the potential power of this tool.

 

Time Capture

4. Time Capture

This is a real game-changer for organisations that rely on capturing timesheets for projects or for other reasons. With Sage Intelligent Time, the experience for users will be slick and efficient and for the Finance Team, the entire process will be visual and seamless. Billing delays will be confined to the history books, month end closing will just happen, teams will be freed up from monotonous and laborious tasks and the entire system will become much more efficient.

I’ve focused on these four topics, but there is still so much more to discuss including AP Automation and Contract Renewals. I’ll look forward to writing on these topics later this summer, so stay tuned.

 

A window of opportunity for competitive advantage

 

 

The Secret to Healthy Finances

Keeping Your Finances in Good Health Amid Rising Inflation

No business has escaped the inflationary surge over the past year. During these very uncertain times, many organisations have had to re-adjust and re-calibrate as they try to manage their finances and fluctuating costs caused by inflation.

Higher prices for goods and services impact on production costs, resulting in increased consumer prices and potentially lower profit margins. This can lead to reduced consumer spending, slower economic growth and greater uncertainty for businesses. In addition, rising inflation can (as we have seen) directly affect interest rates and the value of currency, making it difficult for businesses to expand into international markets.

 

Cost Containment

Addressing inflation challenges with cost accounting

Organisations of all sizes that aim to thrive in these financially challenging times are turning to analytics and cost accounting to better understand their business.

High inflation will continue to be an issue in 2023, at different levels across different countries. Organisations will be doing everything in their power to limit their exposure with initiatives such as:

 

  • Paying close attention to cost accounting and leverage analytics to find those cost reduction opportunities

  • Conducting regular vendor cycles to put pressure on suppliers to absorb costs and look to re-negotiate terms on agreements, where possible

  • Continuing to rely on technology – with many organisations having moved to the cloud during COVID. Going forward, organisations will rely even more heavily on cloud technology with all the favourable security and agility benefits they came to appreciate during COVID.

 

Seeing the Value from your Technology InvestmentFinance leaders are looking to their technology investments

Finance leaders are looking to their technology investments to see how to extract even more value from their systems by:

  • Reviewing existing systems to see where the gaps are and what is required to bring greater value. Upgrading, adding more modules, integrating more systems can all help to bring additional value to the organisation

  • Leveraging AI where possible across the organisation is key. AI may exist within current systems or it could be something that requires an upgrade. In any case, finance executives are leaning heavily in favour or automation to help exploit opportunities to save money and make teams more productive

  • Reaching out to service providers (such as Envisage) to help customers optimise their systems to take advantage of functionality such as AI, reporting and data analytics, predictive forecasting, budgeting and planning

 

Better Understand your Finances

Better Understand your Finances with Envisage

Cloud Financial Systems such as Sage Intacct can transform your business from spreadsheet-reliant to slick and efficient, where a world of insights and analytics is unlocked. With 24/7 data at your fingertips, there are no excuses for not having the financial data you need in real-time.

By using Sage Intacct’s detailed dashboards and reporting capabilities, it’s easier than ever to keep a close eye on your data to ensure that nothing important is being overlooked. Not only does this increased visibility heighten your awareness to any financial problems or new market trends that may occur, but you can also forecast more accurately. The transparency and understanding that Sage cloud-based solutions provide means you can flexible with your approach to handling the current uncertain economic times.

If current inflation trends are causing uncertainty in your industry and placing further pressure on cost containment, it’s important to ensure you have the right tools in place to help you manage your day-to-day finances. There are several benefits to using Sage finance and accounting solutions like Sage Intacct to help you keep your finances on track and in good health.

 

Plan Ahead, Even in Uncertain TimesPlan Ahead, Even in Uncertain Times with Envisage

Although there is no crystal ball here, experts predict recessionary conditions ahead and so no matter what way things pan out, planning is key. The organisation that is equipped with the facts and figures in meaningful dashboards is already one step ahead of the company that just can’t see the wood from the trees. This is where Sage’s best-in-class accounting functionality comes in. Sage Intacct can help you overcome challenges all businesses are likely to face.

By analysing data regularly with Sage Intacct accounting software, you can lean into cost-reduction initiatives and eliminate unnecessary costs from your operations. This alone can make a big impact during these very uncertain times, helping you to save money and stay afloat. This flexible and powerful financial management system also connects with other industry-specific solutions to provide you with the data you need across your organisation to drive your future success. Having one comprehensive system is invaluable and it will help you to be as prepared as possible for whatever the future has in store.

 

Become More Efficient

Sage Intacct: Streamline, Automate, and Boost Efficiency

Becoming more efficient has grown in importance for businesses of all sizes and Sage solutions can help you to streamline operations. Using automation modules can help you to extend staff and resources by reducing manual processes, and you can improve day-to-day operations. This can have a big impact on your bottom line and help you save money organisation-wide. Sage Intacct has a simple interface, so it’s easy for the whole team to incorporate into their roles.

Using automation can also help to reduce human error and inconsistencies, making your data more reliable. When employees don’t have to manually enter information into a system, which can be very time-consuming, you can trust that your financial reports will be accurate. You can then make business decisions based on up-to-date reports in confidence knowing that the data is correct and you don’t have to deal with the consequences of errors later down the line. As your business grows and scales, additional functionality is available to ensure Sage Intacct is still able to meet your requirements, improving productivity and profitability.

 

Speak to an Expert About Sage Intacct in Ireland

Speak to an Expert About Sage Intacct in Ireland - Envisage

If you’re concerned about rising inflation and the uncertainty it has caused in your industry, then investing in cloud financial systems such as Sage Intacct accounting software can be hugely beneficial. With the correct tools, macroeconomic inflation factors won’t have such a big impact on your finances and you can ensure that you keep them in good health.

To speak to an expert about Sage Intacct in Ireland and to find out more about how you can manage your finances more effectively, get in touch with our team at Envisage today. We work closely with businesses to provide solutions that revolutionise their operations. We will happily discuss the Sage Intacct cloud-based system with you in more detail and help you determine whether it’s the best option for your business at this time.

We pride ourselves on providing outstanding customer service to businesses of all sizes and we genuinely care about the outcome of the projects we work on. You will be in very good hands when you turn to us for Sage Intacct in Ireland.

 

Sage Intacct Reporting and Dashboards: Download Guide

Sage Intacct Reports & Dashboards Guide

 

Download your Guide

Using Sage 200 to Overcome Common Inefficiencies

Using Sage 200 to Overcome Common Inefficiencies

Over time, it isn’t uncommon for businesses to find themselves in a situation where they’re using several different software solutions to manage everyday operations. Many will implement new software as and when their needs change, particularly during times of growth, resulting in an overly complicated and inefficient way of working.

If you have separate software solutions in place to manage things like your accounting, supply chain and customer relationships, you would likely benefit from upgrading to one all-encompassing system. However, the up-front cost of a new system can be off-putting so many will try to convince themselves that they’re coping just fine with their current software and that their inefficiencies aren’t holding them back.

The truth is, your software will have a direct impact on your ability to grow into a thriving business. Using Sage 200 to overcome common inefficiencies can transform your operations and enable you to run a faster, more connected business. Below we have listed some of the most common inefficiencies faced by small and medium-sized businesses, and looked into how Sage 200 can help you to overcome them.

The Problem – You’re Struggling to Find Key Data

Growing Business: Navigating Data Challenges Efficiently

As your business grows and you open new locations or start expanding into new markets, the quantity of data you have can become overwhelming. Finding key data hidden amongst an abundance of information can feel like an impossible task when you’re using outdated systems that aren’t really designed for growing businesses.

The time it takes to track down the data you need, whether this is details of a specific order or figures from a supplier, can cause a whole host of problems. In fast-paced environments, so much can happen while you’re still trying to collate data too, resulting in you having to search for new data to try and handle any issues caused by your inability to pinpoint key information.

 

The Solution – Anytime Data Access with Sage 200

Anytime Data Access with Sage 200

Sage 200 is designed to provide businesses with the data they need, whenever and wherever they need it. Regardless of what you’re searching for, a few clicks on your new business management system is all it takes to find the data you need. You can access, gather and review your data on the road, as well as in the office, so you are fully prepared for whatever your working day may entail. You will never feel like you’re left in the dark again.

 

The Problem – You’re Missing out on Good Opportunities

Challenges in Business Agility and Decision-making for Scalability.

And the challenges are not solely restricted to internal housekeeping. When you’re using several different systems to operate your business, this will have an impact on your agility. It will be harder for you to access the information you need to make business decisions and adapt to changing circumstances. While you’re searching for the insights you need, you can miss out on opportunities to boost sales or remain competitive.

As your business scales up, it becomes even more difficult to keep track of the insights you need to make informed decisions about your products and services. Regardless of what industry you operate in, remaining agile is crucial if you want to be able to meet customer demand and increase your profitability.

 

The Solution – Real-Time Reporting with Sage 200

Real-Time Reporting with Sage 200

Upgrading to a comprehensive system, like Sage 200, enables you to easily access a range of insights that can be used to make cost-effective decisions. You will be able to create and gather accurate reporting, giving you the insights you need into various aspects of your business. The detailed analysis Sage 200 software provides prevents the need for additional tools as well, so you can quickly make decisions about business opportunities.

 

The Problem – You’re Wasting Time and Resources Every Day

Optimize Workflow: Update Your Outdated Software

If you’re still using the same software that you implemented when you first started your business, there’s a high chance that simple tasks are taking much longer than they should be. Having to manually complete tasks that could be automated will be slowing your team down and preventing them from using their time wisely.

Not only can manual tasks be time-consuming, but they’re also error-prone, especially when they’re carried out repeatedly and all employees do things slightly differently. Staying compliant and up to date with new legislation can be challenging when you’re doing things manually too, putting you at risk of fines and reputational damage.

 

The Solution – Automation with Sage 200 Software

Automation with Sage 200 Software - Envisage

Sage 200 has a wide range of useful features that can help to improve efficiency. This business management solution is designed to meet the needs of various industries, enabling you to make better use of your resources. You can also automate several complex processes, enhancing productivity and ensuring everyone does things the same way. Using only one piece of software enables better communication across all areas of your business too, streamlining processes and reducing the risk of compliance problems.

 

Want to Speak to a Sage 200 Partner in Ireland?

Overcoming common inefficiencies becomes even more important as your business grows and if you’re using lots of software solutions to manage everyday operations, it’s worth considering upgrading to Sage 200. It’s fair to say that this all-encompassing software solution can transform the way your business operates and it’s a worthwhile investment.

 As an award winning Sage business partner in Dublin, you can rely on us to help you find creative and flexible solutions to your unique requirements. We pride ourselves on working in partnership with businesses to revolutionise what they do and how they do it, and we can introduce you to some game-changing Sage solutions.

Why not download our e-Book with further insights on this topic?

Switching to Sage 200

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How Connections Eliminates Paperwork for Retailers

How Connections eliminates paperwork for Retailers

For any business dealing in physical goods, a delivery docket is an essential piece of documentation as it describes not only what is being delivered but how much of each item is in the delivery also.

Typically, in a retail store, each delivery docket has a long journey. One document will travel from the distribution centre or manufacturer into the delivery truck, through to the store where it’s accepted in by the team, then it is passed to the accounts department to post onto the accounting system and finally multiple dockets are taken by courier to more filing cabinets in head office and eventually to an archive storage location.

 

Eliminating Retail Paperwork with Connections

With such a long journey before even reaching head office, for the finance team this can cause long delays in the production of monthly management accounts. As a result, you will not be up to speed on the current financial position of your business, whether your costs and revenue are on track, which departments may need attention and you may also be clouded from the potential growth opportunities

It’s also worth noting here that the effect that this paper journey has on our environment. All the travelling that these paper documents do from distributor to store to accounts to head office all significantly increases our carbon footprint, especially if a document needs printing or re-printing.

 

So what can be done to remove paper from the equation?

Document management solution - Envisage

A document management solution is an automated system that removes paper and drives internal efficiencies in an eco-friendly way.. Document management is based on capturing, tracking, storing, and sharing documents inside and outside of your organisation. What’s more it makes business more efficient by gets rid of not just paper but so many other associated mundane manual tasks.

With Connections Scan Connect module, powered by Canon’s Therefore document management system, you can significantly reduce paper movement, which stops at the point of entry in the store location. Going paperless means you can quickly and easily access documents from Therefore cloud storage. Not only will this help speed up the invoice/delivery matching process, but it also reduces the number of queries going back to your suppliers.

Scan Connect integrated with Connections and Sage 200 is a powerful and popular solution that eliminates the movement of paperwork between your stores and your office. This solution has been designed to allow you quickly scan and view delivery documents within Connections without having to leave the application.

Canon Therefore Document Management comes packed with additional features, all designed to help eliminate manual processes. These include:

 

  • Web forms: create web forms and checklists with advanced logic which is excellent for HR and internal procedures and controls.
  • eSignatures – integrate with leading eSignature providers directly in Therefore
  • Workflows – automate tasks based on document types and fields within e.g., for PO approvals, leave approvals, contract processing etc.

Connections for Sage 50cloud and Sage 200

Connections for Sage 50cloud and Sage 200 is a game-changer for streamlining document management, but it doesn’t stop there. Connections comes into its own when it comes to automation, data accuracy, staying compliant and reporting.

Many retail organisations are using a combination of spreadsheets and outdated processes to run their business. Connections is proven to save significant amounts of time in tasks such as invoice & delivery matching, reporting, bank reconciliations, sales and cash transactions and document management.

 

About Connections

With over twenty years working in the retail industry

With over twenty years working in the retail industry, we know and understand the challenges that retailers face with managing and growing a business. We also appreciate that not all retail organisations are the same. We focus on what we do best and that’s delivering solutions for the Convenience and Forecourt sectors as well as for retailers and franchises with multiple stores and high transaction volumes.

Our Connections application was born out of the frustration that many retailers experience in having to contend with paperwork, slow and inefficient processes, and lack of real-time reporting. Positioned between the EPoS system and Sage 50cloud or Sage 200, Connections helps retailers overcome common administrative challenges, which means that tasks such as posting Sales and Cash transactions as well as Purchase Invoice/Delivery matching are all automated in a few clicks.


Get in Touch…

Whether you’re already using Connections and would like a demonstration on the Document Management solution or you would like to find out more about Connections, click below to arrange a chat with one of our experts.

Chat to an Expert

Or if you’re planning to be at the National Convenience Show 25-27 of April at the NEC Birmingham, we’ll be on Stand C69. You can register by clicking on the banner below. We’d be delighted to see you at our stand where we will be demonstrating our Connections application.

 

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Essential Delivery Docket Documentation for Businesses Handling Physical Goods

How The Right Accounting Software Can Make Day-To-Day Operations Easier

It isn’t uncommon for convenience store owners to have small back office teams. Even if they have a handful of stores in different locations and large transaction volumes, they might not necessarily have a dedicated in-house accounting team, for example. In fact, many store owners will have multiple responsibilities, including ensuring their accounts are always correct.

 

Streamline retail processes

If you currently use accounting software in your convenience store, whether this is Sage 200 or Sage 50cloud, implementing a product that sits between your accounting software and your EPOS system is incredibly beneficial. Software, like our Connections Application, can make day-to-day operations so much easier for convenience store owners and can help to streamline processes. Below are some of the many different ways using the right accounting products can impact how you run your convenience stores.

 

Improve the efficiency of operations

Automated Data Entry with Connections for EPOS to Sage

Manual data entry can be a lengthy and time-consuming process and it is often really tedious too. When you use Connections, information from your EPOS system will automatically be imported into your Sage software. So, you will no longer have to manually enter sales data into your convenience store accounting software and your administration team will have more time to focus on more productive tasks. Not to mention, you will likely find it much easier to keep up with increased demand during busier periods with the help of automated operations too.

The Retail Connect module, for example, will manage your transactions, automate the validation and mapping for accounting purposes, and post transactions directly into your Sage software. In a few simple clicks, you can do hours or days of manual work and your team’s time will be much better spent not having to complete repetitive tasks that could be automated with Connections.

 

Prevent problems with accuracy

EPOS-Sage integration: Fast, accurate data entry.

There is a high margin for error when you rely on manual data entry. Problems with accuracy are more likely to occur when manually processing high transaction volumes. When your EPOS system is connected to your Sage software, you can have peace of mind knowing that all data entry will be carried out in a speedy and consistent way, whilst maintaining the accuracy you require.

When using Connections, you can also get accurate real-time financial information whenever required. It will be easier than ever before to keep track of your sales and purchase transactions, and you will be able to spot any pricing or quantity errors, for example. Many convenience store owners and Financial Controllers aren’t aware of the current extent of data inaccuracies until they start using Connections.

 

Keep all important documents in one place

Revolutionize business with Connections for digital efficiency.

Commonly, even when using convenience store accounting software, there will be lots of paper documents to sort through on a daily basis. Implementing Connections into your accounting process will allow you to move away from paper and keep everything you need in one convenient place. It will be much easier to ensure nothing important is overlooked, which is incredibly beneficial when it comes to staying on top of compliance, such as VAT. Connections is a brilliant tool to have and making everything digital can revolutionise your business.

With more businesses than ever before focusing on sustainability, Scan Connect will remove paper from your accounting process and will help reduce your carbon footprint. Of course, when you move away from paper, you will also have a much tidier office environment and keeping clutter at bay can help to improve productivity.

 

Aid future business growth

Optimize Store Finances and Growth with Connections Software

Regardless of how many convenience stores you own and whether or not you intend to scale up, it is essential to have your accounts in order. Using Connections will help to make opening new convenience stores as hassle-free as possible and you will have accurate financial data available to help you plan your growth. Not to mention, when it comes to setting up a new store, Connections can help to make the process incredibly straightforward and you can have your systems up and running in no time.

It is worth noting that when you have a product that links your EPOS system to your Sage software, you can also grow your business without having to hire new employees. Connections can also reduce the employee overhead costs that typically come with opening a new convenience store and help to keep a tighter control on profitability.

 

Updating your convenience store accounting software

Sage software, EPOS, and Connections for streamlined

Ultimately, there is no denying that using the right accounting products alongside your Sage software and EPOS system can make day-to-day operations so much easier in your convenience store. Connections really is a brilliant solution for any business in the retail industry and it can have a significant impact on team morale. Not only will it streamline your processes, but it will greatly improve business performance. If you’d like to find out more about our Connections Products, be sure to get in touch with a member of the Envisage team, we will be happy to discuss our unique solutions with you in more detail.


Get in Touch…

If you would like to know more about our connections software, why not speak to an expert? Click below to get in touch with a member of our team. 

Chat to an Expert