In part two of this series Sarah Walker highlights the five main solutions an organization benefits from when establishing an ERP solution within their wholesale & distribution business. Read part one of this series highlighting the pain points for W&D businesses.
More and more wholesale and distribution organizations are implementing comprehensive business management systems to integrate all financial data with all key business functions. They provide a unified financial view of all areas of the business, amalgamating sales, purchasing, inventory and operational information. What results is the right information, at the right time, to the right people, underpinning robust, effective financial decision making.
By pulling information from across the business, the right system streamlines processes and does away with much of the time consuming and error-prone manual data entry, ensuring consistency and data integrity. The system can automatically handle all key accounting processes, such as journal entries, accounts receivable and accounts payable to name just three. Other benefits include automating repetitive but vital tasks and freeing up the team to focus on more value-adding activities.
The right system will automatically generate reports without having to wait until a set date for manual reconciliations to occur, meaning that reports are not only accurate but available in real time too. The option is there to run a wide range of reports tailored to suit the specific needs of business, ensuring that decision makers have the exact information at their disposal to make smarter and reliable decisions.
The ability to manage cash flow, track budgets, compare actual and planned figures, as well as process all banking and reconciliation within one system gives the accounting team more control than ever before. This leaves nothing to chance and ensures total faith in the information and insights provided by the business management system. Month-end becomes much less of a challenge too, with the increased automation and ability to access comprehensive, timely and accurate information at the click of a mouse. This enables the team to complete month-end quickly and efficiently, closing much faster than previously able when relying on spreadsheets and disparate systems.
It’s important to choose a solution that’s the right fit for the wholesale and distribution sector, as one size definitely does not fit all. There are solutions available that are built to address the specific needs of the wholesale and distribution sector. It’s also absolutely vital to work with a partner who has experience of both the industry and the software to help find a solution that’s the perfect fit for your business.
To gain that vital advantage over the competition, it’s crucial that wholesale and distribution businesses have a firm grasp on their financials. Access to accurate, timely financial information is often the key to robust business management and strategy planning. A centralized business management system that brings together financial information from across the business replaces the slow, manual processes that we’re accustomed to. The result of this is a finance function that’s well placed to add real value to the business, keeping the organization one crucial step ahead of the competition.
For more information on how Sapphire can help your wholesale and distribution business turn its accounting capability into a real competitive advantage, contact us.
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