Highly anticipated version of SQL Server accelerates Exchequer’s performance

FDs and IT managers have very different agendas and priorities but there is a common theme, and that’s a successful organisation.  The FD needs an accounting software solution that meets the needs of the business and the IT manager needs an IT infrastructure that’s reliable.

IRIS Exchequer MS SQL edition delivers both.

IRIS Accounting & Business Solutions has worked closely with Microsoft around the recent release of SQL 2012 and is delighted to announce that IRIS Exchequer now supports SQL 2012.

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This article is taken from the latest copy of The Business Magazine where I explain why bad debt prevention should not just be the responsibility of the finance function but of the company as a whole; 

The finance team is ultimately responsible for monitoring the financial health of a business and should have the necessary processes, policies and visibility to nip bad debt in the bud before any serious damage can be done.

However, while this responsibility lies in a central finance team, it’s often the case that your staff are equipped with the means to spend the company's money and make deals with customers, making it difficult to keep financial affairs within the finance department.

With costs being cut and ‘profit’ on the lips of every MD, here are some pointers on making debt a company-wide concern to help keep your cash-flow on track.

1.   Educate your workforce: Bad debt affects your profit and loss which will affect their salaries and, ultimately, their job security. Make sure employees understand their role in creating a sustainable business.

2.   Keep your collective ears to the ground: Is a customer’s business heading for trouble? Is there a supplier who persistently delivers late, incurring fees customer-side? Has your usual customer contact vanished without a trace? These could point towards the possibility of a sinking ship that could cause payment issues down the line.

3.   Avoid information overload: Your staff shouldn’t be expected to understand a load of financial jargon and spreadsheets full of figures. Don’t blind-side them with detail, instead make sure your software can make financial information easy to digest at any level, from the sales team through to the MD.

4.   Give staff a 360-degree view of their customer’s account: Does your CRM system link through to finance and enable problems to be flagged? Everyone who pulls up a customer record, such as to take a sales order, should be able to see at a glance the customer’s track record and credit-worthiness – or otherwise.

5.   Review client profitability: It may be that some customers pay eventually but only after an uphill struggle and constant chasing on the part of your credit controllers. This eats into your profit margins and if not set straight early on, is likely to be a persistent problem. Make sure your finance department shares these tales of woe with the wider team as they may be able to encourage more prompt payment from their customer base.

6.   Communicate ‘rules of engagement’ to all staff: Put your policies in writing and circulate them regularly to staff, making it clear what their role is in tightening the noose on bad debt. Selling to customers – even exiting customers – without checking their account and credit status should be a strict taboo.

7.   The power of the PO: There is no such thing as a ‘Gentleman’s agreement’ when it comes to business, especially when it concerns money. Make sure your team live and breathe by purchase order numbers as an order or agreement without one is worthless.

8    Use cashflow as a business intelligence tool: Good cash control management and software can go much further than just tracking who owes what money where. It can show you where the cash drivers are in your business, who is performing well, where red flags should be going up and other events that could threaten but also boost profitability.

Poor cash management impacts your own working capital, eating into the amount of money you have to invest in the business and affecting your ability to pay off your own debts. The longer a debt is outstanding, the greater the risk of the company going out of business and the greater the cost of resolving and recovering the debt.

By making bad debt a company-wide concern you can make sure that you not only get your customers’ money into the bank but also ensure it stays there. 

For the full article please visit www.bizmag.co.uk 

This 8 point plan is taken from the IRIS Exchequer whitepaper 'Tightening the Noose on Bad Debt'. The whitepaper is free and available to download in full at http://www.exchequer.com/downloads/guides--whitepapers.aspx

For further information:
0844 815 5590
exchequer@iris.co.uk
www.exchequer.com 

Advances in technology are seeing mobile devices become a key way in which businesses can boost their productivity and remain competitive in challenging times (as the infographic below illustrates). Mobile working gives businesses the flexibility and agility they need in a 24/7 economy and can even help to create business opportunities. For some, working away from the office is becoming the norm and it’s essential that they can work on the move and access their accounting software as easily as if they were in the office.

Research from IRIS Accounting & Business Solutions shows that three quarters of businesses now offer remote working to its employees, with 76 per cent claiming it makes their organisation more profitable and one in ten saying it gives them the edge over their competition.

The research of 140 business leaders shows that the benefits of remote working extend beyond efficiency and productivity. One in five businesses say that mobile devices allow them to provide customers with a better, more flexible service.

Trust issues amongst employers and staff regarding remote working are a thing of the past, as nearly all businesses asked (93 per cent) said they trust staff, and actually one in five found that it made staff up to 50 per cent more productive.

3 in 10 businesses say smartphones are the technology of choice for remote working. Emerging technologies are proving crucial in enabling staff to work remotely with 1 in 10 handing out tablets and 24 per cent providing workers with dongles. The move is a sign of the times as businesses embracing virtual offices becomes more popular.

We’re so used to using smartphones, apps and tablet devices in our personal life that it’s inevitable that this way of working is starting to become more widespread in business.  

Infographic courtesy of Vertic.