With the majority of businesses across the UK and Ireland now having reached the end of their current financial year and just completed the nightmare of their Year-End Accounting requirements, many will be looking ahead to see how their everyday book-keeping can be improved for the upcoming year. Often the best place to start is to look at existing accounting processes and seeing where greater levels of automation can be introduced.
One easy way for businesses to streamline their Accounting is through effective management of recurring payments. It is extremely common for businesses to make repeat payments to their suppliers and bank accounts on a regular basis, however many companies will still rely on their accountants or finance management staff manual processing these payments each time. Simply automating these regular payments not only frees up staff time but also increases accounting accuracy, meaning the risk of human error causing mistakes that then need to be corrected at a later date is greatly reduced.
OrderWise – The One Solution For Managing Your Entire Commercial & Financial Operations
Already providing high levels of accounting automation is the ICAEW-accredited and HMRC approved OrderWise Accounts module. Fully integrated with the rest of the OrderWise system, companies using OrderWise Accounts are presented with a single, comprehensive solution for managing their entire commercial and financial operations. This complete visibility and seamless transferring of vital information provides the level of accuracy and efficiency today’s businesses need from their Accounts solution. You can read more about OrderWise Accounts and our other Accounting options HERE.
Now adding even further automation for straight-forward accounting, version 11.4 of OrderWise sees the introduction of recurring supplier payments. Duplicating pre-existing functionality for simple handling of recurring bank payments, a new recurring checkbox has been added to the supplier payment form found within the OrderWise Accounts module. Once ticked, a new schedule section is available where users can set the date of first payment, the frequency and the date from which no more payments should be taken. Then coinciding with this is a new task service that can be run to have these recurring supplier payments created on a schedule.
Even Greater Accuracy In Your Cash Flow Forecast With Recurring Supplier Payments
However possibly the most exciting aspect of this new functionality is that these recurring supplier payments can be taken into account when running the OrderWise Cash Flow Forecast. This great feature offers businesses a strong insight into what their cash flow position will be at any one time through a one-view grid and accompanying dashboard, which looks at all anticipated and scheduled transactions in order to deliver a detailed cash flow forecast that is both accurate and simple to understand. With recurring supplier payments now able to be included in this forecast too, businesses are provided with an even clearer indication of what their projected cash position will be at any one time.
Thanks to this great new addition, businesses using OrderWise Accounts can now benefit from streamlined handling of regular payments to their suppliers. What’s more, businesses can also harness the knowledge of when these payments will be made to benefit from a truer understanding of their financial stability.
For more information on OrderWise including Accounts, you can download our brochure.
Existing Customers can visit the OrderWise Online Shop.
To discuss your requirements in more details contact us today on 01522 704083.