Data management today is based on digital techniques, which make it possible for your accounting department to go paperless, and automate business processes and communications with your customers and vendors. Modern data management also makes it possible for your customers and vendors to self-manage their account data through a self-service portal.
Customers and vendors know their master data better than anyone else. Why not ask them to review, update and validate their own master data? They want to self-manage their accounts, and you save time. It’s the perfect solution for everyone involved.
Modern Data Management
Modern data management solutions allow you to go paperless, and automate accounting processes and communications:
- Data and documentation can be collected online: Hundreds or even thousands of customers and vendors, make collecting data and documentation manually a real challenge. The number of hours your accounting team spends on these tasks leaves less time for more productive activities. Making calls and digging through files can quickly absorb valuable time.
- Follow-ups: Automated follow-ups help to focus your accounting team on important activities, and priorities that need to be done to achieve your objectives. A lot of time can be wasted trying to figure out what to do next, or spending time on low-value tasks.
- Exceptions: Why have your accounting team look at every transaction, when automated solutions can flag exceptions for them to focus on, and automated customer communications can make it easier to resolve problems. Scanning computer reports for exceptions is a waste of time when exceptions can be automatically flagged for follow up.
- Share data: Sharing master data digitally with customers and vendors via a self-service portal is a better approach to profile management. Correct and current master data helps to reduce operational and financial errors, disputes, unauthorized deductions and chargebacks. And, it helps to accelerate cash flow.
- Allowing an incorrect contact to reroute a request: A better alternative than missing emails and the follow up needed to correct them.
Modern data management gives you the power to go digital, be paperless and automate your business processes and communications. With a connected accounting solution for your AR and AP teams to coordinate work with customers and vendors, you can go digital and enjoy the benefits of office automation.
Lockstep, a leader in cloud-based connected accounting solutions, can help you boost productivity and optimize cash flow with:
- Digital Onboarding – Collect master data directly from your customers and vendors
- Accounting Inbox – Make it easy to divvy up work and track progress
- Smart Automation – Automate menial task with accounting integration
- Online Accounts – Give customers and vendors online access to their accounts
Lockstep is an experienced software partner that can help you increase efficiency and accelerate cash flow.
If you would like to learn more about how you can benefit from connected accounting solutions, please contact Lockstep at www.lockstephq.com.