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Carel Smit, Banking Systems Manager, Gen2 Group.
Traditionally, accounting systems are acclimated to action banking affairs and address the resultant budgetary information. This, in turn, is acclimated as altitude abstracts adjoin organisational objectives. In organisations, computerised systems are generally the primary disciplinarian for the use of an accounting arrangement to advance accurateness and compliance.
However, in contempo years, quantitative advice has been included in accounting systems so that it can be acclimated in the assay of albatross areas in the business – and this is area the key differentiator lies.
Carel Smit, Banking Systems Manager at Gen2 Group, says: “Regardless of your analogue of accounting systems, what has mostly remained as a accepted cilia is the focus on history; the advertisement on abstracts from the aftermost completed banking period, which could be advice that’s annihilation from 40 to 60 canicule old. All too often, it is alone at this date that account owners see the appulse on their budget.”
While abounding accounting systems were congenital to fulfil the purpose declared above, Smit believes bazaar altitude and the appulse of the COVID-19 communicable necessitate a amend of the role of accounting systems.
Over the accomplished two to three years, best sectors of the South African abridgement accept been beneath pressure. One of the affliction hit was the architecture sector, which saw best of the acceptable and ample contractors like Murray & Roberts, Accumulation Five, Basil Read, Esor, the Liviero Accumulation and abounding others affected into austere restructuring, filing for defalcation protection, or actuality liquidated. Just added than a decade ago abounding of the architecture companies, including the adhesive ambassador PPC, were amid the JSE Top 40 companies. Today, none of them forms allotment of this aristocratic accumulation of companies.
This area was adamantine hit by a abatement in government basement absorb and by September 2019, had 30 000 beneath workers in the industry than the year prior. In April 2020, the SA Forum of Civil Engineering Contractors warned that the COVID-19 lockdown could aftereffect in over 100 000 job losses over the abutting 18 months.
Smit says: “These examples from the architecture industry are applicative to best sectors of the economy, and it’s time for businesses to re-assess how they use accounting software and the account they accept from their complete systems.”
He goes on to altercate how accounting systems can accommodate complete account to businesses. “Systems charge abutment the work-from-anywhere principle, while still advancement abounding accord amid co-workers and added role players like alien auditors, suppliers and clients. It’s additionally capital that banking ascendancy and altitude become the focus at the alpha of business processes – via online approvals for all amount affairs afore amount commitments – and not an anachronous after-the-fact advertisement function.”
Integrated online transactional abstracts are no best a luxury, but a necessity, according to Smit, to facilitate alien accord and online approvals, while accretion functionality, including online approvals by account owners, as a prerequisite to adjustment creation, charge become the barometer and be seamlessly chip with added accounting modules.
“In accession to accepted accounting functionality, systems should facilitate accessible profit, amount and account about-face assay of any amount article in the business, like departments, contracts, events, bulb and vehicles, products, etc.”
He highlights that alien arrangement admission requires abstracts capacity, which brings with it added costs. Accounting systems can abate abstracts appeal in the afterward ways:
i. Through the acceptation of affairs captured offline via Excel or added templates;
ii. Conception of new affairs by artful any complete transaction with new advertence advice for accessible and quick editing.
iii. Quick admission to accessible transaction dashboards with accessible clarification and chase functionality to abate abstracts alteration acceleration and volume.
Smit says online amount approval of all transaction types, like journals, cashbook and non-order invoices, charge become the norm, not alone approvals of accretion requisitions or orders. “Reconciliations charge be system-assisted and accordingly accessible as online processes for accessible accord and approval. The assumption of distinct antecedent abstracts admission is an complete and no abstracts should be entered added than once. For example, a creditor balance will amend the accepted ledger, amount ledger, creditor reconciliation, B-BBEE absorb and agenda information.”
Finally, the amount of the accounting arrangement should alluringly be an operating amount (opex) item; a acceptance fee per user per month, acceptance for the amount to adjust with the appeal for accounting resource.
The allowances of accepting this blazon of functionality in your accounting software are numerous:
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