As most corporate personnel start the year with anticipation of the New Year, Financial personnel are starting the process to close the books and prepare financial statements for the Past Year.
The next few weeks will be a constant flow of emails and phone calls attempting to ensure all sales are properly recorded and all liabilities are accurately accrued. Included in the Accounts Payable effort, there will be a scramble to ensure paper invoices floating around in the corporation are sent to financial department.
Adding to the paper nightmare is the fact that many corporations also choose the start of the New Year to implement new policies, guidelines and procedures.
Finally the mantra of the day is “I need this yesterday!” tops off what is already a frustrating stressful scenario.
So what would turn this around to create a true Happy Last Year? Most of the needless inefficient use of valuable resources to shuffle paper could be replaced with leading edge ECM solutions such as provided by Open Text. New procedures, policies and guidelines are available for immediate use to ensure compliance. For example, SAP Document Access enables the elimination of the majority paper shuffle, phone calls and emails by providing immediate access to all unstructured documents and procedures required to properly record sales. Combining SAP Invoice Management with Document Access ensures accurate and timely handling of liabilities by also providing immediate access to policies and procedures as well as supporting documents and by automated problem detection and resolution through business rules and workflow.
Enabling Financial Personnel to quickly and accurate close the books and prepare compliant financial statements without all the frustration of manual paper driven processing goes a long way to move from Happy Last Year to Happy New Year!