Use your ERP to gain greater control, while enhancing the reputation of your business by ensuring accountability and compliance.
It is vitally important for an organisation to have accurate information to make both day-to-day and long term decisions. Having up-to-date and complete data at your fingertips not only avoids costly mistakes, but also means you are in a position to immediately take advantage of opportunities as they arise.
We know that having accurate information makes good business sense, but it’s also important to enable your business to demonstrate that it’s fully accountable and transparent when it comes to its processes and financial dealings. This is essential not just for business owners, but also for customers and regulatory bodies.
This may have been time-consuming in the past, requiring numerous specialist personnel to keep all this information compliant. However these days with a modern ERP system like SAP Business One, you can gather the required data automatically and produce any requested information in an instant. It also helps avoid costly and reputation-damaging manual errors.
What is meant by accountability and transparency in business?
A business is transparent when it operates in a way that people can see that it is open and honest. It is able to demonstrate to people both within the organisation, such as directors and shareholders, and to those outside it, including potential customers and regulators, that it is accountable in all its dealings and its performance.
The business can provide accurate information showing a true picture of its compliance that it can confidently stand over.
Why is it important for a business to be accountable and transparent?
Reliable and up-to-date information is essential to monitor, evaluate and report on the progress of a business and to drive it forward. This is not where it ends however, as perception and compliance is also important.
When potential customers are assessing suppliers, they will want to see that your company is one they can do business with – and the bigger the customer, the more due diligence they will carry out. It is also a requirement if you are looking to achieve industry accreditations.
When it comes to audits, demonstrating that you have accurate information quickly to hand gives a favourable impression without an auditor having to start delving into the business.
How can an ERP system like SAP Business One help with accountability and transparency?
An ERP system integrates all the functions of a business, including financial, into a single centralised system. All data streams seamlessly throughout the organisation and provides real-time access to information.
SAP Business One has an array of built-in features that can significantly enhance your company’s ability to manage your accountability and compliance. It can take the strain of keeping everything in check, and produce data and reports to show that all is as it should be.
This gives you the comfort that your business is operating effectively with controls in place and can highlight any potential issues before they become serious.
Some of the ways SAP Business One can help accountability in your business:
- Improved Accuracy: Automated processes means manual errors are minimised and data is automatically checked, resulting in improved accuracy and reducing the risk of errors and misreporting.
- Greater Controls: Access controls and checks & balances can be put in place ensuring personnel cannot erroneously carry out actions that may impact the operational security and reputation of the company.
- Advanced Traceability: Exceptional quality control & traceability functionality means you can track every part of your operational process whether you’re involved in the manufacturing & distribution industry or professional services. Reports to show traceability can be produced in an instant.
- Enhanced Compliance: With features that allow you implement strong localisation compliance, you can ensure that data is recorded in accordance with local and international accounting and industry-specific standards and regulations.
- Information at your fingertips: The ability to store vast amounts of data with the power to process this data into meaningful information means you have a dashboard view that you can drill down into, producing reports on request.
How can Teamsoft help with controls & compliance in my business?
When companies establish rules and regulations to follow, they need expertise to help them implement these policies in their organisation. This is where Teamsoft has proved invaluable to businesses for almost 30 years.
We have the knowledge and the experience to optimise your ERP to implement processes to ensure optimal operational management, traceability and compliance. As a SAP Gold Partner with SAP Recognised Expertise, our certified consultants can help you maximise what the SAP Business One ERP system can do for you.
When your business wants to show it operates to the highest standards, you need an ERP with SAP’s world-class reputation, from a partner with a proven record of excellence. This is the difference that Teamsoft can bring to your business.
Contact us today to find out how we can help you enhance your business.