Enterprise Information Management and How it Helps Accounting
  • 25
    Oct

Enterprise Information Management and How it Helps Accounting

A company run by a finely tuned enterprise information management system will reap the benefits across all departments. One crucial department that experiences a massive shift in how it operates is the accounting department. The meticulous number crunching and careful bookkeeping can be transformed into a streamlined system. Let’s look at some ways accounting can expect to benefit.

Payroll

Payroll is perhaps the most critical function performed for your company. Unfortunately, it gets no forgiveness when experiencing a kink in the chain. And previous payroll systems involving paper checks and sometimes the postal service left employees to feel like getting paid was a game of chance. Enterprise information management systems allow for a more automated system of paying your workers. Not only is it a digitized system that involves directly depositing money into their accounts, but it’s also inclusive. Employees can log in to their portals and see their checks. They can make changes to deductions and benefit plans and then double checking that their deductions are correct. Additionally, some payroll systems come with apps and directly link into the other employee plans. Employees can communicate inaccuracies quickly and experience quick resolutions.

Payables and Receivables

Paying bills and receiving payments has always been a complicated process in the accounting department that required often splitting them up into different sub-departments. While the intricacies of reconciling accounts remain on the complicated side, enterprise information management dramatically streamlines the process. Digital integration helps track customers from purchase to payment. Moreover, it’s easy to document collection calls. Customer accounts can be automated and include easily accessible details across departments.  

Files and Audits

All companies are subject to audits. The trick is to file the necessary paperwork in a location and system easily accessible to the auditors. You’ve seen the setup; the auditors spread out in the conference room for a week with stacks of files searching for data. Enterprise information management now automates those processes for secure paperless filing and quick retrieval. The department benefits from fast filing and retrieving year round, but it benefits when the auditors come calling. Digitizing and storing documents cuts down on misfiling or accidental disposal of valuable paper.

Space

Most importantly, digitizing documents frees up space. Drastically reduce the extra rooms, cabinets, and security measures when you digitize your records. Scanning your current data is the first step in the long chain of changes to make for enterprise information management. Once your data is online, there is no limit to how that data can be used, manipulated and configured to optimize your work time and money. With the document retention guidelines, some are forced to pay expensive off-site companies to store their files. As a result, it makes retrieving them even more delayed.

Enterprise information management benefits entire companies and their customers. Across departments, housing information online improves working together. Accounting departments are no exception in their need for digitizing documents and creating online workflows. Once you make these changes, accounting improves virtually every part of their department. From paying employees to tracking invoices and payments, accounting personnel can focus more on the job and less on the paper. Avoid double work because integrated systems make it possible to see a customer’s full profile.