In a post-pandemic world, logistics companies need to ensure they are giving their best performance by leveraging state-of-the-art IT solutions that allow them to automate and optimise every step of their operations. This also applies to the accounting function.
The accounting function's responsibilities in a logistics company today involve much more than handling daily quotes, billing or invoicing. Equipped with the right tool, the accounting team can empower other functions to make better, more informed decisions with their impactful insights
Read more: 8 tech breakthroughs that may redefine your supply chain
The logistics and trucking industry has always been battling fluctuating oil prices and lowering shipping rates. In the age of disruptions, logistics companies have to compete against not only organisations operating in the same industry but also those from other industries and sectors.
Moreover, the hyper-personalisation, mass customisation and 247x7x365 availability of e-commerce platforms have fuelled customer expectation for anytime, anywhere purchase, 2-3 days delivery, or even same-day shipping.
Though not being among the early adopters, logistics businesses are beginning to digitise various fundamental functions and internal processes to deliver goods from point A to point B efficiently, cost-effectively, and in the best possible condition.
Digital transformation is no longer a nice-to-have; it is the mantra of today's businesses. Logistics companies have to optimise their internal teams' efficiency and utilise quality data and tools to alleviate disruptions.
Read more: Cloud Business Intelligence in e-commerce – A build.com case study
Among all critical functions, accounting can definitely benefit from modern tools to produce accurate and insightful financial statements that both management and stakeholders can exploit to make informed decisions.
An effective accounting solution for logistics companies needs to enable users to automate various manual tasks, share information and collaborate beyond the business' four walls, and integrate well with disparate business systems to eliminate silos.
Today's businesses are swimming in an overwhelmingly large amount of data. However, ageing software doesn't have the capabilities to process them all. Therefore, a suitable accounting solution needs to have the following essential features.
Read more: Factors to consider when choosing accounting software
A centralised order and billing management capability will help to lessen many headaches. The module can help accounting staff to automatically generate invoices right after an order is placed, allow users to select payment terms and methods for each order, review payment statuses, create alerts/ reminders, and many more.
Manually tracking stock using spreadsheets will not enable firms to see the flow of inventory in real-time. Not to mention, it will often result in errors and mismatched data. As the business grows, the system needs to grow with them.
A robust inventory management feature helps businesses to avoid the embarrassing "out-of-stock" moments or overstocking resources. The module also allows users to understand when to sell stock and at the price that can maximise their bottom line.
Every business in every industry wants to possess quality insights so they can make the most informed decisions and maximise the resources they currently have on hand. With support from modern technology, demand and trend predictions are no longer a luxury in this day and age.
Read more: What does the future hold for financial forecasting?
A variety of accounting solutions today, such as Infor SunSystems, have built-in predictive analytics capability that mines and analyses current data to highlight trends and make suggestions. As a result, managers become more proactive and confidently make decisions based on concrete proof instead of hunches and assumptions.
To ensure data can flow smoothly through various departments and multiple software, the accounting solution needs to integrate seamlessly with disparate applications the business is using, such as the current e-commerce platform, warehouse management system, or 3PL system.
Flawless integrations also enable employees to be more productive as they no longer have to input the same data multiple times for different systems. They can also gain maximum visibility of every step and movement of the shipments.
Despite advances in technology, many logistics companies still rely on outdated on-premises platforms. The entire supply chain is becoming increasingly complex, which raises the need for more comprehensive and scalable solutions.
However, the needed and updated functionalities are costly, difficult to manage in house, and can take years to research, evaluate different vendors, and implement.
This gap can be bridged with cloud-based solutions, which then allow logistics companies to reduce operational overhead and capital expenses.
Read more: 7 worst financial fiascos caused by Excel errors
Cloud-based solutions today, particularly cloud accounting software, have built-in features that can boost the decision-making process, such as business intelligence and AI.
Cloud accounting software can be implemented quickly within weeks, instead of years compared to traditional, on-premise solutions. The solution allows the business to increase efficiencies in not only the accounting function but also across the entire value chain by providing mobility, visibility, usability, and agility.
At TRG, we offer Infor SunSystems, a comprehensive financial management solution built with security and usability in mind. The solution is deployable on-premise or in the cloud and is packed full of capabilities aimed at increasing your productivity.
With SunSystems, you can communicate and update tasks with ease via its built-in social collaboration platform, Infor Ming.le, automate workflow with Coleman AI, and integrate with Infor solutions or third-party applications through Infor OS (Infor's very own operating system).
To learn how Infor SunSystems can empower you and your employees with its unprecedented capabilities, simply click the request a demo button below to talk to our experts today!