Far too many companies still process foreign currency payments manually. It is a time consuming and expensive form of data entry. Worse, this unnecessary intervention can be avoided through the implementation of smart technology.

Manual processing relies on individuals using their own brains and brawn to deal with banking currency payments. Such a reliance on human hands can lead to needless errors in data entry that create accounting problems further down the line.

Spotting such errors, however, can also be complicated. Human processes are not automatically tracked and, without the right types of technical reporting standards, errors can be replicated and can go unreported. The result can be an expensive manual mess.

To eliminate the unnecessary time and cost concerns related to manual processing, organisations should look to integrate payments technology into their financial management systems. Integrating the right type of technology provides a fast, efficient and cost-effective way to make and receive payments.

The main benefit is to break the reliance on brains and brawn. Automated currency processing reduces the need for manual data entry and increases the ability for organisations to automate their payment methods.

The right form of integration will enable straight through processing of payment files. Such processing provides improved control and visibility, allowing key executives to carefully monitor the entire payments process.

Automated systems create a means for multiple payments to be uploaded and sent at the same time. And once payments are complete, accurate files are updated and instantly available for finance staff.

Smooth integration, such as that provided by Advanced Business Solutions’ recently announced partnership with Travelex Global Business Payments, will make automation a painless end point. As Travelex are the only non-bank foreign currency provider they can therefore offer more competitive rates than the high street.

The result is faster processes, less errors and decreased costs.

See for yourself using their online payment health-check  http://www.travelexbusiness.com/uk/payment-health-check/ . Suddenly, good quality currency processing does not seem like such a foreign business objective.

Automate foreign currency payments: and save money? is a post from Advanced Business Solutions - Supplier of accounting software, business intelligence and document managment

Here we share some of our favourite industry blogs, and explain why.

• Taking Stock

Taking Stock is a well-read blog from the people over at Accountancy Age. Expect plenty of “Gags and Gossip” from this popular site.

• CIMA

This blog from the Chartered Institute of Management Accountants and includes comment and analysis on key industry issues. Last month, CIMA also offered members the opportunity to blog on CIMAsphere,

• AccMan

Here, Dennis Howlett, industry veteran and prolific blogger, gives his views on the major issues of the day, providing comment on everything from SAP to Sage. The latest addition to the blog is AccMan TV, live streaming from the man himself – what more could we ask for?

• Telegraph.co.uk

Tracy Corrigan is a columnist and assistant editor of the Daily Telegraph, focussing mainly on business and finance. Her regularly-updated blog takes a thought-provoking stance on interesting stories hitting the headlines in the UK and across the world.

• AccountingWeb

The A-Team Blog is from the team behind AccountingWEB.co.uk, providing topical news and insights on a range of issues relevant to accountants and accounting professionals. Definitely worth a read!

A list of our favourite HR and payroll blogs will follow soon….

Top of the blogs…. is a post from Advanced Business Solutions - Supplier of accounting software, business intelligence and document managment

Decisions on financial management systems (FMS) can be the trickiest of all. First, there’s a great deal of choice – there are literally hundreds of potential supplies out there. Second, which options will best suit your business?

You need to recognise that financial clarity across all businesses is becoming a business necessity, especially in the post-recession age. The ‘more for less’ mantra that has pushed business operations during the two years of the downturn will become the new business norm.

Senior executives are looking, and will carry on searching, for technologies that can help measure, analyse and drive continuous improvements in the financial performance of operations. FMS can help executives – but only if you purchase the right technology.

Your search for a finance system should be guided by three key watchwords: functionality, integration and reputation. The functionality of your selected FMS will vary with the size of your business and the demands of your operation.

High levels of automation are now available, allowing employees to ‘self serve’ in relation to their own finance information. The right reporting and business intelligence tools will also allow you to analyse data and produce decision-making reports quickly without the pain of manual extraction.

Other time-saving functions are likely to be important such as electronic procurement, which allows the electronic procurement of goods, and workflow for the easy distribution of information. Care organisations may also require intelligent income management to more easily manage varied invoicing requirements.

Always think about the finance applications you require both now and into the future and ensure the supplier you identify has the breadth of functionality to meet your needs as well as the capabilities to deliver a single, integrated solution. Finance applications that aren’t integrated will result in a lack of both organisation-wide automation and financial visibility.

When sourcing a supplier, think carefully about your requirements and pick a reliable and reputable partner that understands UK regulations and business requirements and that has a strong track record of successful FMS implementations.

What to look for when you purchase a financial management system is a post from Advanced Business Solutions - Supplier of accounting software, business intelligence and document managment

Now, following a couple of years of economic recession, green computing has gone off the radar somewhat. New business realities mean projects that provide sustainable benefits have been pushed from must-have to nice-to-have.

Such a strategy is misguided. The risk to the environment from errant technology and power use has not diminished.

Estimates suggest that IT accounts for between two and five per cent of total global carbon emissions, more than the airline industry. Analyst Gartner, meanwhile, estimates that data centres account for 23 per cent of IT emissions, a significant and ever-increasing figure (see further reading, below).

But it is not just the need to deal with emissions that shows businesses must think green. With new regulations and continuing pressure from customers, successful companies will make sure their IT usage is monitored and sustainable.

UK businesses are being urged to prepare for a new raft of carbon emission regulations. The result is likely to be that firms will have to produce an end-of-year report – just like in the case of financial results – that shows carbon usage (see further reading).

Customers, meanwhile, expect their suppliers to behave in an acceptable manner. Just like social media has changed how firms interact with their clients, the potential for green business means big firms must ensure sustainability is always considered.

Across all areas of your operations – from financial management to workflow and on to document imaging – look for systems that will help you reduce paper consumption.

Also look for tools that will help you monitor and report carbon emissions. Because reporting on carbon use, which was once a nice-to-have, might soon be a business necessity.

Further reading

http://www.gartner.com/it/page.jsp?id=530912

http://www.greenwisebusiness.co.uk/news/mandatory-carbon-reporting-could-be-brought-in-before-2012-says-miliband-1074.aspx

Make IT sustainable and win new customers is a post from Advanced Business Solutions - Supplier of accounting software, business intelligence and document managment

• Strengthening the devolution settlement in Scotland.
• Increasing the financial accountability of the Scottish Parliament.
• Renewing the policy responsibility split between the UK and Scottish Parliament.
• Improving the relationship between the UK Government and Scottish Ministers

This may well see the Scottish parliament given further revenue raising powers and could see the subject of the Scottish variable rate of tax back on the agenda. For those employers with nationwide workforces this will be a big issue. It will also impact the software developers too as we will see tax codes prefixed with an ‘S’ to indicate that the individual is classed as a scottish taxpayer. Originally, this was proposed to be determined by days of residence in Scotland in a tax year.

I think it’s time to revisit my old discussions with HM Revenue & Customs on Scottish tax and also how the other recommendations of the Calman Commission, that this Bill is intending to implement, would impact on employers. Watch this space for an article that brings you up to speed

Scottish variable rate tax – back on the agenda? is a post from Advanced Business Solutions - Supplier of accounting software, business intelligence and document managment