How to streamline your accounting operations in 5 steps

From supply and demand volatility to port closures and flight cancellations, COVID-19 has had far-reaching effects and has demonstrated just how deeply interconnected and interdependent the world’s supply chains are.

As some parts of the world begin to move forward into the next phase of recovery, many logistics companies are looking to technology to help them optimise their processes and survive and thrive in this new normal.

Amid this ongoing disruption, it’s more important than ever to know exactly where you stand with your finances at any given time. But this can quickly get complex, expensive and time consuming if you’re using an accounting system that’s not part of your operational software.

Handling export, import, local transport, shipping agency or warehousing shipments while operating with an external accounting system can increase the potential for problems - such as double data entry, costly re-integration and poor inter-department communication.

Our secure and reliable cloud-based logistics execution platform, CargoWise, also provides deeply integrated, enterprise-grade and accrual-based accounting capability within the platform, allowing you to handle both operational and non-operational accounting.

Its powerful and flexible accounting tools work with multiple currencies and compliance functions, all supported through accounts receivable, accounts payable, cash books, job costing and the general ledger.

Want to streamline your operational and accounting requirements today? Here's 5 ways CargoWise can help:

1. Simplify invoice payment processes

In CargoWise, your customers and suppliers have their own individual accounting configuration for both receivables and payables, which is applied to the specific organisation throughout the system. You can also set-up client invoicing preferences – and manage their credit – directly within this organisation record.

What’s more, our intelligent tax determination engine means invoices are issued with the correct tax treatment – including the rate and subclass of tax – for the countries you’re working in.

2. Speed up agent invoicing

If you work with overseas agents, it can be time-consuming and complicated determining who owes what amount and to which parties.

Using CargoWise you can run Net A/R and A/P transaction reports to match A/R and A/P directly, and automatically contra these transactions together – making these settlements much quicker and easier.

3. Reduce your risk of fraudulent transactions

Use the transaction approval process in the accounts-payable area to accommodate sister-company invoicing and record information on invoices, before authorised users approve them.

Payment proposals can also be edited before they’re posted, with each payment authorised or rejected by internal team members with the appropriate security rights.

4. Work smarter and faster

Capturing and monitoring accurate financial data is crucial and CargoWise can provide customisable reporting facilities, such as profitability analysis by trade lane or mode, along with analysis for a specific customer or carrier.

You can easily save these configurations as templates for future use and schedule reports to run automatically, keeping you informed and improving efficiencies.

5. Protect yourself and your business

Security restrictions based on job roles and responsibilities can prevent your internal operators from accessing and altering areas of the system, minimising the risk of errors.

The full system registry also makes the accounting system highly configurable so you can easily define what works best for your business. A great example of this is CargoWise's revenue recognition behaviours, which enable you to align your revenue and cost P&L recognition with the delivery of services, while also allowing you to recognise your debtors and creditors balance, as and when transactions are posted.