Compared to other industries, retail businesses are used to tackling unprecedented consumer behaviour changes and dealing with a dynamic marketplace. Whether its automation during the manufacturing process or chatbots that help users find and buy products easily on your website, either case requires a business to be agile and nimble in their approach to rising to the challenge.
Boileau’s new process automation tool takes efficiency to a whole new level, saving you time and money.
Management of the process and overall visibility on upcoming commitments, individual amounts and totals of invoices due in future payment runs along with the approval status of invoices all contribute to effectively managing cash flow.
Purchase Controls – Pre purchase information controls
Without control of commitments, businesses cannot understand upcoming commitments until the invoice is received and they are required to pay! This reduces any company’s ability to create meaningful projections of upcoming spend, while also eliminating control over costs.
Scale – Reduced effort
Manual processes run on an invoice volume to staff numbers ratio, with increased volumes and business growth forcing extra staff to be required. This does not provide effective methods to scale and often shows lack of redundancy when staff are on leave or move on from the business.
With businesses utilising a POS to manage their stock and sales and a separate accounting package to manage the finances, key financial data is required to move between both systems. Without integrations in place the full picture required to be able to make better informed decisions lacking.
Repetitive low value tasks
Manual processes often require high volumes of low value tasks, such as routing documents or performing data entry. Studies show that repetitive low value tasks decrease employee engagement and reduce job satisfaction.
Lack of mobility
Paper based approvals requiring approvers to visit a central location or retrieve documents take them away from their core job roles. This not only significantly increases process costs but is often seen as a major source of frustration for management and supervisors.
Visibility during the Process
Often when a supplier enquires about invoice payment, the Accounts Payable team often must manually chase up invoice status and provide information back to supplier, this consumes not only the AP Team’s valuable time but also that of the approver.
Managing price variations
A key part of the Store Managers role is to manage incoming stock item volumes and pricing. With common industry practices of discounts and rebates in place, the time-consuming practice of matching invoices data to stock control pricing is critical to maintaining profitability. Coding is then essential prior to information being passed to accounting for finance system data entry.
Paper based and manual processes often involve signing hard copy documents or email threads being used for approval. This does not create clear audit trails of who approved a document and when, meaning large amounts of time is spent when being audited to find documents and the relevant approver information. Spot audits for regulatory requirements pose a large company risk profile.
Increase of both internal and external fraud
Without predetermined systems checks including ABN information, BSB and Account Numbers, business open themselves up to the possibility of fraudulent activity both by internally and external parties. The Association of Certified Fraud examiners found that businesses lost a total of $7 Billion in 2018.
With high staff costs generally focused on customer facing roles, the time-consuming requirement for large amounts of data entry is very costly as it is usually outsourced for convenience. This manual task though is very time critical as it provides information to help control stock and finances. Entry into the POS system is required to be done on site while repeat entry of this same data is usually then outsourced.
Typically end of month processes for finance team members are a mad rush to close everything off and match supplier invoices to statements. This involves manually checking through statements to find matching invoice numbers to then request missed invoices to be resent or chasing documents from approvers if required. The overall process is cumbersome, time consuming and often frustrating for finance team members.
Paper based processes create the ability for processes to be expedited, when processes are not followed. This is commonly due to the process being difficult and cumbersome. Ability to expedite processes means compliance cannot be enforced and business rules can be ignored.
The relationship between Boileau and our organisation began back in 2012, when we were undertaking a review and upgrade of our server hardware and related software...Boileau showed an understanding of our business and future growth as well as options that would meet our needs.
We really appreciate the expertise and business recommendations made across our business units in terms of telephony, copiers and IT Solutions that integrate to provide real benefits to member of our team across Adelaide metropolitan and hills network.
With no stress, no inconvenience and very little effort on our part, Boileau Business Solutions has saved us money, greatly improved our efficiency and significantly increased the quality of our printing. I couldn’t recommend Boileau Business Solutions any higher.
I always like to ensure that good work is recognised and as such I pass on my sincere thanks to you and the team for the seamless transition of our new copiers. It all simply went flawlessly. Even the delivery guys were organised and prompt! We appreciate all of the assistance you’ve provided.
Boileau have been very proactive in showing us areas where we can operate more efficiently. They took time to understand our business processes and have shown us how we could integrate our systems. It wasn’t just about cost savings, the management of our workflow is simpler because of the single point of contact with Boileau.