As discussed in the previous blog, “Global Retailer Transforms Processes with Financial Software Implementation – Part I“, we – along with our customer, a major global retailer – were recognized in the “100 Great Supply Chain Projects” for innovative implementation of our financial software that transformed a company’s supply and demand chain.
We discussed how the robust capabilities and flexibility of the accounting system enabled the furniture and accessory retailer to streamline and standardize accounting processes across all countries, stores and finance departments.
In addition, the company implemented the following best practices:
- Create one common finance system worldwide that could be accessed anywhere.
- Make sure you have real-time financial information so everyone is working off one single version of the truth
- Establish a common Chart of Accounts so the same type of information could be compared in all countries and every store has on-demand access to actual, up-to-date performance data.
- Make sure the accounting system offers multi-everything support for languages, currencies, taxes, regulations, etc.
- Ensure you have easy, seamless integration for sharing data with other systems in your company, such as: merchandizing, inter-company invoicing, B2B sales, freight invoicing, travel expenses and payroll.
- Select a system that is flexible and robust enough to grow with your business needs.
The combination of the right software and best practices supported the global retailer’s rapid expansion and business goals. What best practices have you implemented in your organization? We’d love to hear from you. Please write a comment and let us know.
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