Credit Notes

Introduction

Traditional credit note-raising processes are inefficient, time-consuming, and often require frequent interaction between finance and sales as well as end customers. Cloud-accounting solutions can help automate and streamline the end-to-end process by reducing manual credit note creation without the finance team losing oversight and control.

Typical Problems

Sales and finance teams tend to operate independent accounting and CRM systems, with separate processes and data controls. Often these very manual and time-consuming processes lead to inefficiencies and inaccuracies as ownership tends to bounce around the organisation.

If the organisation has multiple revenue streams across several countries, adding in complex multi-location team structures flowing into a central finance team; the data issues become exponential, with the effort and resources required to resolve and administer becoming equally substantial.

Labour-intense tasks such as process alterations, credit note layout adjustment, and updating bank details become frustrating and time-consuming as they require additional technical support and development.

Solutions

A true cloud-based solution will result in seamless integration between CRM and finance systems across multiple entities giving absolute traceability, automation, and control to finance teams, no matter where they are based.

With cloud accounting solutions, credit raising processes can be automated through quality gate controls, and workflows, while limit approvals can be easily set up to ensure automated escalation and adherence to internal structures before landing with finance to be raised.

Adjustments can be easily made to credit note templates and no longer require ‘IT’ support, while sales credits can also be generated, without fear of error and duplication.

Benefits/ROI

A fully integrated CRM and Finance system ensures traceability from the original sale, through to the issuing of the sales credit, with the minimum amount of manual intervention and inefficiency. The whole business can be connected on one platform providing a real-time view and singular source of the truth at all stages.

This also provides the business with the comfort that there is control over the crediting process ensuring the correct procedures are being followed and adhered to.

References

Example integrations include

• Salesforce CRM
• Conga – Automated document generation