There are many financial department problems which may be easily resolved using Xagent Alerts. Proactive alerting provides an easy/automated solution for a scheduled payments, credit control data analysis and timely reaction. Accounting systems usually provide many reporting tools to see open item lists but it takes time to generate them, analyse and communicate with other departments or personnel who might be actually responsible for these incoming or outgoing payments. With a set of easily manageable alerts depending on organization structure and business workflow, Xagent Alerts does this job right in time avoiding communication and human factor errors. Xagent Alerts brings visibility to accounting-related data which may be managed by another department and may impact financial data. Xagent Alerts helps in organizing of regular financial reporting, mining and integrating data from different business systems, providing automated tools to generate reports on schedule, checking and approving results through a workflow procedure and delivering reports to their recipients avoiding delays, errors and communication issues. Financial data exchange can be improved by providing robust tools to verify upload / download results, restart a process or inform responsible staff if needed.
Implementation of Xagent Alerts in your financial and controlling department may bring concrete financial results which include but are not limited to the following:
- Prevent fraud by revealing suspicious accounting postings
- Enforce process compliance for Sarbanes-Oxley Act requirements
- Loss prevention as a result of postings with invalid accounting data (i.e. incorrect pricing)
- Prevent losses by monitoring critical master data that affects accounting postings which in turn cause delays to your cash flow
- Prevent losses and/or fraud by improving payment approval procedures and workflows, with complete audit trails
- Prevent losses by ensuring timely payments to creditors, avoiding overdue payment fees
- Increase cash flow and reduce risks through improved accounts receivable monitoring
- Prevent losses resulting from incorrect accounting data management and reporting
- Improve time management and decision making by providing better visibility to real-time information
Improve Visibility through Reporting and Proactive Alerting
- Customer / Vendor accounts created / blocked
- Accounts receivable: open items, delayed payments, outstanding credit control data
- Accounts payable: open items, planning payments, due payments
- Customer / Vendor data inconsistency (doubled accounts etc.)
- Suspicious G/L postings – too small or too large amounts
- Suspicious Controlling data – abnormal costs / profit center data
- P&L or turnover data reached certain amounts
- Critical material / services price changes
- Cash Journal / Petty Cash: delayed reports, inconsistencies
Positive Communication
- Automated delivery of scheduled financial information to the correct parties
- Automate regular routine tasks, including reports and statements
- Automate accounts receivable / payable reconciliation
- Controlling Dashboards: cost centers and profit centers reporting
- Customers / Vendors automatic internal/external notification: company accounting data changes, etc.
Integration
- Internal accounting-related data collection from company non-accounting systems
- External communication systems: bank-client, tax registration and reporting system
- Financial data integrity verification with non-financial systems
Mobile and Workflow
- Financial workflow approval procedure: payment confirmations, reconciliation procedures
- Critical accounting events redirection to mobile devices as a part of escalation procedure