For many businesses in the transport and logistics sector, growth is paramount. Whether you’re concerned with supply chain solutions, delivering what’s best for your customers, or other trends such as zero-emission transportation, chances are your business is no stranger to modernisation.
However, for many companies, their internal processes aren’t evolving in equal measure. In order to operate at the highest possible level, the situation behind-the-scenes needs to hold up – and this starts with your financial operations. Right now, we’re willing to bet that the following rings true for your banking operations…
➜ You Have an Underinvested Finance Function
In an industry changing so rapidly, many internal finance functions have been left in the dust when it comes to modernisation.
An automated workflow likely seems a pipe dream for those who have grown accustomed to spreadsheets, banking portal logins, and manual data retrieval.
Despite what you think, you don’t need a wave of new investment – simply a cloud-based solution that allows you to work smarter, rather than harder.
➜ Back-Office Pains are Common
The downside of underinvestment is that your finance function is often held together by sticky tape and plasters.
This is likely true of your back-office system, too. Sure, it might be tying your team’s workflow together well enough, but it allows for little more than that.
If you’re a larger firm with an international presence, your bases across the world are likely all using different systems too, preventing you from true unity and a transparent cash position.
And the key problem still remains: your back-office system doesn’t natively connect to your banks.
➜ Risk is Top of the Agenda
Conducting banking operations is inherently risky. Often, though, it isn’t that there’s a balaclava-clad cybercriminal eager to intercept your payments – it’s simply that human error and internal risk are commonplace.
When you’re bogged down by manual processes, all it takes is a misplaced decimal point or extra zero to send your company into temporary shortfall.
Processing international payroll and domestic Direct Debit collections are crucial for Stena Line’s global business model due to their offices spanning Europe.
However, when Stena Line’s bank chose to retire its international payments capabilities, Stena Line faced losing its global connections.
“I am very happy with AccessPay, the system is very easy to use, and it makes the admin side of payments much easier.”
An alternative solution was needed ASAP to reintegrate Stena Line’s global banks and back-office systems. Without a global collection, Stena Line’s day-to-day processes would be severely disrupted, resulting in a significant loss of revenue and reputation damage. Thankfully, they were able to set sail with AccessPay’s automated solution.Read More