Finance and Accounting Design

Services Systems Finance TLDR

Most businesses should treat their financial records as the final ‘source of truth’ as opposed to sales-based systems like a CRM. The customers who are financially transacting with you are the ones providing the most value—and ultimately, who you want more of.

It is essential to keep accurate financial records, something that is increasingly difficult for businesses managing large inventories or multiple locations. Keeping inventory levels up to date and synced across different sales platforms is crucial for maximising sales and ensuring good customer service.

Achieving this on popular platforms like Xero and MYOB may not be that straightforward, requiring custom middleware to interact with your accounting platform’s API to keep records live and accurate. By automating the constant flow of financial information between systems, manual human effort can be massively reduced.

Automating finance systems also provides the opportunity to cross-reference and match records across other business tools and platforms. This can help build a rich dataset of customer interactions all the way up to purchase—providing the resources required to leverage tools like machine learning for pattern recognition and business insights.

Talk to Wallace Corporation about streamlining your accounting and finance processes today.

Pros:

Improve accuracy, responsiveness, and maximise sales
Reduce errors and manual effort
Merge key financial data with other customer interactions to build new datasets
Completely flexible to customise for unique business needs
Low ongoing cost for payoff in medium-long term

Cons:

Requires an in-depth understanding of business operations and accounting
Significant initial upfront development cost and effort required from management
May require maintenance as business systems or accounting methods change

TLDR:

Getting finance systems right is one of the most important steps a business can take. Making sure these systems are accurate and fast without huge levels of oversight is hugely valuable - and made possible with customised automations and API integrations.