Six Innovative Practices for Implementing Finance Software

MarineLink.com
Thursday, September 12, 2013

To help transportation and logistics companies navigate a competitive and continually changing business environment, UNIT4 Business Software, the North American subsidiary of UNIT4, today shared its UNIT4 checklist on innovative practices for implementing finance accounting software to help transportation and shipping firms grow and increase their profitability.

According to Shelley Zapp, CEO of UNIT4 Business Software, "Trucking and shipping companies need real-time financial information and the ability to identify profitability, issues and cost-saving opportunities to be successful in an industry that is continually faced with rapid changes and tight margins."

Based on decades of industry experience with leading enterprises, UNIT4 Business Software has identified the following six innovative practices for trucking and shipping firms to implement finance accounting software.

Use a single-ledger approach to gain one version of the truth. To keep up with the fast pace of business, transportation and shipping firms need real-time visibility into a single set of accurate financial data. By combining general ledger, accounts payable and accounts receivable in one balanced ledger, companies can gain this visibility and benefit from efficiencies and faster closes.

Embrace global functionality. To effectively conduct business across borders, select a financial system with multi-language and multi-currency capabilities. The system should be able to handle different taxes and regulations and allow you to easily view profitability and other measures across your business, regardless of currency.

Enable seamless integration between your systems. Make sure your finance system can pull the data you need and easily integrate with operational systems and your ERP, so you can easily assess information on route profitability, intermodal strategies and other business issues.

Make each report work for the organization. Provide targeted reports that accommodate the varying needs of different departments to improve decision making. Finance accounting software should allow your users to drill down into a granular level of data in multiple ways -- such as viewing profitability by route, mode of transportation and more -- to identify root causes, challenges and opportunities.

Consider financial netting. Financial netting -- or merging receivables and payables due between companies in one bill -- is an innovative practice that saves considerable time, effort and the expense of bank fees and currency conversion costs. It's an ideal solution for trucking and shipping firms buying and selling freight, trade routes and cargo.

Prepare for change. Change is constant and inevitable, and you need an agile financial management system that can quickly adapt to any changes in your business or industry. Look for a system that offers built-in flexibility to grow and evolve with your changing needs.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Canada Seek to contain Oil Spill

Authorities are building a new containment boom to fight an oil spill in a major western Canadian river, officials said on Saturday, after the spill breached a

Ecuador Pays $112 mln Award to Chevron

Ecuador has paid $112 million to energy company Chevron Corp over a four-decade-old contract dispute, even though it remains in disagreement, the head of the central bank has said.

NASSCO Bags USS Oak Hill Modification Award

General Dynamics NASSCO-Norfolk was awarded a $42 million cost-plus-award-fee modification to a previously awarded contract for the repair and alteration for the USS Oak Hill (LSD-51).

News

Canada Seek to contain Oil Spill

Authorities are building a new containment boom to fight an oil spill in a major western Canadian river, officials said on Saturday, after the spill breached a

Ecuador Pays $112 mln Award to Chevron

Ecuador has paid $112 million to energy company Chevron Corp over a four-decade-old contract dispute, even though it remains in disagreement, the head of the central bank has said.

ASEAN in Discord Ahead of Meeting with top China, U.S. Diplomats

Southeast Asian nations were thrown into disarray after Cambodia on Saturday blocked them from issuing a statement referring to an international court ruling against

Software Solutions

US Navy Tests Latest Aegis Weapon System

The U.S. Navy conducted a series of cooperative air defense test exercises with the Spanish navy that culminated in live missile firing events using the latest Aegis Weapon System baseline July 20-21.

NAPA Chooses AutoCAD OEM Platform

NAPA and Tech Soft 3D have announced that NAPA Drafting software has been developed using the AutoCAD OEM platform from Autodesk. This allows NAPA Drafting to deliver

NYK Selects INTTRA eVGM Service

INTTRA, the world's ocean shipping electronic marketplace, and NYK Line, informed that NYK has joined the rapidly growing INTTRA eVGM network for facilitating compliance

Intermodal

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

Trieste Terminal Selects N4 TOS

Navis has announced a new N4 terminal operating system (TOS) licensing agreement with Italian terminal, Trieste Marine Terminal (TMT). TMT selected the Navis TOS

Logistics

Global Fleet Growth: A More Mature Trend?

The supply of ships into the fleet is a key determinant of vessel earnings across the shipping sectors, and world fleet growth is closely followed by everyone in the maritime industry,

Cosco: No to Shark Fin

China's biggest shipping and logistics company Cosco has pledged a total ban on transporting shark's fins,  says SCMP. It called the move a "body blow" to the international shark's fin trade.

Seaborne Transportation - Economy Without Borders

With seaborne transportation accounting for the vast majority of the world’s international trade, the importance of the shipping industry to the mechanics of the

 
 
Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1041 sec (10 req/sec)