Management of financial documents
The existence of financial documents such as contracts, additional documents, invoices and supporting documents are mandatory for the judicious management of a business. In addition, without these documents, the deductibility of the expenses and the VAT related to them can not be supported. Because these documents are generated by a large number of employees, managing them becomes a very tedious process that grows as the business develops.
A good management practice is to pay only those supplier invoices for which all the necessary documents were submitted to the accounting department. Such a practice manages both the fiscal risk and the risk of fraud within any organisation. In day-to-day practice, however, a trace of these documents can only be judiciously performed by someone with good financial literacy, who should spend much of their time managing these documents. Document Control allows easy and efficient management of this important business area.
The functionalities of the document management app are as follows:
Because the invoice information is included in the app by each user, the accountant can export from the app a list of all invoices received during a day and import them directly into the accounting system after validation, saving huge amounts of manual work.
Among the benefits of the app are automatic notifications for events related to the documents loaded in the app, such as alerting when a contract is approaching the expiration date.
Control of expenses
For a tight control over a business, it is recommended that all purchases be approved by a manager within the existing budget and by the function directors or even by the general manager for purchases that exceed the budgeted amounts. This procedure allows to achieve the profit targets assumed by the management of the company or desired by the owner.
The Document Control app allows for easy budget management by storing it on cost centres and expense categories and managing the spending approval process according to authority levels within the organisation and within the existing budget.
Because the app contains both the expenses budget and the actual expenses, the app can be used very easily by the company’s controlling department to compute and record accruals at the end of each month.
Integration with the other CRAFT Solutions products
By integrating Document Control with the Budgeting app, importing the budget can be fully automated, reducing the time required to manage the application and eliminating human errors.