The Benefits of CRM for Accounting Departments

Posted by CuriousRubik on 01 Sep, 2015

Automated accounting solutions can be extremely beneficial for a company. Add to that the efficiency of a CRM solution and half the battle is won. The problem here is that most businesses, although having two automated systems working independently fail to integrate the two for accurate results.

An integrated solution facilitates effective communication between departments including sales, marketing, and accounting. The productivity levels of these departments can also be effectively managed. 

Outstanding Receivables

With the implementation of integrated automated accounting software with CRM, businesses will be able to reduce the outstanding accounts receivable through real time updates. Since accounts will only be entered once in the cloud there will be an elimination of redundant entries. The entry of incorrect data, damage control may often lead to delays in customer payments until the matter has been resolved.

Automated integrated systems can be programmed to send prompts and alerts to both parties before an invoice is to be paid. Since the collection process is moving smoothly, payments aren’t delayed resulting in up to date accounts receivable. 

Customer Credit Approval

The credit approval process when done manually may take up to three days to accomplish. An automated system can be programmed to approve credit based on the click of a button and through automated application. An integrated calendar will be able to keep track of notable dates and remind the owing party of the deadline. The approval will be saved on a centralized server which can be accessed by relevant parties when needed.

Optimize the Communication Process

Sales, marketing, and accounting departments are constantly required to relay information to each other and an automated accounting and CRM solution will help eliminate the time spent on the phone.

Since data will be updated on the cloud, relevant parties will have constant access to it, without the need of manually calling up members from sales or marketing. This means the staff will now have time to focus on more important tasks.

Data Entry and Troubleshooting

Since data is not relayed second hand for entry into financial reports, the chances of errors occurring are reduced greatly. Once sales representatives are given the option of inputting information at the source as soon as a transaction occurs, repetition in the data entry process is eliminated. 

In case any discrepancies have occurred, they can be immediately resolved by viewing a report of previous transaction that have taken place with the customer of getting in touch through contact information available in the forms. 

Improved Management of Vendor Details

The automated CRM systems can also be applicable to purchasing departments which can then keep track of each step within the process and establish tasks for completion within the calendar. All data can be stored on a server accessible by defined parties instead of hard to track folders. This ensures that all requests are handled in a prompt manner and that there is no miscommunication between departments.


Topics: CRM, ERP, NetSuite

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