The fast-moving consumer goods (FMCG) sector represents one of the largest industries worldwide. Products that are classified under the FMCG banner include food and beverage, toiletries and other packaged goods. The FMCG sector is an extremely competitive one, where small advantages can make a huge difference in both the long and short-term. Organizations in this industry typically operate with large volumes, low margins, and high stock turnover.
Gaining a competitive advantage over your rival in this industry can be the key to staying profitable, or even just surviving. Investing in the automation of your Accounts Receivable, Accounts Payable, and Bank Reconciliation processes can make the key difference. Along with these three core products Cashbook also have very useful tools for Deductions automation and Customer Portal automation.
If you sell your goods to the likes of Amazon, Walmart, Home Depot, Best Buy and other large retailers, then you need to be ready for payment of thousands of invoices, and unfortunately hundreds of deduction claims. Large retailers will use their power to claim every possible deduction available. These can include deduction claims for shortages, breakages, late delivery, and promotional expenses. When a company receives these deduction claims, they may not have the resources or time required to process them correctly. Some companies have inefficient business information systems and an over-reliance on paper. These deductions are usually for small amounts, but at the end of the year they can add up to tens of thousands off your bottom line. Cashbook’s Deduction automation tool provides extra capability to our Cash Application software. Our Deduction automation tool reads each deduction code supplied by these retailers. This facilitates rapid deductions processing, and it can also flag specific deductions for further investigation by the designated person.
With customer portals, previously the large retailers would send through the remittance files in a PDF, EDI, Excel or e-mail format. Today they make the remittance files available to customers by way of a web portal, and they expect customers to log-in and retrieve the files from it. This can be a very time-consuming job for your finance department especially if your main retailers have migrated to this method. Usernames and passwords are required for each individual customer portal, you then have to locate the remittance files and download them. With Cashbook’s Customer Portal automation tool, this work is now streamlined for our clients. The tool remembers and stores all usernames/passwords for each individual portal, it will then source and download the remittance files to Cashbook as soon as they are made available.
The new developments in Cash Application automation have seen Robotic Process Automation (RPA), Machine Learning (ML) and Artificial Intelligence (AI) push the boundaries of what can be achieved today. Cashbook use RPA, ML and AI in our software to automate and process key Cash Application procedures for our customers. It allows for labour-intensive, repetitive and complex procedures to be automated to exceptionally high levels. These advances help maintain stronger cashflows and allow prediction of when your customers are going to pay.
A large percentage of Cashbook customers are in the FMCG industry. We have essential experience with all of the financial challenges faced by organizations in this industry. If you are experiencing any of these challenges, get in touch with us and we can show you how to solve them through automation. Cashbook has been integrated with multiple ERP systems and banks, it also has multi-lingual and multi-currency capability. It is our vast experience and cutting edge technology that sets us apart from the competition. Get in touch with us today, and request a free product demo or discovery call to see how we can transform your FMCG financial process.