Making Ongoing Risk Management an Operational Standard
Implementing Ongoing Risk Management as a Standard Practice In 2021, organizations that didn’t have zero trust incurred an average breach cost of USD 1.76 million more than those organizations with a mature zero-trust approach.1 It’s no wonder that 69% of organizations believe that there will be a rise in cyber spending in 2022 compared to 55% in 2021, and more than 25% expect double-digit growth in cyber budgets in 2022.2 With cyberattacks surging due to widespread remote work and increased online interactions during the pandemic, it seems likely that this trend will only continue to grow further. About 85% of…
Read More »Do You Know Your Digital Risk
Are You Aware of the Digital Risks to Your Business? Rapid technological advancement and rising global connectivity are reshaping the way the world is functioning. From higher productivity to improved customer satisfaction, technology has played a critical role in the growth of businesses across the world. However, the consequential bad news is that technological advancements have also made organizations increasingly vulnerable to digital risks. However, this does not mean that businesses must compromise on growth and advancement for the sake of security. Organizations that understand how to detect threats and include preventative security measures and controls, as well as proactive…
Read More »Procure to Pay Process
Contract requisitions and purchase orders are necessary for competent management and control of obtaining products both internally and externally for your business to perform successfully. A purchase requisition is an internal document presented to the purchasing division. It describes the supplies to purchase from an outside merchant. Information Contract Requisitions Need: Purchase requisitions differ from each business but most commonly demand certain necessary data: Department requesting Classification and quantity of items requested Proposed cost of items purchased Vendors name Approver or the one who Denies a Contract Requisition Order: Ir will be the purchasing department who will approve or deny…
Read More »Order to Cash
Old-fashioned OTC processes have issues that cost big bucks. They often lack detailed inventory information, delay invoices, or don’t integrate with other important systems. These small inefficiencies prevent you from growing your business. Reduce the time spent on redundant or incorrect information. Improve your client satisfaction and increase your cash flow with our OTC specialists. One client saw their average order processing time go from 43 minutes to a mere 11 seconds after consulting with our OTC experts. What is Sales Order Processing? Sales order processing is a series of actions that a business uses to fulfill a customer purchase….
Read More »Sales Order Processing
Sales Order Processing A sales order application system comprises the procedures involved in accepting and shipping customer orders and preparing invoices that describe products, services, and assessments. The sales order is the interface between the various functions necessary to process a customer order. These functions are sales order, credit, finished goods, shipping, billing, accounts receivable, and General ledger. Sales Order The sales order function initiates the processing of customer orders with the preparation of a sales order. The sales order contains descriptions of products ordered, their prices, and descriptive data concerning the customer, such as name, shipping address, and, if…
Read More »Inventory Management: 10 Fields that can Build or Break Your Business
Inventory Management: 10 Fields that can Build or Break Your Business Inventory generally signifies a large portion of your assets, if not the biggest. If your business handles any inventory, then your Inventory Management system’s abilities can efficiently make or break your business. In a retail environment, a company must purchase, store, and then sell items to customers. You may never lay hands on the products due to handling or drop shipping in a distribution company. Your inventory may only be made up of the items you purchase as raw materials in a manufacturing environment. Minimizing investment in inventory while…
Read More »Biggest Hacks in 2020
Worldwide losses from cybercrime skyrocketed to nearly $1 trillion in 2020. That’s more than the net worth of most countries.Run a quick search and you’ll be surprised at how many hacks occur every week. Modern security is the best it has ever been. Unfortunately, hackers are motivated to be one step ahead of all of us. Breaches resulting in credit card information hacked by the millions are quite common. Even the pandemic hasn’t slowed them down. According to zdnet.com, the switch to businesses using remote employees has changed the hacking landscape. In 2020, up to 20% of all cybersecurity attacks…
Read More »Are You Protecting the Right Data with the Right Backup Solution?
Backup Disaster Recovery is something all businesses need to have in case of disaster. Whether it’s a natural disaster such as a tornado, a hardware failure, or even an attack from a hacker, you need to be protected. Any one of these could permanently disable your business if you aren’t prepared with a proper backup solution plan. For those of you still backing up data manually on tapes, or not at all, we hope you have read our previous blogs and are ready to add a BDR to your safety net. You’re finally ready to purchase a BDR. You’ve done…
Read More »The Order of Things: Day End Processing
As we continue to explore the Inventory Control module in Sage 300 ERP, this week’s blog is going to outline the order that Day End Processing takes once you run it. The main purpose of Day End Processing (DEP) is to move a lot of processing away from dataentry. You would use DEP to update your Inventory Control data, the transaction and audit data for Order Entry and Purchase Orders. When you post Inventory Control transactions, the program always updates the affected item quantities in your system, so you always know what you have in stock. Also, there is a…
Read More »You may be new to returns but not your business.
If you’re new to using Managed Returns, here is some support to help you understand theManaged Returns primary features and functionality. Introduction to Avatax: Get an overview of each tab in AvaTax and your account’s basic setup.Set_up_AvaTax_Update Schedule Returns: Set up the tax return forms’ filing frequency for each state your company files. Your scheduled returns give us the data needed to file on your behalf and show each scheduled filing detail.Schedule_returns Manage your return schedule: The summary of your monthly tax activity and liability by state gives up-to-date financial data for analysis and reconciliation with your business application.Edit_your_scheduled_returns Manage…
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