Every business activity results in the sharing of accounting information. The only way that accountants have to share information today, is to email PDFs back and forth to each other, and open them, read them, and manually enter them into whatever their financial system (ERP) is. There is a better way.
While most accounting teams have some level of automation (usually a central AP or AR email account), the extensive use of email and spreadsheets to manage accounting workflows is an indicator of just how big the need for transformation truly is. For these teams to collaborate today, they need spreadsheets to track status, additional channels (Teams, Slack, Phone, etc.) to communicate. And then, they still must move the details into an ERP or accounting tool to close out the invoice. Nothing is connected and one misstep, incorrect keystroke, or forgotten attachment can send you into a tailspin.
Every business relies on the sharing of accounting information. My AR balance needs to match your AP balance. Your payments should match the corresponding invoices. This data needs to be in both of our computer systems. But the only way that accountants can share information is to email PDFs back and forth to each other, and then open them, read them, and manually enter them into their disconnected systems. This is the unfortunate reality for accounting teams today. However, the future is bright.
There is a growing recognition that relying on team effort and disconnected tools to keep cash flowing is unsustainable. Accounting teams need to face digital transformation head-on to manage cash flow more effectively and efficiently in the face of ongoing volatility over the long term. To do this, accounting teams needs new tools to create connected access to invoices and payment platforms.
Lockstep® transforms how accounting teams work together, creating connected access to invoices and payment platforms, creating a more efficient, connected process. That’s connected accounting. Today, more than 20,000 organizations leverage Lockstep connected accounting tools.
Lockstep Connected Accounting
Read More about Lockstep’s Vision for Connected Accounting.