Dollars and Data
Financial Software Helps Carriers Make More Informed Decisions
This story appears in the November 14 print edition of iTECH, a supplement to Transport Topics.
Today’s financial reporting software is allowing carriers to go well beyond simply tracking accounts payable and accounts receivable. Now they can automatically pull in multiple data streams, compile information in a central location and analyze it in hundreds of ways to enable data-driven decision making.
Current software also improves accuracy with a series of checks and balances that flag anomalies while scanning and storing backup documentation.
“You have to be able to manage with data,” said Steve Cox, vice president at Oracle Corp. “You have to have something that can tell you what has happened, what is happening and what is likely to happen.”
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Oracle’s finance function can pull data from within a fleet’s systems or from external sources. The base product can run 443 analytics and reports, and that can increase with additional Oracle products.
“The challenge is, now you can measure everything,” Cox said. “You have to know what you need to measure, and you have to be able to present data in a way that everybody can understand.”
TMW Systems Inc. integrates its transportation management software with Microsoft Dynamics GP to automate the workflow related to financial accounting. Data from TMW flow into the system to automate invoices and match purchase orders and receipts with expenses.
“It eliminates the paperwork shuffle,” said Kevin Meyer, consulting manager at TMW.
TMW users can scan an invoice when it arrives. Then the software uses optical character recognition to identify the vendor and store the data in the system.
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|By Mindy Long|
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