Many companies now rely on enterprise resource planning (ERP) systems for their operations and financial management. And that investment is often rewarded in terms of increased efficiency, real-time financial visibility and enhanced internal controls.
Yet one company has taken its ERP’s performance to the next level to help them better manage cash flow, maximize liquidity and streamline reconciliation. Working with Regions Bank, the financial team at Spectrum Color implemented Embedded ERP Finance to provide real-time visibility into balance and transaction details.
The result? A major leap in productivity, better decision-making, plus a tighter rein on cash management.
Making the most of automation
Spectrum Color is the largest aftermarket supplier of gel coat laminate for the boat repair industry. This means a high volume of sales to boat yards, with transactions often numbering in the hundreds monthly. Because of this transaction volume, Racquel Gregory, Spectrum Color’s general manager, must navigate an ocean of financial data to keep the business on course.
“During any given year, we perform millions of dollars in customer transactions, and much of that is in the form of credit card purchases. At the same time, we have a large number of vendor payments, too. So, it can get really confusing in a hurry when you need to compare bank statements with your own financial records.”
As if this weren’t challenge enough, the ebb and flow of seasonality places additional demands on Spectrum’s financials.
“We have two low seasons and two high seasons every year. During low seasons we really need to keep an eye on cash flow. We have to make informed choices when it comes to our payables—what gets paid and when.”
In search of a solution, Gregory came to Georgette Smith, Regions Treasury Management relationship manager.
“Racquel and I have a great relationship,” Smith said, “And part of that is exploring ways her business can grow. One topic was how fast Spectrum has grown and how they were getting overwhelmed by the volume of business. When she discussed how to better use their ERP system, I knew that we had the answer for her needs.”
When a business has a large volume of transactions, this addition to their existing system can boost performance almost immediately.
Smith offered Regions Embedded ERP Finance as a potential cure for Spectrum’s reconciliation headaches.
“We have found that Embedded ERP Finance makes an ideal fit for clients like Spectrum,” Smith offered. “When a business has a large volume of transactions, this addition to their existing system can boost performance almost immediately. Further, the interface is easy. Almost anyone can use it.”
When Gregory learned of Embedded ERP Finance, she immediately grasped its potential when it came to automation. Even better, she found that implementation was almost effortless.
“Once we decided to do this, I followed the instructions. The entire integration took less than an hour.”
Managing the flow of financial data
According to Gregory, Embedded ERP Finance lived up to its promise almost overnight, especially when it came to the tedious monthly job of reconciling financial statements.
“Before installing Embedded ERP Finance I would spend long hours reviewing our bills and credit card statements. It was especially hard to see who, specifically, was getting paid. But once that information flowed automatically into the ERP system, those same transactions had a title, a date and time, and who the transaction was to or from.”
Eliminating this step did more than take the confusion out of reconciliation. It also helped Gregory and her team buy back huge chunks of time that could otherwise be spent doing other, more important things.
“Going to Embedded ERP Finance has saved us so much time. Before, reconciliations would take a week of my time. Now? The process only takes 45 minutes. And, even then, I can assign the task to our bookkeeper.”
Further, Gregory finds that Embedded ERP Finance slashes the time to book and verify credit card charges.
“For instance, if my credit card batch report comes in and matches my sales order total, I no longer need to verify the data line by line. We just check how much went out of the credit card processor and match that total against sales. There’s no need to double check.”
The less time you have to spend trying to reconcile bank and financial information, the more time you have to focus on the core processes and responsibilities of running a business – and driving business performance.
Georgette Smith
The power of seamless integration
According to Smith, the beauty of Embedded ERP Finance lies in its seamless integration. “It’s a quick, easy process to connect the solution with a company’s ERP – the system they’re already used to working with on a daily basis – and from there the company can start realizing the benefits effectively right away. The less time you have to spend trying to reconcile bank and financial information, the more time you have to focus on the core processes and responsibilities of running a business – and driving business performance.”
To learn more about Embedded ERP Finance, contact your Regions Treasury Management relationship manager or call Regions Client Services at 1-800-787-3905.