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5 Signs Your Business Needs New Financial Software 5 Signs Your Business Needs New Financial Software

5 Signs Your Business Needs New Financial Software

  • 12 Sep 2022

6 minutes of reading

There comes the point in the life cycle of any lease management system when it's time to start looking for a newer, more powerful solution. This need often heralds itself with several unpleasant ailments stemming from the limitations of the existing system. Here is an overview of these symptoms and also a list of benefits of the OneCore system to help you overcome the obstacle.

Symptom 1: Necessity of manual labour and paperwork

One of the surest signs of system obsolescence is its inability to work with electronic documents or the need to add them manually. If your team has to issue and send invoices, contracts and other documents manually, it costs them a lot of time and effort. Subsequently, they cannot devote their valuable time and prioritize important tasks. Because of this, the entire lease granting process is delayed. You'll also have to print and scan documents if you can't send documents electronically. Last but not least, manual data entry creates a lot of room for error.

How will Solitea OneCore help you with digitization?

The OneCore leasing system offers you the possibility to issue, send and confirm all documents in electronic form. Thanks to a specialized module, the system allows you to import, register, approve and archive invoices and credit notes fully electronically. OneCore can read the data from scanned paper documents and then import those into the database. 

The entire workflow, therefore, runs automatically in the background. To save time and work, OneCore enables bulk electronic invoicing and sending documents to customers directly via e-mail. Any reminders are then issued and sent automatically based on pre-set parameters.

Symptom 2: Difficulty monitoring the status of leasing contracts

Leasing and credit providers must be able to serve the customer quickly, verify receipt of payments on time and always have an overview of the status of relevant contracts. However, suppose your existing system cannot display information, and your team has to determine the status of contracts in a complex and laborious way. In that case, the above actions become cumbersome and time-consuming. You can react to potential problems only when their negative effects become apparent.

How does OneCore help you monitor contract status?

In Solitea OneCore, each leasing contract has its real image in the system database, which is continuously updated with new data. As a result, you always have a perfect overview of the status of offers, calculations and contracts right from the beginning of the business process.

You can also monitor the performance of each contract, including the link to accounting, thanks to the integration with analytical tools. Last but not least, OneCore has the possibility of automatic checks of expiring contracts when the system itself alerts you to possible problems or expiring deadlines. This way, you can prevent misunderstandings and obstacles before they even arise.

Symptom 3: Slow processing of leasing contracts

Obsolete leasing systems often don't cover all lease lifecycle agendas, leaving your team to work with multiple disparate solutions and manually enter data into each of them. Recording the correct data, preparing contracts and verifying their status is thus very slow, time- and effort-consuming, and with a lot of room for error. Also, in such a case, there is no clear workflow to speak of, and misunderstandings or ambiguities between the individual stages of the business process inevitably occur. 

How will the OneCore system speed up contract work?

In the OneCore solution, you will find all the functions and tools needed to manage the lifecycle of leasing contracts in one modern application. In addition, you can run it both on your own infrastructure and in the cloud, making OneCore accessible even to smaller companies without their IT background. With OneCore, you only work in one interface, significantly speeding up the entire leasing process. The system also offers tools for data processing and calculations and fully automates a number of routine tasks, making the work as easy as possible. OneCore is connected to Office 365 or Dynamics 365 applications for the ability to export data to MS Excel spreadsheets easily.

Symptom 4: Lack of information about the status of the enterprise

Effective business management is practically impossible without relevant and correct information and tools for their analysis. Suppose your existing system cannot collect the necessary data or does not offer enough tools to analyze it. In that case, you will find yourself without the basis to make the correct business and other decisions. Manual preparation of reports and their manual analysis is then extremely time-consuming and consumes the time and effort of a large number of people. 
In addition, such data processing takes too long, and in the case of analyzing the causes of problems, you either only reach general conclusions or you cannot detect specific obstacles. Last but not least, there is a risk of duplication when different versions of reports circulate across the company, and it is unclear which one is correct.

How will the OneCore solution make your decision-making more efficient? 

Here, OneCore offers personalized dashboards that quickly and easily display all the necessary information depending on your needs and settings. As part of the implementation, the information system and data from the reporting tools are connected, which ensures that the displayed data is up-to-date and corresponds to reality. 
For a unified view of the data, Microsoft Power BI tools are used to ensure that outputs are shared in the correct versions. As a result, employees will see important data immediately on the system's start screen and can thus recognize potential problems in time. Access to reports is quick and easy, and by working with the same database, all your people work with one version of the outputs. 

Symptom 5: Unclear system interface

Even the best financial system in the world is a detriment if its interface is outdated, confusing or otherwise unfriendly to the user. Users find it difficult to navigate such a system, and routine activities take significantly more time. The information you need is spread across different menus, lists and windows, making it difficult to find. The result is a system that frustrates users, adds unnecessary, and drains time and effort from more critical tasks.

What makes OneCore user-friendly?

The OneCore solution and the Dynamics 365 Business Central platform have a simple and straightforward user interface. It is designed based on experience with everyday activities in the field of leasing. Also, it offers a wide range of customization options for users. In OneCore, you will not only quickly find everything you need. Still, you can customize the environment's appearance to your preferences and increase your efficiency in working with the system.

 

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