Financial Transaction Processing (FTP) is a very broad term. Recording monetary transactions and preparing financial statements are just two of its aspects. It includes an array of functions like Accounts Receivables & Payables, Inventory Management, Project Finance, Budgeting, Travel Accounting, Vendor Management, etc. Moreover, all these functions are interlinked and critical for the firm’s smooth functioning. However, as FTP comprises a wide range of activities, often, it poses complex problems for firms.
Some of the challenges associated with the same are listed below.
- Inefficient information consolidation across different departments or units due to obsolete and non-standardized systems.
- Lack of proper alignment between data and systems leading to information delays and erroneous reporting. Reports fail to accurately capture key performance indicators of Financial Transaction Processing.
- Poor Data Management with excessive manual work and low-quality checks. Manual processing of data also leads to increased human errors.
- Lack of regulatory compliance measures to identify critical checkpoints.
- Outdated technologies that are incapable of automating processes and controls.
- Ambiguous or poorly defined data governance framework.
Some Solutions for the above challenges
- Periodic comparative analysis of a firm’s information systems with industry or global benchmarks for identifying improvement areas.
- Analyzing and documenting existing system configurations.
- Undertaking corrective action to remove or minimize discrepancies in existing systems and processes.
- Automating and optimizing standard accounting transaction processes by adopting advanced technologies.
- Periodic assessments of the systems’ capacity to meet short-term and long-term business objectives.
- Setting up information systems that capture real-time data and conduct auto-updation. This will also ensure that no transaction is omitted or partially recorded in the system.
- Robust information systems will ensure timely Regulatory and Tax Compliance.
Benefits of BFAG’s FTP Services
You may be familiar with some or all the FTP challenges listed above, especially if you are running a firm. You may even be well-aware of the solutions suggested above. However, you may know how to implement these solutions.
We at BFAG specialize in providing consulting and advisory services in the financial domain. Our FTP services will enable you to record day-to-day monetary transactions in an accounting software of your choice. We have ample expertise in working with many accounting software like Oracle, QuickBooks, Tally, SAP, etc.
Our document-tracking application ensures no transaction is omitted or wrongly recorded. Our customized Analytics mechanism helps you pull out vital reports with a single click. Our advanced data tools help you access financial statements anytime anywhere.
Our unique features include up-to-date financial records, access to live data, quick and accurate statutory reports, and tailor-made book-keeping solutions for your unique needs.
So, connect with us today. Visit our website for more information on our services.
BFAG (Boston Financial Advisory Group) provides the best Compliance Services. We have a team of experienced professionals who can help you in maintaining your books of accounts. With BFAG taking charge of your FDI Compliance and Reporting, you can focus on deepening the partnership with foreign companies and expanding your business.
So, get in touch with us to avail of our services. Contact us in case of any assistance or queries.
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