How to Achieve Error-Free Financial Closures with Automation

RackNap takes the hassle out of procurement by offering user-friendly purchase options. Once a purchase is initiated, RackNap seamlessly manages the approval workflow by routing the request to the appropriate decision-makers, whether administrators or super administrators. Upon approval, RackNap ensures rapid service delivery. As an added convenience, the platform automates communication by sending out welcome emails, receipts, and invoices, saving you valuable time and effort.

RackNap automates the invoice generation and tracking process and lets you send automated reminder notifications to customers, reducing routine tasks. You can draft proforma invoices in advance and send the actual invoices later. Additionally, RackNap generates and transmits Invoice Reference Numbers (IRN) to the government portal and displays a unique reference number on your invoices to provide your business with an authentic experience.

RackNap integrates with various accounting software to provide accuracy and efficiency. It automates your transactions, allows quick syncing, and enables administrators to export reconciliation reports effortlessly. This automation tool excels at swiftly matching transactions and detecting irregularities by promptly flagging any errors found, for your review.

Previously, many businesses had to rely on costly tax experts to figure out their tax responsibilities. RackNap uses accounting software to help businesses effortlessly calculate the exact amount of tax owed for each transaction.

Guarantee a consistent and automated approach to summarizing your invoices monthly within your accounting system. Establish standardized and automated billing procedures for new orders, additions, upsells, and renewals. This not only enables lean billing teams to expand seamlessly with growing transaction volumes but also enhances the overall process.

Introduce new pricing plans, set tax structure, apply discounts/promotions, set default currency by country, and choose flexible billing cycles such as a flat-fee, pay-as-you-go, or a fully personalized subscription pricing model, along with a payment method of your choice. Automate subscription management when upgrading, downgrading, handling credit/debit notes, changing subscription type, activating, deactivating, suspending, terminating, or moving subscriptions from one account to another account. Boost revenue opportunities through addon recommendations and product bundles.

Generate critical financial reports like balance sheets and income statements, minimizing your time and effort. RackNap automatically generates reports based on data entered in the system. This assures the accuracy and timeliness of your financial reporting while relieving you of manual complications.

Ensure that decision-makers have access to prompt and precise financial information by employing RackNap which offers secure, remote, round-the-clock access for automated reporting. Decision-makers can find value in interactive dashboards and the capacity to retrieve information as needed, enhancing their reliance on the system.