Finance and accounting experts contribute significantly to driving business growth and strategy. However, their potential often remains underutilized, as many businesses find their finance teams entangled in ineffective financial processes.
Most finance teams encounter notable difficulties when it comes to closing the books, which include:
Handling new purchases, renewal requests
Setting purchasing conditions
Managing complex, multi-year billing cycle contracts
Subscription cancelations, terminations, suspensions, activations and more
Preventing manual errors
Tracking expenses, generating, and visualizing income and expense reports
Ensuring policy compliance
As most difficulties arise due to errors in manual entries, it's crucial to prioritize automating and standardizing your monthly transactions. This includes tasks like new sign-ups, subscription/contract changes, or renewals.
From functions like subscription management, and accounting to generating reports, automation is the key to achieving fast-track closures. Without needing to do everything by yourself, automation can streamline all your close processes to enhance consistency.
No need to sort through loads of information. RackNap gathers data from contracts, invoices, and customer/vendor information, giving you a clear view of everything. Plus, it seamlessly integrates with other platforms to fetch and bring all your finance data under one roof. No more searching, no more sorting – just straightforward finance management!
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.
Automated orders with cross-selling and up-selling capability.
Reduced manual processes and manpower saving.
Strong support capabilities with control in customers’ hands.
Users across 6 continents trust us as we have everything ready.
*Source: Case studies of Technova, Reliance Infosystems, STS