Payments and compliance specialist Accuity has launched Cost Calculator, a solution to assist companies deploying SAP software, which it says will address the tendency for small costs to accumulate and lead to significant business risk further down the line.
Accuity adds that as companies rarely use one bank, managing more than one process at a time can be a constant challenge, especially if they have a requirement to be compliant with new legislation, such as the European Payment Council’s (EPC) single euro payments area (SEPA) directive. Complications can generate unnecessary inefficiencies and costs, resulting in vast sums of money lost.
The group said that Cost Calculator will enable corporates to enter their own figures to discover the minimum hidden costs they can expect to face, and improve the efficiency of the whole payments process in a number of ways:
- Improvements to the master data process: Accuity will automatically populate the system with the most up-to-date and new information available from global banks, improving efficiency and streamlining the process.
- Time-saving by removing the unnecessary manual process of inputting and maintaining up-to-date data in the system.
- Cost-savings for companies, allowing the SAP community to enter their own figures to discover minimal hidden costs, that can be expected as a result of broken payments, including bank fees and repair costs, additional staffing costs required to investigate payment rejection, and bank record maintenance.
“A corporate deploying SAP but failing to optimise bank master tables with correct and up-to-date information may encounter payment failures,” said Sarkis Akmakjian, director of product management at Accuity. “We have created the Cost Calculator to help users identify some of the potential hidden costs in their organisation and to minimise disruption to the workflow.
“By allowing companies to input their own figures, this calculator shows first-hand the importance of not falling behind with new legislation such as SEPA. These hidden costs are but one component to the overall costs that an organisation can experience, where there can be lost opportunity costs as a result of payment disruption.”
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