BENEFITS OF CLICCT GOOD FINANCIAL MANAGEMENT FEATURES
The Financial Management applications provide secure and consistent processing of day-by-day financial transactions from bookings and customer receipts through to supplier payments. All business transactions are recorded and tracked in a completely integrated system. The financial accounting application is strictly compliant with current accounting and industry standards such as trust accounting. All business transactions are recorded and tracked in a completely integrated financial accounting application solution which is strictly compliant with current accounting and industry standards such as trust accounting. Clicct Solutions provides immediate access to all up-to-date business information that meets the FIT tour operator's specific needs and financial management requirements.
This new feature in Clicct Solutions' Financial Management enables FIT tour operators to instantly respond and process financial payments on-line to credit card companies, banks and other financial services companies. This integral part of the financial applications functionality also provides immediate access to this payment information that shows the up-to-date status of financial transactions such as customer payment receipts (credit cards, cheques, etc.), supplier payments (to hotels, rental cars, etc.) and commission receipts and payments. This major benefit is available because Clicct Solutions is a complete and seamlessly integrated Financial and Tour Operations business management solution. This is really different from other systems which are very cumbersome to use because they are not completely integrated.
Year-End Financial Reporting
The Financial Management application solution provides secure and consistent processing of day-by-day financial transactions from bookings and customer receipts through to supplier payments. All business transactions are recorded and tracked in a completely integrated financial accounting application which is strictly compliant with current accounting standards and provides immediate access to up-to-date business information that meets travel industry specific requirements. These are significant features that enable you to comply with the travel industry and international accounting standards such as IFRS. International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.
Aligned with these standards another major benefit in this release of Clicct Solutions is an easier way for you to provide your year-end financial business results to your accounting audit firm. Clicct Solutions makes it much easier to do this through the Clicct facility to integrate to accounting systems such as Caseworks which is reputably the most widely system used by accountants for the year-end financial reporting audit. This is a very real process improvement for the small to medium tour operator because many currently spend a significant and painful amount of time completing this necessary annual reporting procedure.
As smaller travel tour operators grow their business (in complexity and scale), pressures mount to sustain high levels of performance and excellence in how they go to market. Companies that want to grow and need help to meet these challenges are turning to Enterprise Resource Planning (ERP) solutions. An ERP solution is generally defined as an integrated solution that manages all core functions of an enterprise including tangible assets, financial resources, materials and human resources.
ERP solutions are expected to achieve four primary business goals:
- Facilitate rapid and effective decision making
- Enable business process efficiencies across the enterprise
- Extend and accelerate competitive advantage
- Adapt to evolving business needs on a cost effective basis
There are both tangible and intangible benefits for a Tour Operator in the use of an integrated Enterprise Resource Planning system (ERP). The tangible benefits are those measured in monetary terms and the intangible benefits cannot be measured in monetary terms but they do have a very significant business impact.
- Improves the productivity of processes and employees
- Lowering the cost of products and services purchased
- Paper and postage cost reductions
- Where relevant inventory reduction
- Lead time reduction
- Improved product selection/Reduced product obsolescence
- Faster product selection / service saving time and money
- Automated ordering and payment, lowering payment processing and paper costs
- Increases organizational transparency and responsibility
- Accurate and faster access to data for timely decisions
- Can reach more suppliers, producing more competitive bids
- Improved customer response
- Saves enormous time and effort in data entry
- More controls thereby lowering the risk of mis-utilization of resources
- Facilitates strategic planning
- Uniform reporting according to global/international travel standards