“Remember ”, remarked Benjamin Franklin once, “time is money”. This legendary observation first entered the public consciousness back in 1748, yet even now, more than 250 years later, the sentiment remains true. Anything which costs a business time, be it in product development, production lifecycles or general administration, has an associated financial cost. Therefore anything that reduces time spent, also reduces costs.
In recent times, computerisation of many processes has brought significant time-savings. Once, invoices, payments, statements and remittance advice had to be manually written and posted, before carrying out a similarly onerous reconciliation process. Over time, computers replaced manual ledger books and calculations, but still inter-company communication relied on the postal service. Fast forward a few more years and the advent of the internet allowed for certain documents to be sent electronically where appropriate.
Yet despite these advances, an accounts clerk still needed to manually generate copies of the information for the supplier before another clerk at the buying company had to copy the information back into their own accounts system. Both clerks pinged invoices, statements and remittance advice notes to each other, effectively duplicating the work at both ends, costing both supplier and buyer time, and therefore money.
Enter Celtrino’s Smart Admin eSolutions. Leveraging the full power of electronic data interchange (EDI), Smart Admin allows businesses to share accounts information directly from system to system seamlessly. Smart Admin features Electronic Invoice Presentment and Payment (EIPP) functionality allowing suppliers to conduct their full billing cycle automatically from their in-house accounts system via the Celtrino platform. The smart format conversion tools allow data interchange to take place regardless of which systems are attempting to communicate.
Celtrino’s Smart Admin system covers the full electronic supply chain reducing the administrative burden at every point of the process. Reduced administration means reduced time expenditure which, as Franklin stated, means cost savings.