RACS News & Blog

Category: Financial Management Software

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robotization Robotisering RPA robotics process autoamtion

Does robotization have added value for every finance department?

RPA or Robotics process automation It’s about daily business that you are confronted with an article on robotization within the Finance Department. RPA stands for Robotics Process Automation. Simply put, this means that we are going to automate transactions or processes so that the computer or the software executes tasks, just as a human would do it. Continue reading…

Activity based costing in RACS

Activity Based Costing in Racs: Activities, Actions and Automatic Intercompany Invoicing

his post explains how we do activity Based Costing in RACS Finance. Activity Based Costing in RACS: Activities or cost pools   Activities Drive organisations. An activity uses resources. This could be anything : working hours, machine use, energy use, maintenance costs, insurance costs, etc… An activity is often called ‘cost pool’. A cost pool Continue reading…

facturen goedkeuren / geautomatiseerd goedkeuringsproces/ accounts payable invoice approval flow

Accounts payable invoice approval flow, the future

Whenever I visit a company, I always notice when I pass the financial department. Desks are enclosed by bulging file cabinets and are buried under the files. In addition, I often feel an atmosphere of stress and heavy work pressure. Although there obviously is hard work going on, I still subconsciously feel they don’t have Continue reading…

segregation of duties in racs financial management software

Segregation of duties in RACS Financial Management Software

As an accountant, you are confronted with COSO that demands segregation of duties to limit the risk of fraud. This means that the employee, managing the supplier’s data in the database, cannot also manipulate the bank accounts of that supplier. The employee in question can post (false) invoices and send the payments of these invoices Continue reading…

journal entries using excel/ diverse boekingen via Excel

Journal entries using Excel

Till a few years ago, the monthly and yearly closing activities were very labor-intensive and time-consuming in the accounting department, because they regularly had to execute  a lot of returning journal entries. Some of them needed correction in the following month. The monthly postings of salaries and wages also were  an extremely time consuming activity. But Continue reading…