Month End Accounting the way it should Be Today

Month end accounting has always been a business critical exercise. Without the balance sheet, income statement, and other financial reports this exercise ultimately produces, management could not make informed decisions to keep the company in the right direction and at the ideal operational speed.

Now, in order to maintain optimal business velocity, month end activities have to be carried out as swiftly and as accurately as possible. Delays will only inhibit managers from reacting and effecting necessary adjustments in time. Inaccurate information, on the other hand, obviously lead to bad decisions.

But that’s not all. Never has the month end close been as demanding as it is today. Regulations like the Sarbanes-Oxley Act, Solvency II, Dodd-Frank Act, and others, which call for more stringent controls and more robust risk management practices, are now forcing companies to find better ways to face the end of the month.

Sticking to old month-end practices while striving to achieve regulation compliance can either cost a company more (if they add manpower) or simply bog it down (if they don’t). Among the worst of these practices is the use of spreadsheets.

These User Developed Applications (UDAs) are very susceptible to errors. (See spreadsheet risks)

What’s more, consolidating data from spreadsheets as well as carrying out reconciliations on them is very time consuming. These activities usually require data from outside sources – i.e. a workstation in a different department, building, or (in the case of really large corporations) geographical locations.

Furthermore, if one of these sources fail, the financial reports won’t be complete. This is not a far-fetched scenario, considering that spreadsheet storage and backup is typically carried out by the average end user. This leaves the spreadsheet data vulnerable to hard disk crashes, virus attacks, and unexpected disasters.

Thus, in order to produce accurate financial reports on time all the time, you need a financial/IT solution that offers optimal provisions for risk management, collaboration, backup, and business continuity. Learn about server-based solutions and discover a better way to carry out month end accounting.

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Choosing Routes for ESOS Compliance

Along the introduction of Energy Savings Opportunity Scheme in UK is the quick emergence of various companies that offer ESOS compliant services. While some energy audit providers can help, qualified businesses should understand what their compliance options are, how these routes work and learn both the pros and cons in order to carefully take their pick.

Independent ISO 50001 Certification

ISO 50001 comprises the integration and application of processes geared to motivate energy saving and overall improvement. Simply stated, it is a framework that drives the organisation’s governance to realise energy saving strategies by allocating resources and participating in energy management. The good thing about ISO 50001 is that it includes an energy review that documents ideas and opportunities to save more energy.

However, ISO 50001 does not obligate organisations to cover 90% of their overall energy consumption. In case of partial coverage, the company needs to undergo additional energy assessments to evaluate all the significant energy consumption areas.

In order for an ISO 50001 certification to be valid, it must be certified by the United Kingdom Accreditation Service (UKAS), by an accreditation body which is a member of the International Accreditation Forum, or by a body accredited by another EU member state?s national accreditation body.

Display Energy Certificates and Green Deal Assessments

These two kinds of energy assessment reports can also contribute to ESOS compliance. Both of them are carried out by qualified lead assessors and valid for 10 years. However, they are only based on the building structures and services. They do not cover the overall significant areas in energy consumption. Since these reports are valid for 10 years, they would be used for two ESOS reporting periods. Thus, they would not be as current as the ISO 50001 certification. Aside from that, the assessments are purely based on energy efficiency and anyone can qualify to use the software that produce the certifications after taking the accreditation course.

Energy Audits

A successful energy audit leads to better understanding of the company?s energy consumption, identify alternatives, determine cost-effective energy saving opportunities and stimulate energy efficiency. Energy audits are beneficial to the organisation. What makes it complex is that the organisation applying it, needs to clearly define the scope and type of energy audit to use in order to comply with ESOS. Furthermore, the organisation also has to identify the teams that would be competent enough to do the audit work for the building, transport and industrial area, respectively.

Each route is not formed equal. Thus, organisations have the option to either choose one or combine the routes and meet their company needs. The options mentioned are different approaches to ESOS and the core value is to grab the opportunity towards acquiring more savings through efficient energy system.

How Ecovaro Can Help

Ecovaro is passionate about making a difference. We are knowledgeable when it comes to ESOS legislation and regulation, ISO 50001 energy management system, DECs and Green Deal Assessments. More than that, we recognise the great impact of efficient management system to your organisation. And with this, we provide an enthusiastic team of software engineers and expert project managers to offer you our professional help at reasonable price. Ecovaro comes to you fully equipped with services tailored to your organisation’s energy management needs.

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Proactive Preventative Maintenance: How IoT and Field Service Management Software Helps

FieldElite, our mobile workforce management software, has been key to several industries? return on investment. Whether it’s for plumbing, electrical, property management, cleaning, and maintenance, FieldElite has provided data centralisation for efficient management of these business activities. 

Field service management software is important to utilise current workload, and also helps resolve future issues. We’re talking about a proactive approach to preventative maintenance. 

How exactly do field service managements help in preventative maintenance? 

The answer lies in how field service management is interlinked with IoT in predicting future jobs for the mobile service industry.  

What is IoT? 

Simply put, the Internet of Things (IoT) is a network of devices and sensors connected to the internet. These ?things? (e.g. your smartphone or smartwatch) enable data to be sent and be received without human intervention.

Fundamentally, IoT is about devices being connected to the internet to allow remote monitoring. 

For many years now, remote monitoring for IT infrastructure has been widely used. 

What’s new that we’re experiencing right now is even the smallest devices ? individual light bulbs and sensors ? can have a network and internet connection, allowing entire systems to be monitored in great detail. 

Implementing IoT and accessing data can be challenging for most service organisations. However, when combined with predictive analytics and field management software, it can have a huge potential impact on individual businesses and the service industry as a whole. 

What is Preventative Maintenance? 

Preventive maintenance refers to regular, routine maintenance to help keep equipment up and running, preventing any unplanned downtime and expensive costs from unanticipated equipment failure. 

The goal of preventative maintenance is to decrease the likelihood of a machine or an equipment’s failure by performing regular maintenance. 

Preventative management can be very complex, especially for companies with a fleet of equipment or customers. It requires careful planning and scheduling of maintenance on equipment before there is an actual problem. 

Also, preventive maintenance is evolving. It’s not just about scheduling the same work every month to prevent failure anymore. Today, working smarter with better information about equipment conditions is critical to ensure maintenance is effective.

That’s where IoT and field service management software, like FieldElite, comes in. Together, they organise and carry out preventive maintenance needs for service industries. 

How IoT and FieldElite Helps in Preventative Maintenance

With FieldElite and IoT technology, you get the best in preventive maintenance management.

  • Evaluation of equipment or machines ? the condition of machines or equipment is evaluated in order to predict when maintenance needs to be performed. 
  • Automated work order ? automated time-based work order creation
  • Full condition-based plans allows you to do the following:
    • Right-size your maintenance work
    • Lower costs
    • Extend the life of your or customer?s assets 
  • Quicker reporting ? due to its efficient and automated nature, IoT and field service management software can reduce a field technician?s average report time from two weeks to two days, therefore boosting your cash flow! 

That’s the most important result a mobile service management software can produce (in connection with preventative maintenance). It’s cost-saving! This can be achieved over routine or time-based preventive maintenance, as tasks are only performed when they are needed. 

The Internet of Things (IoT) and field service management software is changing field service as we know it. 

Companies who adapt and utilise these technologies will benefit the most from the resulting competitive advantage of preventative maintenance. 

Start elevating every field service experience now!  

Our field service software, FieldElite helps you: 
  • Accepts jobs in the field
  • Automate appointment scheduling
  • Manage scheduled jobs 
  • Get real-time visibility into all operations
  • Have a clear and easy viewing of job locations 
  • Resolve field service calls faster 
  • Enable mobile workers to get the job done right
  • Keep customers updated at every step 
  • Create quotations and accept payments 
  • Analyse efficient reports from field technicians
  • Helps in proper preventative maintenance management. 

Learn how to schedule jobs to field workers with ease. Check out FieldElite! 

CONTACT US

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  • We tailor a demonstration of our platform and solutions to align to your specific needs
  • We answer any questions and make sensible recommendations
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EcoVaro ? ESOS Solution on a Cloud

The UK?s Energy Saving Opportunity Scheme ? and all others in the EU stable – is bound to generate huge quantities of data beyond the reach of processing on standalone computers. This leaves some companies in the mandatory sector between a rock and a hard place. They already have to divert scarce talent to draft compliance reports. Now they face purchasing equipment with big data processing power.

The more astute are turning to cloud computing solutions like EcoVaro in increasing numbers. They are also keen to benefit from remote secure backup. .

Increasing migration to public clouds has caused a growth in niche big data consultants. EcoVaro is one of these. We want to do more than simply open up a port and leave you to become familiar with our technology. We service a growing group of companies who want us to analyse their energy usage reports, and isolate the main demand drivers so they know where to start saving.

We are consumer-centric energy consultants with the emphasis on corporates and sme?s. We offer more than just big data processing facilities. We also help set up your dashboard and are full of practical ideas you can use to start trimming energy costs right away. So please treat us as your affordable energy partner who really wants to help.

Finally, contact EcoVaro for a discussion.

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