Automation of different business processes is a trend of the last years in online business. B2B is no exception. In this article we will talk about Automated transactions for B2B eCommerce.
What is a Transaction
Any financial or accounting transaction is a transaction or a component of a transaction. A transaction is defined as a sequence of interrelated actions that aim to realize the completeness of a business function, such as selling, buying, or moving. The simplest example of a transaction is a withdrawal from a bank account.
A transaction is almost always viewed as a strict sequence of steps or actions that does not allow branching or returns with missing steps. It begins with a document triggering (initiating) the transaction, continues with the planning stage and then with a sequence of “accounting pairs”: operation (action)/document, which can be very large, but necessarily a limited number. The acceptance of the initiating document means the beginning of the transaction, and the last accounting pair, the successful completion of which means the end of the transaction, is also clearly defined.
The transaction must always be executed in full or be reversed completely, otherwise it cannot be adequately reflected in the accounting. A transaction may only be reversed if it has not yet been reversed. Once such transactions are performed, instead of reversing such transactions, an additional transaction is performed. Thus, in modern management systems, the accounting unit is a transaction.
Transactions have long been the basis for the development of software products to support business management. In fact, the description of a standard transaction is a ready-made problem statement for a programmer. Business accounting and scheduling support software products, commonly referred to as ERP systems, are also often referred to as “transaction systems” or “transaction machines,” which emphasizes the nature of the accounting procedures supported by this type of software.
In essence, all ERP-products differ only in quantity and quality of supported by them from the point of view of accounting transactions. And peculiarity of ERP-systems is rigidity and limitation in quantity of supported transactions. An important problem is also the interrelation of logistics transactions and related financial and accounting transactions, and extreme difficulty in making changes in the financial accounting of complicated, for example, production transactions.
As we said, the automation of business processes has long been considered one of the most important areas. Such an important part of business as transactions has also undergone automation. Now you can find specialized services in the B2B sphere that will help you automate transactions and get better results from different business processes. This will help you get to the next level and achieve completely new results.