The Prism Finance Module is designed to enable you to better manage your stable, ensuring everything is captured and recharged correctly. If you use the system correctly each day, it will essentially run seamlessly in the background, saving you enormous amounts of time and costs.
To ensure you get the most out of your Prism system, be sure to follow these Top Ten key tips and tricks.
Try it first in Beta – Although the system has designed to be intuitive to the racing industry, it is always good to start the beta system first. This will enable you to familiarise yourself with the interface and how it flows before switching to the live version. Please email email@example.com if you don’t have a login to your Beta testing account
Ensure you set up your Chart of Accounts correctly – As Prism focuses on the capturing of horse expenses, recharging and invoicing, creating the correct chart of Accounts and mapping each expense is critical to being able to build your Finance reports (P&L, Balance Sheet etc) correctly. Think of Prism as the funnel to capture all costs and redirect them to your Accounting system, so be sure all costs are allocated correctly.
Always check and revise your Ownership Splits – Be sure to always double check the ownership splits and make sure that whenever a transfer of ownership or sale of horse happens, that you adjust the split to the correct date. Don’t leave it and try to retrospectively apply the change.
Ensure the Rules and Costs that you set are fully complete – By setting up all of your costs and accounts first, you will enable more accurate cost capturing that will enable Prism to automatically build your recharges and expenses on a daily basis. By doing this correctly, you will be able to capture your costs by simply completing tasks on your Web portal or Apps, saving you time and money re-entering this data at the end of the month.
Ensure every horse has a Location and Status assigned for every day – To ensure you don’t miss any day rate charges, be sure to always review your horse’s status and location. That way you can always make adjustments whenever there is a horse that hasn’t been moved in the system
Double check Movements before marking them complete – When implementing a change to the Location/Status of a horse or when moving a horse to a new location or status, triple check the accuracy of the destination and the date as this will affect your day charges for that horse once this is complete. Be sure also to make these changes on the day they happen to ensure everything is captured accurately
Check and update your Activity daily – With Prism Daily dashboard, you can now see everything that has happened each day. By taking 5 minutes each morning or night to review and update the system for tasks, you will be able to accurately capture your costs each day and save yourself huge amounts of admin time, money and headaches at the end of each month.
Limit the number of staff who can implement changes – The more staff who can update the system, the bigger the change for data errors. Try and limit the responsibility of your staff to and the access of Staff to the Finance Module and also the Tasks for completion as these will impact the charge outs