Many small and medium enterprises consolidate financial data manually resulting in no tangible core business insights. An ERP integrated financial system can offer real value to finance teams as they aim to establish a solid foundation for growth. As another financial year comes to an end, it is the right time for CFOs and financial heads to consider how a financial management system can smoothen the working of the finance department and thereby add value to the organisation.
Do you consider an ERP accounting system to be an additional cost? Here are some benefits that a financial system can offer you that is truly worth the investment:
In-depth financial planning and analysis
The success of any new business project depends on strong financial planning. Is your firm launching a new product? Are you planning to acquire a new company? Do you anticipate a change in market conditions that can affect your business? The answers to all the questions lie in sound financial planning.
ERP financial software is essential to create the groundwork for any successful business strategies. Financial management systems allow financial executives to forecast future financial risks, create “what if” scenarios, identify new business opportunities, and analyse the potential of new business lines.
Accurate and real-time financial information
When financial processes are carried out manually, critical information such as invoices and orders often reside in disparate systems across locations or in spreadsheets maintained by different team members. This inhibits CFOs and financial heads from gaining a complete overview of the company’s financial status and make organisation-wide decisions.
With an ERP financial software, businesses can centralise all financial information and view dashboards across departments, business units, and locations. This boosts information accuracy and consistency.
Dedicated financial functions
An ERP finance software can manage multiple currencies through a single system. It helps manage all financial aspects including accounts payable, accounts receivable, general ledger, cash flow, invoice and order processing and bank accounts. Furthermore, it can store details of transactions involving receivables and payables on the cloud to ensure data security and availability on the go.
An ERP accounting system allows the financial department to conduct all transactions electronically, provides accurate predictions of how a company’s liquidity will evolve over time, and helps control the costs by providing visibility into budgeted and actual costs of operations.
Finally, ERP technologies empower firms with information that aids in the improvement of the management of financial flow through communication across departments. It allows for the reduction of funds where ever possible and therefore, the reduction of costs. Invest in an ERP financial system to cut cost and streamline financial operations and ultimately provide your business with a firm foundation to make strategic improvements.