Guide: Make Your Financial Management System Work Smarter
The right ERP solution can help you maximize productivity and drive revenue growth.
Bring the Cloud Back to Earth
If you’re like most small or mid-sized businesses, driving revenue growth is your top priority, followed closely by improving operational efficiency and reducing costs. But the reality for many businesses is that they end up wasting valuable time on things they don’t need to do, and that restricts both growth and profitability.
That’s what happens when you’re relying on a loose collection of manual and independent processes and systems. Now, many businesses find themselves being dragged down by proprietary, siloed technology and inefficient data processes, and that’s especially true when it comes to financial management.
It’s time to streamline your financial function. The right Enterprise Resource Planning (ERP) solution can — and will — make a huge difference. Let’s take a closer look at how cloudbased financial management can free up your time and people to drive your company forward.
Benefits of cloud connected ERP:
- Enables you to review businesscritical information in real time.
- Flexible enough to adapt to changing business requirements.
- Provides customizable configurations specific to your business.
- Offers flexible reporting, data analytics and business intelligence to enable faster, smarter decision-making.
- Eliminates the need to run your business on spreadsheets.
- Helps you and your management team focus on growing your business.
- Simplifies every part of your operation and helps reduce costs.
Freedom From Tedious Manual Processes
Automating processes like financial reporting and data administration frees up people and time for value-add or customer-centric tasks. Businesses that automate see huge differences across the organization in staffing and process efficiencies, accuracy, data management, and integration.
80% of small or mid-sized businesses are looking to automate some manual aspect of financial processing1:
Turn Data Into Intelligence
There’s a reason why nearly 60% of SMB leaders are pursuing predictive data analytics capabilities in their financial software this coming year*. Predictive analytics gives businesses the ability to discover patterns in their business data to identify and predict trends, improve business performance, recommend actions and strengthen decision-making.
This type of business intelligence is becoming more and more crucial to effectively serve customers. And that makes having the right ERP solution essential to an agile, modern business strategy.
Access Work Anywhere, Anytime
The value of business intelligence and analytics is amplified when it’s instantaneous and immediate. That’s why 57% of surveyed SMB leaders said it was vital that they can access real-time accounting information at anytime, anywhere and on any device2.
Access and ease-of-use are key criteria when selecting an accounting system for your business. The right solution will employ cloud-based computing to make accessibility available, while also offering deep integration with other software systems like the world-leading Salesforce CRM platform.
Along with providing real-time, immediate access, cloud-connected accounting platforms are also able to automate low-level tasks, improve financial visibility and enhance collaboration.
Security in the Cloud
Strengthening security goes hand-in-hand with maintaining and improving accessibility of applications and systems. That’s why over 76% of SMB leaders cite managing data security and risk as critical when it comes to improving operational agility and flexibility2. Many of them (58%) consider security to be a barrier when it comes to migrating financial applications to the cloud, ahead of cost, service support levels, integration, and interoperability2.
With a cloud-connected ERP solution you can reap the benefits of rapid innovation, collaboration tools, and mobility while your financial data remains secure in on-premise IT environments.
Integration and Partners
Driven by the open-source movement and a desire from companies to move away from proprietary technologies, “interoperability” is the new buzzword. Businesses need to link sales, accounting, banking, invoicing and payments together, often with the Salesforce CRM.
The right ERP solution will offer seamless integration with third-party solutions, giving your business:
- The option to choose the best IT solutions.
- The ability to bring disparate databases and applications together in one platform, so they have a single view of the business.
- The flexibility to meet business goals.
Make Your Business More Competitive
Stop wasting time and resources on manual tasks like data entry, purchase orders, financial reporting, and more. The right ERP solution can automate your financial operations from end to end, allowing you to:
- Offer more detailed financial reporting.
- Streamline internal processes and improve internal collaboration.
- Automate low-level tasks.
- Gain insights from a unified view of the business.
Bottom line? Companies that embrace automation can drive revenue growth, improve operational efficiency, improve systems accessibility, and compete more effectively.
Ready to begin your search for a better financial management solution? Request a product demo or call us at 855.876.3773.
1Castellina, Nick. “What Do Manufactures Look for in an ERP Solution?” Aberdeen Group, March, 2017
2CIO 2019, Get back wasted time: Executive strategies to grow your business