The role of the finance department is essential to any enterprise; managing assets such as cash, accounts receivables, and stocks. That’s why any delay, inconsistency, or error in reporting is considered critical. To prevent the business from steering away from their financial KPIs and goals, organizations use financial management systems. Unfortunately, many still rely on traditional solutions that are complicated, labor-intensive, and prone to errors.
Given the rapid evolution of modern finance, traditional systems are doomed to fail. Thankfully, there are cloud-based financial management systems that automate finance and accounting processes to help ensure the long-term financial stability of a business. The best thing about these solutions? They have a positive impact on the way people work.
Driving a productivity-oriented mindset
Financial management solutions consolidate financial information into a single database that can be accessed by anyone who has permission. As such, you spend more time analyzing combined financial and operational data instead of plowing through complex reports. You no longer have to do everything on Excel, which entails a ton of manual data entry, making it prone to human error. With enhanced financial reporting, you can oversee your business across budgets and transactions and make better forecasts.
Thanks to user-friendly enterprise resource planning (ERP) solutions like Sage Intacct and D365 Business Central, implementation and onboarding are a breeze. There is little to no downtime, as your employees can use it once it’s up and running. This multi-ledger and multidimensional platform is designed to meet your specific business requirements. Your accounting and finance teams can leverage its deep functionality to streamline processes and customize workflows.
Enabling you to view your business in a different light
Modern financial management solutions have changed the way owners and employees look at their business. Chief finance officers (CFOs), for example, now have a 360-view of the entire operations and can see if the company is meeting goals and financial expectations.
With improved visibility and dashboarding capabilities, CFOs can answer finance-related questions across business entities, and the accounting team will have knowledge on where revenue is coming in and where it’s going out. So whether senior managers need to know if a project remains on budget or where best to allocate funds for their next investment, they can get well-informed advice.
You can also measure employee utilization, billable hours, project profitability, and other aspects of the business. If at any point you see a problem, you can take corrective actions before it even makes an impact. For instance, if you feel that a certain project is going over budget, you can decide to seek additional funding or reduce its scope.
Empowering you to be more profit-minded
With a deeper knowledge of the business, you become more focused on financial gains and how they affect your operations and investment decisions. You can point out the company’s areas of improvement in order to maximize profits. For example, you can use less costly materials in place of the usual items you use to make the most out of your budget and further your bottom line.
Business growth and survival, especially for project-based service firms, depend on project profitability. Knowing which project has the potential to yield the highest revenue allows you to optimize billable utilization, make accurate bids, and make the right investments. Keep in mind that how finances are managed determines an enterprise’s progress and longevity.
Monitor your assets and maximize your profits with modern financial management systems. Contact us today so we can discuss how our solution enables proper bookkeeping and cash flow monitoring to empower your business in South Florida.