The advancements in business strategies and technologies necessitate that chief financial officers (CFOs) adapt to increase revenue, overcome external pressures, and put their business ahead of the curve. This is often easier said than done, but there are a few things CFOs can do to meet the challenges of modern finance.
Driving financial strategies to improve profits, keep costs down, and generate a fluent cash flow is no easy task for any chief financial officer (CFO). Thankfully, there are modern financial management solutions that make their work easier. Sage Intacct and D365 Business Central, for example, have built-in dashboard metrics and key performance indicators (KPIs) that help CFOs facilitate their controllership, treasury, economic strategy, and forecasting duties.
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.
The importance of effective budgeting can never be overstated. If funds are used and allocated properly, you can expect improved operational efficiency. This is where Business Central is fundamental. It encompasses all functionality seen in top-notch enterprise resource planning (ERP) solutions, including financial management.