Financial teams across the globe have to take a lot of important responsibilities on their shoulder and the support of technology is crucial for their success. Financial teams must learn to embrace technology as their new best friend.
Benefits of Embracing Technology for Finance Teams
Since financial management is no longer a paper-based, manual process, the current digital economy demands rapid decision making based on real-time data.
Modern financial management software can make it happen in the following ways.
Reporting, Dashboards, and Data Analysis
Automated financial reporting and analytic tools are the essential tools provided by modern financial management software.
Acumatica Product Marketing Manager Bob Garofallou notes in a Modern CFO post, “The ability to make rapid decisions and proactively address problem areas requires that businesses access and interpret their information quickly, easily, and in a format that works for them. All businesses are looking at financial management software with key performance indicators (KPIs) that tell them at a glance the health of their organization, whether it is forecasting seasonal sales, avoiding inventory shortages, finding the most profitable price points, or any host of other business metrics.”
These tools make Financial reporting efficient and useful to the appropriate people at the appropriate level.
For example, the A/R department benefits from updated information on a customer’s history where the customer is in the payment cycle. This data is available at the time they need it, providing the required insight that helps direct decision making.
Efficiency and Usability
Dashboards and reporting capabilities enable finance teams to make informed business decisions that makes both the bottom line and the customers better off.
The finance team must make proper use of technology in order to serve internal and external stakeholders of the firm.
The right financial management software provides automated services that streamlines processes, such as recurring billing and electronic payments.
An “accountingTODAY” article on emerging technologies and accountants notes, “The expectation of tech assistance is at a heightened level, which is then transferred to the business environment. As a result, employees, customers, clients, and business partners are expecting more. As we know from a number of high-profile organizations that are no longer here, business customers also vote with their wallets.”
SMBs can Compete
SMB financial teams can compete with larger organizations with more resources provided, the finance team chooses the right ERP system.
Still, there are many SMBs who still go for the manual route. This exposes to various hurdles and make them prone to errors including violations of laws, regulations, and industry standards, leading to inefficiency and loss.
Implementing modern financial management systems to keep up with current statutes and industry standards, improve accuracy, and to ensure comprehensive service make SMBs succeed.
Success Comes with Embracing Technology
Technology is to be embraced as the pathway to business growth and longevity. Modern technology helps financial teams identify business challenges and new business opportunities, help in cost management, and increase customer satisfaction.
For financial teams looking to implement financial management software options, Acumatica’s comprehensive and fully integrated cloud ERP solution with Acumatica Financial Management software is the best choice.