Article

5 reasons to revisit your financial management solution

A powerful financial solution is at the core of every successful organisation, underpinning the effective management of assets, income and expenses to deliver strong results. But that solution becomes even more critical during times of crisis.

One third of finance and accounting professionals say they are now under more pressure to provide an accurate picture of business performance because of the pandemic, according to a BlackLine survey across seven countries, including Australia.

Whether you’re under pressure to steer your organisation through the crisis or to help your business to grow, you need the right tools. Here are five reasons to consider a new financial management solution.

1. You need a robust solution for crisis management

To survive a crisis and then thrive in a recovery, you need visibility of financial data right across your organisation. And that data needs to be accurate and available in real time, so you can make rapid, informed decisions in today’s volatile environment.

However, only 29 per cent of finance and accounting professionals are confident that the financial data they use for analysis and forecasting is accurate, according to the BlackLine survey. If data accuracy is becoming a growing concern for you, it could be time to investigate alternative finance solutions.

2. You want to eliminate the cost of making wrong decisions

Making the wrong decision will always come at a cost, whether it’s a lost business opportunity, a switch to a less reliable supplier or a bad investment.

But with access to accurate real-time data from across your organisation, you can mitigate the risk of making ill-informed decisions – or being too slow to act. And that requires a fully integrated finance solution.

From accounts payable and receivable, to your field teams’ expenses and the outer reaches of your supply chain, an integrated solution will give you real-time visibility, workflow and audit trails of financial data from right across your organisation.

3. Your organisation needs to reduce operational costs and scale

Although accurate data is the foundation of good decision-making, your finance system should also offer the tools you need to easily identify trends and anomalies, and act on them quickly.

For example, most finance teams are under pressure to reduce operational costs. A good finance solution can help you achieve this with powerful reporting and business analytics. The latter can provide actionable insights via dashboards with data visualisations, along with the ability to drill down to source data, such as a single transaction. What’s more, dashboards can be customised, providing relevant insights to every team member.

Does your organisation need to scale quickly? If your finance solution is available in a Software as a Service (SaaS) environment, you can scale usage across new branches quickly. Well-designed finance software can be easily configured to meet your changing needs – without having to pay for costly customisations.

4. Digitisation is no longer the exception; it’s the standard

From meal delivery apps to video-conferencing tools, the pandemic forced us to use digital services like never before – and there’s no going back. Consumers, business customers, suppliers and employees now expect the convenience and efficiency of online services 24/7.

Any organisation that doesn’t embrace digitisation risks being left behind. That should include the engine room of your organisation – your financial management system.

For example, a good enterprise resource planning (ERP) system can reach every part of your organisation. If it’s a SaaS ERP solution that mimics consumer-like app experiences, it will take the complexity out of everyday tasks, ranging from submitting expenses to departmental reconciliations with automated workflows and built-in collaboration tools. What’s more, you’ll be able to access enterprise data from any device, anywhere, at any time.

5. Customers expect superior service wherever they are

Your customer's experience in dealing and interacting with them can positively contribute to your business's future success and growth. The ease of conducting business also applies within the public sector, as citizens' expectations for exceptional service delivery have also intensified.

From flexible billing, invoicing and payments to easy-to-use self-service portals, a modern financial management solution can transform your customers’ experiences – allowing them to interact with your organisation from anywhere.

And with the tools and data you need to make fast, informed decisions, you’ll be able to keep up with their expectations and deliver superior services.

Publish date

17 May 2021

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