If an organization’s financial management team has shied away from embracing modern technology, they may be limiting their growth and longevity. Acumatica COO/CFO Nigel LeGresley explains.
Financial teams across the globe are tasked with making responsible financial management decisions and increasing their company’s bottom line. To succeed, financial teams need to embrace technology as their new best friend.
3 reasons to embrace technology
Financial management is no longer a paper-based, manual process. The time has passed when financial teams could sift through data and prepare weekly reports. Navigating a digital economy and making rapid decisions based on real-time data is the new norm, and businesses of all sizes need to get on board if they want to thrive.
Here are three reasons technology, such as modern financial management software, can make it happen.
1. Reporting, dashboards, and data analysis
Modern financial management software provides automated financial reporting and analytic tools. These tools are a must, as 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.”
This overrides the days of five or six people working behind the scenes attempting to extract data and crank out reports. Financial reporting needs to be served up quickly and efficiently, and it needs to be useful to the appropriate people at the appropriate level. For example, the A/R department will benefit from updated information on a customer’s history and where the customer is in the payment cycle. This data is available at the time they need it, providing deep insight that will help direct decision making.
2. Efficiency and usability
It’s important for finance teams to understand that finance is customer service. Serving internal and external stakeholders using technology is key in today’s marketplace. Dashboards and reporting capabilities allow finance teams to make informed business decisions that resonate both with the bottom line and with customers.
The right financial management software provides automated services that streamlines processes, such as recurring billing and electronic payments. Users not only appreciate the efficiency and usability of these features, they’ve come to expect them.
An accountingTODAY article on accountants and emerging technologies 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.”
3. SMBs can compete
Regardless of size, businesses have the same goal, and that’s to succeed. As we’ve been discussing, success hinges on having access to data and having the ability to use that information to make fast, informed decisions. With the right ERP system and financial management software, SMB financial teams can compete with much larger organizations, organizations that have bigger budgets and more resources at their disposal.
Unfortunately, there are many SMBs that are still electing to go the manual route. This opens them up to inefficient and often error-prone activities, including violations of laws, regulations, and industry standards.
Relying on technology to keep current with statutes and industry standards, to improve accuracy, and to ensure comprehensive service helps SMBs succeed.
Financial teams that embrace technology embrace success
Technology isn’t something to shy away from. Instead, it should be embraced as the pathway to business growth and longevity. Modern technology helps financial teams identify business challenges and new business opportunities, aid in cost management, and increase customer satisfaction—and those who lag behind may never catch up.
For financial teams researching their financial management software options, Acumatica’s comprehensive and fully integrated cloud ERP solution with our feature-rich Acumatica Financial Management software is the place to start. Questions about Acumatica’s cloud ERP software and demonstration requests can be directed to our knowledgeable team.