Financial Management Systems to Help Businesses Weather Economic Challenges
Your financial management systems can help you overcome the economic challenges this year has brought to all businesses. The year started out shaky but looked promising, and now with the current COVID-19 crisis and entire countries shutting down, all businesses will experience some impact, good or bad, from the situation.
Saving time and money has always been a business goal, but now it is essential if businesses are to continue growing in the face of global challenges. The right software can add support and systems to ease tasks and enable you to deploy resources efficiently.
To help your business face and overcome today’s unprecedented challenges, it’s time to turn to financial management systems such as Acumatica or Sage ERP to help you better manage your business. With the right data and tools at hand, you’ll have the facts to make better decisions.
Embrace Automation for Growth
Automation can help your company scale rapidly as it grows. Automating manual processes, for example, can help you make better use of personnel by reducing their workload and tackling repetitive tasks. This frees up their time for more creative tasks.
Data and analytics offer an excellent opportunity to gain valuable business insights, but many companies fail to take advantage of the resources within their existing systems. Automating the production of monthly and quarterly reports shifts the focus from producing such reports to interpreting and using the data to drive growth.
Consider which departments or teams can benefit the most from automation. Many simple tasks, such as sending invoices to customers, alerting team members when they’re approaching a budget threshold, and similar tasks can be automated using features in your ERP software. Once they are set up, these tasks shave time off the day, leaving more time for accounting and finance staff to handle complex needs. It’s a smart use of financial management systems that incorporate automation features.
Integrate Financial Management Systems
Financial management systems that integrate with other key software such as CRM systems offer added bonuses. The shared data improves data and analytics reports to enhance decision making. It saves time and prevents errors by removing steps like importing data from other systems to run reports.
Some systems only integrate with software produced by the same manufacturer, but others offer great integration with business productivity software such as Microsoft Office, Google products, etc. Check with your software vendor or choose products that encourage third-party applications to make integrating your financial management systems easier.
Integrated solutions offer a cost-effective strategy when managing new technology. For example, an integrated solution can:
- Give businesses more choices in the software they use, enabling them to add or subtract software as needed to create the best tech platform for their needs
- Bring different databases and applications together under the same platform so you can create a single view across the business
- Engage with customers, supply chain vendors, and others using automation and other technology tools
- Provide enhanced information to customers about order and stock status and more
Technology offers great tools to save time and money. The right combination of software can make a big difference in how your operation runs. A financial management system offers the base from which to add other systems and software that will help human resources, sales, marketing, inventory, and warehouse personnel do their jobs faster, better, and more efficiently.
For help choosing the right combination of software for your business, speak with someone from Mindover Software, one of the nation’s top ERP partners. Mindover Software provides consulting, sales, training and support for ERP, CRM, and other software. For more information, contact us or call 512-990-3994.