As more ERP software is incorporated into the cloud, organisations are acquiring expanded value in their enterprise management systems. ERP software allows your company to facilitate and coordinate with an assortment of big business cloud applications, analytics, inventory and warehouse management tools.
ERP software is invaluable when companies want to collect and transfer data between cloud applications. These can be used to manage vital processes through dashboards.
The advancement in technology is continuously offering business data which is valuable to companies (especially financial teams).
Why should I financial plan?
Financial planning lets senior team members review a company’s current financial state. The process of forecasting the data allows a business to compare their actual figures to the forecast figures. Financial planning uses actual data from your current financial year and analyses it, creating a number of different outcomes.
The use of ERP software makes financial forecasting easier as it ensures that the data gathered is accurate.
Take away the stress
Without ERP software, data gathering would be a mundane and laborious task for a financial team which will then take away from the primary focus of the plan – which is forecast. Due to the amount of data that has to be analysed, human error may also come into play. A bespoke ERP system can be created to record and forecast data instantly and also configure the data into financial planning models.
Automate to save
A successful business will be able to successfully and accurately manage its financial data. Ultimately, using an ERP system will reduce costs. This is through the system streamlining the financial planning process and – like before – doing so accurately. The automation of these processes will result in valuable insights which then allow for efficient management decisions to be made.
Users are able to gain a comprehensive view of their business which in turn provides insights that would have otherwise been missed. This is because ERP software concentrates overall business and financial data.
Complete accuracy
One of the most important factors in a successful business is its ability to successfully and accurately manage its financial data. ERP financial management software helps to streamline your processes, increase accuracy, and reduce costs. When financial processes are automated, analytics offers valued insight and management decisions efficiently made.
Additionally, ERP software is used to prevent errors in accounts and observe company activity.
Adhere to regulations
Financial teams put reliance on ERP systems in order to comply with government regulations. The regulations surround data, operations and transparency. ERP systems can integrate with important back-end information systems. This information could be order management, shipping or even manufacturing.
ERP software ensures the meeting of various safety and financial regulation. They systems can even be customised which allows companies to be alerted of recalls and unusual financial spending.
Monitoring data real time then allows financial teams to ensure efficiency. Due to the cloud feature, this can be accessed anywhere at anytime.
ERP software is therefore a great tool for financial planning professionals. It can be utilised in their daily job. The alignment of forecast data versus actual data using an ERP system allows the sharing of information throughout the business. On top of that, it ensures that government regulations are adhered to. The streamlining of financial management that ERP software does ensures businesses can stay on top of all their financial back office runnings.
At Cofficient, we are ERP experts. To start your journey, contact us today.
