If you struggle to manage your cash flow process or spend too much time on manual and duplicative work, it might be time for you to take a hard look at how your existing financial system may be making things more difficult than they need to be. Debts, late payments, profitability challenges or lack of control over credit – all these are caused by mismanagement of cash flow and lack of proper financial insight.
However, you can bring some consistency across your enterprise and save time and money by using a comprehensive Business Management Solution to take care of all your financial needs.
Let’s break down the benefits of what a BMS can deliver, so you can think about where it might help what’s causing you the most trouble:
Creating a ‘one-stop-shop’ for data
Imagine how easy and simple it would become to manage your company’s overall performance, if you could get all your financial data online, from a single dashboard, without any human interference. Finance departments need quicker access to data to make quick decisions and complete tasks. By integrating all data sources into one central source of record with the help of a Business Management Solution, employees can find everything they need, whenever and wherever they need it.
All your numbers, without spreadsheets
Spreadsheets are time-consuming and full of reporting errors. Various studies report that as many as 88% of spreadsheets contain mistakes, with the majority of them being human errors that could have been completely avoided. A BMS allows you to step away from the error-prone world of spreadsheets and manual documentation and migrate to an automated system. Doing so will reduce errors and streamline your workflow to give your staff a consistent input of purchase requisitions etc.
Shedding your old data
What use is data if it is not current or detailed enough for decision-making? Old data can lead to loss-making business decisions as they are not based on real business conditions. Automating your financial metrics such as cash flow, ROI (Return on investment) and earning per share will give you the real picture of your company’s financial health, thereby saving you both time and money.
Develop solutions to problems that haven’t arisen yet – but likely will
Running a business has its ups and downs, but you can make it a smooth ride with the help of predictive analysis. Using intelligent, business insights will help you to perform efficiently and take decisions when it comes to ‘what-if’ scenarios. It will also help you to manage future contingencies in case your financial or business condition changes.
As organizations grow, financial consolidation becomes more complex, and this is when you need a business management system the most. An easy to use and scalable Business Management Solution will improve your financial decision-making capabilities and support your business growth by helping you to automate, collaborate and analyze all your financial data, across the enterprise.