Marketing, be it traditional or digital, has been the prime focus of businesses for decades. The majority of the companies dedicate entire teams and allocate huge budgets to prepare the most powerful marketing strategies. And this approach is perfectly justified. After all, if a business doesn’t appear in front of potential consumers, how will it earn profits?
While this is a fairly common approach, it is not the perfect one.
It is important to understand that corporate success comes after all units of a company do their parts. Even if one of the core departments doesn’t function to its full potential, it will hinder its growth.
One of the biggest mistakes that you, as a business owner, can make is not adding the finance wing into your business growth planning and strategy.
But why, you may wonder? Well, if you analyze the functioning of this department, you will understand how crucial this is for the growth of this business. The finance team not only works to maintain the cash flow of your company but also ensures timely tax filing and, of course, efficient management of payroll.
With so much depending on your finance team, it is a grave mistake not to provide it the tools it needs to function with perfection.
The Right Tools for the Finance Team
Is your finance team still manually entering data on spreadsheets? Is it still spending weeks to prepare for tax filing? Does the entire place turn into a stressed-out zone at the end of the fiscal year? If the answer to all these questions is a yes, it is time you consider revamping the operations by adding some tools.
The world is evolving rapidly, with technology as the biggest driving factor. The only way you can boost your finance team’s performance is through technology. Thanks to the emergence of cloud technology and rapid automation, you have a chance to actually help your team achieve efficiency in all their tasks.
The bottom line here is to accept that your finance unit needs a tech transformation. You need to make automation your goal and eliminate all those time-consuming, tedious tasks. From manually keeping track of the company’s expenditures, ensuring timely tax filing, processing payroll, and giving actionable insights to the company’s executive to make well-informed and data-backed decisions.
A Comprehensive Solution
It is time to revisit your strategy and aim for automation by integrating Artificial Intelligence (AI)-powered systems with Business Intelligence (BI). You need to channel the potential of cloud technology effectively to aid your automation efforts.
The question is, how can you integrate all this into your finance team’s gameplay? You need to make Enterprise Resource Planning (ERP) a part of your company. What is an ERP?
ERP is a management system that streamlines day-to-day business operations, helping a company achieve internal stability. This equips a company with the required data and stability to explore new growth opportunities and transition into a strong competitor in the market. From procurement, inventory management, resource planning and management, supply chain management, and distribution to recruitment, financing, budgeting, and forecasting, an ERP helps track, monitor, and manage end-to-end business operations.
The finance team can easily automate its tedious, exhausting tasks of manually organizing data. When all these tasks are automated, finance professionals can help companies make better decisions. They can introduce new strategies to ensure efficient tax filing and seamless audit processing.
ERPs such as Oracle NetSuite, the world’s most popular cloud-based ERP, can really serve as the game-changer for your business. There is a reason why this ERP has become an integral part of the global corporate sector. You can enjoy amazing benefits by making NetSuite finance and accounts a part of your finance team’s tools.
- You get thorough insights into your company’s financials, thanks to the prebuilt capabilities.
- You can wholly rely on the secure and perfectly encrypted electronic financial transaction between your company customers.
- You can easily keep a close eye on your company’s assets by seamless tracking, management, and reporting.
- You can always be ready to present the financials to the company’s top executives with data accessible easily.
- You can take the stress out of an audit by ensuring compliance with the standards while offering the auditors complete audit trail visibility.
- You can tend to the other important tasks and operations of a business when you have perfectly managed business processes and workflows.
- You can always be informed about your company’s finances through pre-built or customized reports.
These are just a few benefits that you’ll open your business to when you make ERP finance and account systems into your business model.
Benefits of an Automated Finance System
The question is, how will an ERP in the finance department help the rest of the company and contribute to its growth? There is a number of ways a seamlessly operating finance team can benefit the entire company and add to its success.
- A quick closing of deals by business development teams due to the efficiently organized financial data.
- Efficient acquisition of budgets and costs, helping the sales team to strategize more effectively.
- Ability to operate within the budget and effective forecasting for better decisions.
- Top-of-the-line executives stay well-informed about the finances, giving them the grounds to develop plans and strategies for growth and expansion.
- High employee satisfaction with timely processing of payroll.
- Strong market standing by timely filing taxes and short edits.
The Ending Notes
The efficient functioning of your finance department is crucial for the success of your company. You need to be well-informed about your financials before you step into the market. A finance team needs to have access to tools that can aid their efforts to manage the finance operations efficiently. It is not false to state that the finance wing serves as part of a company’s backbone.
To make sure your finance team performs at their best, embrace automation by integrating systems such as Oracle NetSuite into your business model. Partner up with Folio3, an Oracle NetSuite Alliance Partner, to make this happen. This company excels in NetSuite integration, implementation, and customization and will help you extract the most out of your finance unit.