Over the last several years, countless businesses have transitioned away from legacy financial management solutions in favor of dynamic, cloud-based enterprise resource planning (ERP) software. This shift comes as no surprise as the latter option offers a multitude of benefits that cannot be obtained from antiquated on-premises solutions.
If your organization has been exploring ways to enhance its financial management capabilities, cloud ERP software offers the ideal solution. By deploying cloud ERP software, your organization can:
Enhance Data Visibility and Transparency
Frequently, on-premises solutions are unable to effectively share information. Many of these aging applications don’t communicate at all. As a result of this lack of communication, data silos are formed. Put simply — not everyone has access to the same information.
Conversely, cloud ERP software facilitates the seamless sharing of information between your organization’s various financial management applications. This sharing increases organizational transparency and ensures that all authorized parties have access to the most up-to-date information.
Improving data visibility and transparency will allow various departments to collaborate more effectively. Ultimately, this will improve productivity and help the company achieve important business goals.
Without cloud ERP software, financial management personnel will have to perform a significant number of manual data entry tasks. Manual data entry is not only extremely inefficient, but it also increases the chances of human error.
Even seemingly small errors can have a major impact on accounting processes. If these errors go unnoticed for an extended period of time, they can negatively affect the accuracy of forecasting efforts and market assessment reports.
Fortunately, cloud ERP software can help businesses avoid costly data entry errors. ERP software accomplishes this by facilitating the automation of many redundant data entry processes.
Reducing the frequency of data entry errors will increase the accuracy of various financial reporting efforts. It will also help the company avoid any headaches when filing quarterly or annual tax documents.
Access Comprehensive Reports
When you integrate a cloud ERP solution into your organization’s suite of software solutions, you will gain the ability to generate comprehensive financial reports. You can create cash flow estimates, generate market forecasts, and gain valuable industry insights.
These reports will guide business decision-making and allow you to more effectively leverage the massive amounts of financial data that you collect.
Automate Redundant Processes
When your various applications and software solutions are encumbered by data silos, it is difficult to leverage automation. ERP software removes this barrier to automation by eliminating data silos.
Once these silos are removed, you can automate many different workflows, even if they cross between multiple applications. Automating workflows will increase business efficiency and help you avoid the aforementioned data entry errors. Workflow automation is also a great cost-saving move.
Reduce the Workload on Staff Members
Implementing ERP software will reduce the workload on your financial management personnel. These professionals will be able to spend less time on redundant, tedious processes. Instead, they can devote their talents to completing dynamic tasks and working on high-priority business objectives.
Reducing your staff’s workload will not only allow them to be more productive, but it can boost morale as well. In turn, higher morale will lead to reduced turnover and attrition rates. As you can see, the benefits of implementing ERP software go far beyond just improving organizational efficiency.
Optimize Control over Confidential Data
One of the key tenets of financial management is data security. Financial data is sensitive and must be treated as such, especially in light of the fact that cyberattacks are increasingly common.
While there are many ways to improve your control over confidential financial data, implementing cloud-based ERP software is one of the best solutions. ERP software will give you the ability to restrict access to financial data so that unauthorized individuals cannot view important records.
How Your Company Can Reap the Financial Management Benefits of Cloud ERP Software
Do you want to experience the financial management benefits of cloud ERP software? If so, then it is vital that you select the right cloud ERP solution. That solution is Acumatica ERP software.
Built in the cloud to provide flexible and robust financial management, Acumatica makes it easy for businesses of all sizes and industries to handle an increasingly complex and decentralized environment with ease. Providing ease of use and easy implementation for smaller companies, robust functionality for larger players, and compliance for highly regulated firms, Acumatica Financial Management is flexible enough to deliver whatever you need.
Whether you’re in need of a straightforward financial management implementation or are looking to extend this product into distribution, manufacturing, field service, or more, it pays to work with a partner who has the skills, expertise, and proven success to make it work for you.
Too often, businesses will find the perfect product, only for the implementation project to fall apart or fail to return the expected value. Why? Because the partner was not a fit for your unique business needs.
As a Gold Certified Acumatica Partner, the Cloud 9 ERP Solutions Team has configured and implemented this cloud ERP solution for companies like yours. View our Acumatica Demo Videos or contact us today!
Additional Financial Management Resources