A prosperous finance department is often the foundation of a prosperous business. By modernizing your department with an ERP system that meets your needs you can make your company more efficient. By using the finance system’s full potential with ready-made reports and automated processes you can liberate more time for other important issues that will bring your business forward.
Make sure your system meets your needs
An ERP system should simplify your manual business processes and free time for the finance department to be able to focus fully on their core competencies instead of time wasting processes. Furthermore, a modern financial system should be able to coordinate flows of information and give you important insights ahead of important business decisions.
If your current system does not meet these requirements it is most likely time to motivate an investment in a new ERP system. Having a modern system, like NetSuite or JD Edwards EnterpriseOne, that can be adapted to your needs will help you work more efficiently and stay competitive in the market.
Use the full potential of the system
An effective finance department begins with effective processes. Through your financial system you can liberate time for profit generating processes and gain important advantages. By using its full potential you can save both time and resources.
Analyze your data
The ERP and financial system holds a high amount of data that can help you make well-founded and fast business decisions. Business Intelligence (BI) can be found in most modern ERP systems and gathers as well as structures both internal and external data. NetSuite is an example of an ERP system with hundreds of built in BI components like KPI:s and reports, which are all collected in real time from one uniformed database. When using this possibility and working proactively with the information you will remain competitive and can in an effective manner push your business forward.
Automate your processes
When manual processes can be automated the finance department will have more time for other important projects and processes. By automating processes with large volumes and a high rate of manual management you can both save time and secure the quality of your work whilst working more efficiently towards your business goals.
Some examples of processes that can easily be automated with NetSuite and JD Edwards are:
- recurrent invoices
- reminder fees and letters
- bank integrations
Shift focus
An outdated view of the financial department is that its main task is to control different expenses in the company. The modern financial department holds a bigger responsibility than so and its focus now often lies on increasing profits. To remain competitive it is therefore important to keep up with the market’s developments and to prioritize freeing time for profitable processes.
Would you also like to modernize and effectively manage your financial department? We are experts at the ERP systems NetSuite and JD Edwards EnterpriseOne that will help you liberate time for your most important issues. Please feel free to contact us for more information about how we can help your business.
