10 Essentials of an Effective Financial Management Solution
Managing your company’s financials is the backbone of your business and is vital to the long-term health and viability of your company. Yet attention to your bottom line often takes a back seat during times of increasing revenues and growth. To continue applying the necessary financial rigor to support rapid growth, the accounting department needs the right tools to most efficiently do their job. Without tools to handle the business and regulatory requirements of a high-growth company, accounting staff wastes time on manual and duplicative work while closing the books every month and you may end up hiring extra temporary staff to perform this work.
When spreadsheets and workarounds become the norm for your finance department, you know it’s time to upgrade your financial management solution. Your financial close times and audit preparations take too many weeks to complete and sales that occur on the last day of the quarter often do not get entered into the system, thereby not getting recognized as revenue on time. Critical financial processes such as handling financial consolidation, multi-state and country taxation, and reporting based on multiple currencies become a huge productivity drag on your entire department and are plagued with errors.
Add on regulatory requirements such as revenue recognition and constantly changing accounting standards across countries you’re operating in, and the pressures get compounded. If any of these scenarios sound familiar, it’s time to take a hard look at how your existing business systems may be hurting your bottom line.
In this white paper we outline the following 10 essentials of a complete financial management system;
- Core Financial Management Capabilities
- Support for Governance, Risk, and Compliance (GRC)
- Multi-company and Global Business Management
- Streamlined Order-to-Cash Process
- Integrated Inventory Management, Fulfillment and Shipping
- Complete Procure-to-Pay Process
- Project Accounting and Contacts Management
- Actionable Business Intelligence
- Adaptability to Specific Business Models
- Lot Total Cost of Ownership and Superior Ease of Use
Use this FMS Checklist to audit your internal system and evaluate your strengths and weaknesses against the above 10 criteria.
The Buyers Guide to Financial Management Software
Each chapter of this white paper is dedicated to outlining the detail and intricacies of these 10 essentials. Giving you insight into what a truly effective financial management solution should look like.