Finances are one of the pillars for the optimal functioning of an organization, and may even be the difference between its success or failure. Financial management, therefore, is an important task of any company to which to pay the utmost attention. Being, as it is, a complex field, which often exceeds the capacity of a person or a team, having a financial ERP is a key success factor for the company as a whole.
software Financial management It facilitates the usual tasks of a financial department, streamlining operations and improving the capacity of the people in the department. It is possible to purchase a financial program exclusively, but the overall company management through modules for each department that are interconnected and share the same information, is a relevant aspect to take into account. Thus, the company’s capacity is increased, reinforcing the level of security, providing consistency in the information, allowing joint action in favor of business objectives, automating tasks with low added value and providing greater agility to work.
The financial part of an ERP, in which everything is connected, offers a series of key benefits for any business:
A financial ERP is characterized by displaying information in a simple way, which helps the people in charge of making decisions to do so based on real and reliable data, in an agile way.
The ability of an ERP, in general, to improve productivity, increase efficiency, save time and offer new capabilities to workers, represents significant exponential cost savings over time.
Decrease in errors
A financial ERP is a tool to plan, organize and automate tasks. In this way, among other things, it is possible to reduce errors and eliminate duplication in an extraordinary way compared to manual processes or disaggregated tools.
Integration with the rest of the company
The capabilities of an enterprise resource planner reinforce the advantages of having a financial ERP. Thus, the integration of finances with processes such as purchases, sales, projects, the supply chain, marketing, human resources or manufacturing improves management, reinforces the work system and shares key information. to promote all areas of the company.
An advanced ERP such as Microsoft Dynamics 365 Business Central allows departments to anticipate, including finance. Artificial intelligence helps prevent future situations (for example, cash flow) and machine learning to plan actions in the face of unforeseen events (for example, deficits).
What is a financial ERP for?
And how is it possible to obtain these benefits mentioned among others? The answer is given by most notable capabilities of a financial ERP.
foreign exchange work
When it is more and more common to work in international markets, the flexibility and adaptation of the financial department is vital. Working with currencies supported by a comprehensive ERP allows you to manage all financial information in different currencies simultaneously with no margin for error.
The ability to generate reports that allow a clear and concise observation of the data that shows the state of the company and its evolution is highly recommended. At the financial level, reports with real and up-to-date data that allow greater control of the company’s resources are especially important.
Focusing work and time on tasks of maximum value is a hallmark of the most competitive companies. The contribution of an ERP in this sense comes in the form of task automation, creation of workflows and process control. Things like collecting data, synchronizing files, generating notifications, automating payments or saving copies can be done without any intervention from the worker.
Having a notification system for important or urgent matters is of special interest in the area that concerns us. A financial ERP warns of maturities, alerts on transactions that do not meet requirements, informs of the credit situation or monitors overdrafts.
With Business Central you can import financial data from entities to get a global view of the company’s financial position. With a view of all fixed and variable costs, the accounting process is simplified, being able to make adjustments that help control costs in the future.