4 key financial management software benefits

2: Simplify and automate financial processes

The best financial management platforms on the market support advanced features for greater visibility and insight as well as cloud connectivity for access anytime, anywhere. These systems deliver sophisticated financial management capability and automated workflows that take management and reporting activities to a higher level.

Streamline expense management

Manual expense management creates time-consuming tasks for workers, managers, and finance teams. A modern financial management system simplifies the process of completing and submitting expense reports by employees and reduces the time that the finance department spends to reconcile and approve them.

Tip

Get more from your data. The embedded AI and machine learning inside top-tier financial platforms brings business intelligence to business transactions.

Monitor and manage transactions

A financial management system’s cash and bank management functionality simplifies the maintenance of a company’s bank accounts as well as the financial instruments associated with those bank accounts—such as deposit slips, checks, bills of exchange, and promissory notes—and streamlines bank statement reconciliation.

Take control of costs

Cost accounting capabilities built into advanced financial management software allow a company’s management team to capture and evaluate all of the fixed and variable costs associated with production. That adds tremendous flexibility and simplicity to the cost accounting process, enabling the team to see deviations from established standards and make adjustments to help control costs going forward.

The most advanced systems allow users to import data from multiple financial data repositories—across entities and currencies—to get a truly global view of a company’s financial standing.

3: Increase visibility across the organization

With financial management capabilities integrated into your ERP system, business leaders and managers can access valuable data from across the organization to improve the accuracy of budgets, reports, and forecasts. That makes it easier for everyone to assess the impact that financial decisions have on operations and vice versa.

Get a better view of where you stand

Best-in-class financial management systems include business intelligence tools that present comprehensive, customizable dashboards for a comprehensive look at a company’s financial standing as well as access to related financial reports and the ability to drill down to line-item details for a close examination of underlying transaction data. Finance and management professionals gain real-time visibility to key metrics and highly accurate reports that drive better business decisions.

Tip

When evaluating financial management platforms, look for one that’s at least as global as your company. Choose a system that’s capable of supporting the regulatory requirements of all the countries where you operate.

Gain a global perspective

For multinational organizations, a sophisticated financial management system enables finance professionals to quickly adapt to changing local and global financial requirements and manage frequently changing national and regional tax, regulatory, and reporting requirements to ensure compliance and reduce risk.

Using the cloud, modern financial management systems enable authorized personnel throughout the company and around the world to view, analyze, and update key data and metrics in real time anywhere and from any device.

Drive innovation with a modern financial management system

With a modern cloud-connected financial management system in place, your organization gains deep visibility into the financial health of your business and improved financial performance. By automating financial operations, you enable your finance teams to spend less time on manual processes and instead focus their energy on strategies that move your business forward.