• Do you struggle to get financial information fast enough?
• Do you feel pressured by heightened economic uncertainty?
• Are you needing to manage a growing number of transactions?
• Are you faced with growing internal or external regulatory oversight?
• Do you need to simplify your risk and compliance processes?

If you answered yes to any of these questions, you aren’t alone!  These are the top challenges that finance departments face according to a recent Aberdeen Group research study.

Through their research, the Aberdeen Group identified five strategies that best-in-class organizations can employ to transform their financial management.  These strategies include:

Conducting assessments of internal financial processes and technology capabilities – this can often lead to changes in technology.

Automating operations, finance and controls – this links all systems and processes together to ensure that all steps are followed correctly and can be achieved through adding or updating technology, like implementing a new ERP solution.

Enabling access to real-time financial data – this can be achieved through ERP technology solutions that provide a single version of the truth that is constantly being updated.

Reducing the amount of customization to business processes – this will promote the likelihood of the processes being followed correctly and can be assisted by setting up workflows and best-practice templates in a financial management system.

Incorporating best practices for risk and compliance across the entire business – similar to the previous item, this can be achieved through an end-to-end technology solution like an ERP system.

Have you noticed the trend?  All of the best strategies for transforming your organization’s financial management point to technology changes – all of which would be covered by the implementation of an ERP solution like Microsoft Dynamics GP or Microsoft Dynamics NAV.

Find out what it would cost to start using a Microsoft Dynamics ERP solution to transform your financial management by getting a Quick Quote now!

By Socius, a Microsoft Dynamics ERP Partner in Ohio

February 8, 2014 by Velosio

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Tags: ERP Partner Ohio, Microsoft Dynamics ERP Partner Ohio
Posted in ERP Software Information, Finance Department Tips & Tricks, Financial Reporting | Comments Off on Five Keys to Better Business Financial Management

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