6 Ways Cloud ERP Can Empower Your Financial Teams

Running a business is a hard row to hoe, and it certainly keeps you on your toes. One important factor to consider during the growth stage of a company is its ability to provide adequate financial management control. Financial teams are the backbone of any organization. They are responsible for managing and bookkeeping all financial transactions and providing accurate data to other departments to ensure that all company goals and objectives are met. However, they often have limited resources and need to get by with what they have. Financial teams need the right cloud ERP and reliable tools, such as Acumatica integrations for financials, in order to ensure that all operations run smoothly and efficiently. One easiest way to achieve this is by integrating Synoptix software with Acumatica, which can streamline your operations, improve accuracy, and speed up financial reporting processes. The combination of these two tools will give you more flexibility and control over how you do business and manage your finances. If used correctly, Cloud ERP can be a powerful ally for your finance team because it can make them more efficient and effective in their jobs. In addition, using a cloud-based ERP enables them to provide a high level of accuracy while ensuring compliance with all external regulations and internal policies.

1. A single source of truth for your financial data

Financial processes are complex, and keeping up with the ever-changing regulatory environment is impugning for any size business. Yet, many companies still manage their financials manually—a practice that is not only inefficient but prone to error. This can lead to lost revenue, legal and financial compliance issues, and wasted time on manual processes. A cloud-based ERP system can help you overcome these challenges by providing a single source of truth for your financial data. In addition, it eliminates the need to maintain multiple spreadsheets and databases, which usually lead to duplicative efforts and inconsistencies. As finance teams grow more dependent on cloud ERP software, they need to know how to take full advantage of the system’s capabilities. Various worthy tools, such as Acumatica integrations for financials, come in handy to integrate ERP into your existing fiscal processes, providing you with a single view of your organization’s finances. That way, you can spend less time maintaining your financial information and focus more on growing your business.

2. Eliminate Financial Spreadsheets 

Feel like you’re exhausted and drowning in a sea of spreadsheets? A lot of companies use Excel spreadsheets to store their financial data. Alas, this practice is problematic because it makes it difficult to access the information you need at any given time. Moreover, the process requires someone on the accounting or financial team to update those spreadsheets manually. The end result will be more time spent on busy work instead of critical tasks like reporting analytics or investigating issues with vendors or customers. Cloud ERP eliminates the need for spreadsheets by storing your accounts receivable and payable information in one place – which can be hard to track and update.

3. Accurate, On-Demand & Transparent Reporting

Cloud ERP is no longer just a gimmick to record financial data. It has become a platform that can help you analyze your company’s financial health accurately. With capabilities like Acumatica financial reporting, your finance team will no longer have to wait for days or even weeks to see the latest details on sales and inventory. Instead, they can view live data from all the company’s systems in one place and create custom, on-demand financial reports in real time based on specific criteria. These reports help you drill down into each department to note which areas are performing well or poorly and view exhaustive details when looking at a specific area of concern. Moreover, your finance team can also use this data to improve your organization’s financial planning process and make better decisions about budgets and spending.

4. Automate Reconciliations

With automated reconciliations built right into your cloud ERP platform, you can stop manually entering data into various systems, such as accounting and finance. That’s because an integrated data model like Acumatica integrations for financials can sync all information between different systems in real-time. This feature makes it easier for your accounting teams to eliminate manual reconciliation processes, catch errors, and correct them before they affect your bottom line. In addition, users can easily compare account balances from multiple existing systems without manually adding up numbers or reconciling documents. This feature also makes it easier for your accounting teams to catch errors and correct them before they can affect your bottom line. This automation helps prevent costly mistakes that could hold up payments or cause you to fall behind on filings with regulatory agencies like the SEC.

5. Collaborate Better and Efficiently

In today’s business world, collaboration is key to success — especially when it comes to tasks like reconciling accounts receivable balances, preparing financial statements, and creating reports. Many Cloud ERP vendors offer built-in collaboration tools, such as Acumatica financial reporting, that allow your financial team to work together within the same system environment. This means they can share information and collaborate on projects effortlessly with just a few clicks—no more emailing spreadsheets back and forth! In addition, with on-demand access to updated data and real-time collaboration, there’s no need for manual updates or duplicate work.

6. Improve Cash Flow with Accurate Payment Tracking

Regardless of your business size and niche market, it all comes down to your company’s overall cash value and ROI generated. When salespeople take payments from customers in cash or check, it’s hard to track how much money they’ve collected from each customer. Cloud ERP enables your financial team to gain greater visibility into the cash flow of their business and provide accurate data about payment statuses in real-time. That means they can see a complete picture of all payments coming in and going out of their business at any moment. Since you can ensure that payments are made on time, it will help prevent late fees from banks and vendors alike and optimize your cash flow throughout the year. In addition, tracking all the client accounts and payments reduces the likeliness of missing payments or accidentally double-charging someone. It’s especially convenient if your business processes large volumes of credit card transactions because it makes accounting easier and more efficient than ever before.

Takeaway

The cloud is an increasingly popular choice for technology buyers, and it’s easy to see why. With the right cloud ERP system in place, you can have a fully functional financial management solution at your fingertips in no time at all without the need for expensive hardware or extensive training. You can be up and running with a new system within days, giving you more time to focus on what matters most: driving growth in your organization. Are you looking for an Acumatica financial reporting platform to generate complex, real-time financial reports and forecast future growth? Synoptix Software has got it all! To know more, call 866.214.6008.