If your financial management team has shied away from embracing modern technology, they may be limiting your business’ growth and longevity. Modern technology helps financial teams identify business challenges and new business opportunities, aid in cost management and increase customer satisfaction. Those who lag may never catch up. With this in mind, it’s clear that finding the right accounting software solution for your business is critical. So, we’ve summarized three of the top articles we’ve seen on why it matters, what to look for in ERP financial reporting and what makes Acumatica stand out from other ERP systems.
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3 Reasons Your Financial Team Needs an Accounting Software Solution
Financial management is no longer a paper-based manual process. Navigating a digital economy and making rapid decisions based on real-time data is the new norm and businesses of all sizes need to get on board if they want to thrive. Here are three reasons that technology, like ERP accounting software, can make it happen.
1. Reporting, Dashboards & Data Analysis
Tools like automated financial reporting and analytic tools are a must-have for modern businesses. Financial management software, with key performance indicators, give business-owners instant insight into the health of their organization. This can be forecasting sales, avoiding inventory shortages, finding the best price points and much more.
2. Efficiency & Usability
The right accounting software solution provides automated services that streamline processes, such as recurring billing and electronic payments. Users not only appreciate the efficiency and usability of these features, but they’ve also come to expect them.
3. Making SMBs Key Competitors
Your business’ success hinges on having access to data and the ability to use that information to make fast, informed decisions. With the right ERP system and financial reporting software, SMB financial teams can compete with organizations that have bigger budgets and more resources at their disposal.
Top ERP Software Requirements for Financial Teams
Financial teams everywhere have to make responsible financial decisions that increase their company’s bottom line. To succeed in this task, financial teams need a modern ERP accounting software solution. Here are the top requirements your financial team would look for in an ERP software solution:
When selecting an ERP software solution, keep in mind that your finance team would expect their ERP to be fully GAAP-compliant. Most ERP systems include this functionality, but it is still a critical feature to consider. Financial statements must comply with government rules everywhere.
Integrated into ALL Business Processes
Whether you’re in the distribution, manufacturing or construction industries, an ERP must meet everyone’s needs. All users, regardless of their functional role, are connected to finance and need financial features integrated into their business processes. For example, if an engineer completes a purchase requisition, finance should have confidence, the engineer can easily select the correct general ledger account to be charged.
Beyond Basic Accounting
Financial analysts sometimes need to help with other departments’ analytical needs. Business intelligence tools that are robust and can select data from the ERP and other databases are essential here.
Acumatica Receives PCMag’s Editor’s Choice Award for the Best Enterprise Accounting Software
When compared against the top ERP software vendors on the market, Acumatica received the Editor’s Choice Award from PCMag in the enterprise accounting software category. PCMag is the leading authority on technology buying, delivering independent reviews of more than 2,500 products per year. The PCMag’s Editor’s Choice Award, their highest endorsement, is recognized globally as a trusted symbol for buyers and sellers of technology products and services. Their bottom line assessment of Acumatica was, “Acumatica’s intuitive design, enterprise scalability, and flexible pricing model help make Acumatica an excellent choice for enterprise resource planning, general ledger accounting and inventory management.”
PCMag’s List of Acumatica’s Best Features
- On-premise or cloud deployment
- A robust amount of costing methods
- Works on many databases
- Solid reporting
- Non-user-based pricing accommodates growing companies
- The browser-based app makes it easy to use mobile devices
- Navigation is easy
For financial teams researching their financial management software options, Acumatica’s comprehensive and fully integrated cloud ERP solution with their feature-rich Acumatica Financial Management software is the place to start.
Are you interested in learning more about Acumatica’s financial management suite? Check out our What is ERP – Financial Tools blog post!
Are you looking for an ERP software solution in Calgary or Vancouver? Get in touch with the Aqurus team to talk more about Acumatica, our gold-certified implementation process and growth-friendly licensing model!