Imagine if your financial team and the rest of your organization developed a true synergistic partnership. What if your financial team used their expertise to provide impactful business analytics, deliver clear plans and forecasts and give your business and department leaders the agility to adapt operations and processes that ultimately improved your bottom line?
The role of a financial team is to create and verify financial reporting and information and make that data relevant and useful to the rest of the organization. Ideally, the financial team within a company should help department leaders connect their goals and activities with the company’s financial results. In reality, this rarely happens.
Financial information seems to be a foreign language that only accountants speak and understand. Generally, accountants lack the time and resources to enrol “non-financial” team members in the intricacies of the financial information. In order for the work of the financial team to positively affect and inform your business’ operations, they must learn how to translate financial management information in a way that it can be understood and applied by everyone in an organization. Acumatica’s ERP software provides specific tools and resources to empower your financial team to be valued contributors to your organization’s operations and processes. By automating tasks, Acumatica frees up accountants’ time and gives them opportunities to educate and support to your department leaders and staff on tactical changes which will improve the business’ bottom line.
With Acumatica’s ERP system and financial management software, many traditional accounting chores are reduced or eliminated. Acumatica does this by automating many of their tasks which frees accountants to spend more time on education and communication to the rest of your organization. For example, automated workflows and approval limits for invoice approval can be set up within the application – taking one more thing off an accountant’s long list of daily tasks. In order to improve communication and education about finances across your organization, the first step is having a centralized, consistent view of financial information – and automated systems to free up your financial team’s time.
As employees move up the ladder of your company, they are expected to understand and interact with information. However, many of these individuals are not “financial people” by trait. Even though they are succeeding in the company, they’re rarely provided training on basic financial concepts – never mind the specific financial management considerations that are relevant to the business.
It’s impossible for the leaders in your company to impact financial results they don’t understand. By utilizing Acumatica ERP software, your financial team will provide department leaders better insights and information to educate and equip them for better changes in their departments and show them how to apply the financial information to their management. One way you can implement education is by having members of the financial team facilitate training session to your management and staff on topics like revenue recognition and expense reporting.
Accounting is a foreign language to most people in business. Few people can speak or understand the language of GAAP (generally accepted accounting principles). To maintain relevance in today’s organizations, it’s up to accountants and their leaders to shift their primary focus from back-office rule-following to front-office communication.
Rather than spending all of their time creating, entering and reconciling repetitive transactions, today’s accountants need to be partners with department leaders. Accountants’ new role is in planning, analyzing and interpreting results for better decision making and operational processes – in every department. This requires the support of financial management software, such as Acumatica cloud ERP. With Acumatica’s ERP cloud computing system in place, your financial team will have time to support your business. For example, your financial team can support your sales team by showing them who to use integrated CRM and accounting information to monitor credit holds and outstanding customer balances from their own customized screens.
Your financial team is a huge asset to you and whole team, but they are often burdened by repetitive tasks and a heavy workload. With the help of the right automated system, you can eliminate some of the drudgery that keeps them from having an even greater impact on your organization. Think about how your accountants can support your non-accounting team members by helping them understand some of the information they create and making financial information practical and tactical. The result is a bridge between accounting and every other organizational department which ultimately leads to streamlined processes and a more profitable business.
Need more information on the software? Check out the overview of Acumatica Financial Management.
Have any questions about Acumatica’s cloud ERP software, financial management software, or want to request a demonstration? Contact our team. Remember, the company you choose to implement your software dictates the success or failure of your software investment, at Aqurus we’re passionate about providing superior ERP solutions and support.