Replacing your ERP
system has the potential to positively impact all areas of the business.
Nowhere will the impact be felt, however, more than the finance function. Let’s
look at why.
An ERP solution can support the digital transformation of the finance function in a number of important ways.
#1. Your finance
team will be more efficient
The number one reason to implement an ERP solution for your finance department is to enable them to become more efficient at what they do.
Having all aspects of financial processing, management, analysis and forecasting and reporting in a single system almost always drives process efficiencies and a better quality of data.
When your ERP solution also offers the possibility of introducing process automation to the finance operations, the potential for efficiencies is astronomical.
Freeing your team from the routine, repetitive processing tasks isn’t only good for efficiency. It also gives your team the opportunity to work on more rewarding, value-adding tasks – which is better for the overall business performance as well as finance team morale.
#2. It will be
easier for your finance team to collaborate
A unified ERP solution that spans all aspects of your finance operations will also make it much easier for your finance team to collaborate successfully. When they are all looking at the same data, there are fewer opportunities for error or miscommunication.
Choosing a cloud-based ERP system that supports secure remote working further enhances the capability of your team to collaborate effectively, especially in this age of work from home. Your ERP system should make it easy to ensure everyone has secure access to the systems and information they need, even when working remotely.
#3. Your finance
team can action data-driven decision making
The biggest transformation that a successful ERP implementation will deliver is access to improved financial data and better information and analysis.
A good solution which reduces manual input and provides a single golden record of each contact and transaction will ensure that the data on which any reports or analysis is based is accurate. Further, bringing all data together into a single ERP solution will help to prevent silos – of information and teamworking.
It also ensures you can run analyses in real time, rather than waiting for one system or another to update.
Better data creates a better foundation on which to drive decision making. Further than that, a good ERP solution should also provide intuitive dashboards and flexible reporting so that information can be shared easily throughout the finance team and with other areas of the business – empowering everyone in the business to make better, data-driven decisions.
#4. Your finance
team will be a better partner to the business
When decision making and expenditure is run through finance for approval before anything happens, your finance team can find themselves in the unfortunate position of becoming the brake on innovation. Accountants can become focused on growing margins and increasing profit rather than driving growth.
When your ERP solution takes away the mundane processing work from your finance team and empowers them with better data-driven insights, the finance team can eschew the role of financial gatekeeper for something more positive; they can become a business enabler.
Positive, proactive analysis and reporting on business issues and innovations will help your finance team to become leaders of change and business growth and, ultimately, a better partner to the rest of the business.
How ERP can
transform the finance function
We’ve seen a number of ways in which a successful ERP solution can empower the finance function and aid them in their transformation efforts – streamlining workflows, improving reporting and analysis and freeing them to become a better partner to the business.
Is your current ERP solution up to the job?