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Cloud-Based ERP Systems
Collaboration is key in modern finance organizations
Cloud-based ERP solutions can play an important role in allowing today’s CFOs and controllers to collaborate closely to ensure the organization operates at peak efficiency.
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The following are five key issues that can be addressed and facilitated by the right cloud-based ERP solutions.
- How many manual journal entries are you making during the closing process? A large number of manual journal entries needlessly extends the closing period—and can also be a leading indicator of lurking problems, anomalies, and errors that actually have broad, systemic roots. To optimize the closing process and reduce the incidence of manual journal entries, you and your controller can consider implementing a variety of best practices—supported, structured, and automated by cloud-based ERP systems.
- Have you reviewed compliance with local jurisdictions? You have direct role in virtually every transaction flowing through the organization. You play a central role in identifying and minimizing the company’s risk. This is especially critical for growing companies, whose regulatory compliance risks steadily increase in magnitude and quantity over time. Create a risk framework and conduct regular risk reviews to ensure local jurisdiction compliance.
- How long does it take to close the books? What’s holding things up? Strong planning and preparation are essential, as is automation to achieve the desired speed, efficiency, and accuracy without increasing staffing levels. Cloud-based ERP systems enable the accounting and finance team to move beyond merely reporting results and into forward-looking activities that can shape future outcomes.
- Are you still using Excel? The continued use of Excel may reflect some “inertia” or just plain familiarity. Unfortunately, that comfort comes at a price: inherently breakable models, security issues, and lack of shareability. Excel can be a valuable tool for limited purposes, but cloud-based ERP systems are more appropriate for a growing business.
- Can you integrate financial information and operating metrics? Many cloud-based ERP systems support analyses of operating metrics to create a richer, fuller picture of the business. That helps the controller assuming a larger role as the provider of financial visibility—once the domain of financial planning and analysis (FP&A) teams or the CFO.
Want to learn more about Sage Intacct cloud-based ERP systems? Contact us today!