Financial departments and their CFOs increasingly participate in the strategic decisions of companies, ceasing to be merely operational. Thanks to digital transformation, organizations have appropriate tools, such as ERPs, to support chief administrative and financial officers, offering them competitive advantages when performing their duties. These are the 5 benefits that an ERP brings to a CFO.
1. Organization Overview
Business management systems help to comprehensively manage companies and to have a general vision of the organization at all times. Thanks to the amount of information that these ERPs collect on a day-to-day basis and the unification of all the data in intuitive and efficient dashboards, the CFO can quickly and easily consult the pertinent information. In this manner, decision-making becomes a more accurate task, daily activities and tasks are simplified and an exact record of transactions, expenses, income, etc. can be kept, thus allowing the CFO to become much more efficient and organized.
2. Integration With Other Departments
As we have said before, for CFOs to have an overview of the organization and make strategic decisions for the company, they must be able to access information from all departments. ERPs keep all areas of the company integrated and aligned in an orderly manner to carry out systematized and efficient management.
3. Analytical Accounting
ERPs not only grant you full control over the company’s financial status, but they also provide analytical accounting tools designed to shape the company’s global strategy. Thanks to the use of tools such as machine learning, ERPs collect the company’s data and perform predictive analysis of the data that will offer the company a competitive advantage, not only from a strategic point of view but also when it comes to reducing costs and eliminating unnecessary processes.
4. Working With Different Currencies
Nowadays, in such a globalized world, companies need to be flexible and able to work with different currencies. ERPs are responsible for handling financial information in different currencies, eliminating human error. In this manner, the company can be more competitive.
5. Savings In Time and Money
One of the great benefits of business management systems is how time and money can be saved thanks to the automation of processes. For the CFO, this is a great advantage because day-to-day administrative financial tasks will no longer hamper the productivity of the team, which can focus on more relevant activities. With an ERP, less time is wasted on repetitive tasks, fewer human errors are made, and compliance cycles are reduced.
THE ERP AND THE NEW PARADIGM OF THE CFO
The paradigm shift in the figure of the CFO has created a demand for technological tools in accordance with the demands of the CFO’s position. This is where Enterprise Resource Planning (ERP) comes into play, as it helps the functions of the CFO to focus on the analysis and creation of the company’s strategy and avoid time and money being spent on minor tasks.
At Dynamic365partners, we absolutely must recommend the Dynamics 365 Business Central finance module, as it is an essential application that will help CFOs lead change in their companies. We not only advise you and address your concerns regarding the product, but we can also put you in contact with the partner that best suits the needs of your business and knows the business sector in which your company operates. We help you in three easy steps! Contact us today.
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