by Chris Bayne CEO
Do your business systems talk to each other? Are you able to get a view of where your company is at right now?
The way CFO’s, IT managers, and businesses are approaching business systems is changing. They’re now looking at solutions that will integrate with all systems across the company and bring real-time reporting, increased efficiency, and help to simplify processes and save money. Finance directors are no longer viewing the accounting function in isolation, but are looking to deliver wider company and efficiency benefits through employee empowerment. By selecting a joined-up system CFO’s can use software to ‘enable’ the business as opposed to control it.
It used to be the case that companies would have an individual software package for each key function within their business. This inevitably led to a spread of information, a lot of data-rekeying and, due to the time it takes to gather information and compile reports using these systems, reporting data would often be out of date, potentially hindering business decisions.
An enterprise-wide solution can link up finance, CRM, human resources, payroll and manufacturing allowing all departments to access information so they can see what’s happening in the business.
If you have your business information centrally located it eliminates the need for rekeying data, saving time and resources, while reducing manpower costs. By entering information just once the potential for human error is greatly reduced. The information flows through the different systems, providing consistent and accurate data. It’s important that a business has reliable information that can be easily viewed and analysed.
By having access to a constant flow of real-time business information you’re able to manage KPI’s, conduct analysis and be alerted to any issues or opportunities that may impact operations, profitability and sales. The flow of information in and out of the finance system can be tailored, and by setting up different views for different people throughout the organisation it’s possible to present the information in the most appropriate way depending on someone’s job role and responsibility.
If you extend the use of your central financial systems into every area of the business, all of the information entered or maintained by workers, whether remote or office based, can be captured, validated and then integrated with the core business data.
It’s possible to make quick decisions and respond to changes not only in terms of an organisation’s financial position but also the opportunity to see which customers, products and services are most profitable, where efficiency can be improved, and the status of current orders.
Joined up enterprise-wide technology puts your business in a position where you can make the most of the opportunities available and provides the ability to get a view of the whole organisation, not just one department or process.
Chris Bayne is CEO of Access UK & Ireland
