I recently started a blog series discussing some of the main reasons companies need to implement a new ERP system. (Read reasons #1, #2, #3, and #4 here.) Today, I'll discuss Reason #5.
Reason #5: Reporting is Limited
Even though the role of a CFO may have evolved over the years, financial reporting remains crucial for any CFO’s success. If you don’t have access to pertinent financial information at your fingertips, how do you expect to make sound decisions in a timely manner?
Is your staff forced to export information from your accounting system to Excel to consolidate, sort, and format? Is the time spent on report creation taking your staff away from other income-producing activities? Are human errors causing you to make ineffective decisions? Unfortunately, cumbersome reporting is very common for many SMBs, but it doesn’t have to be.
At BTerrell Group, we strive to help companies eliminate internal business challenges by providing insightful, leading solutions that produce visibility to yield a strategic return. We can say with certainty that the improvements we see again and again as a result of improving business reporting by implementing a cloud solution, such as Intacct, include:
- reduced costs
- increased productivity/realized additional time to devote to other tasks
- enhanced decision-making
- improved data accuracy
(One of our clients reports saving several days a month in calculation and reporting on their commissions structures alone!)
As CFOs, it is our responsibility to ensure we make logical, strategic decisions based on accurate and timely financial information. If we can do that while keeping money in the pocket of business owners, isn’t that our goal? What would these improvements mean to your business?
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