Why Use Modern Business
Financial Management Systems
What is a Business Financial Management System?
Financial management systems are the software and solutions used by organisations to oversee and control their assets, expenses and income, and are used to maximise revenue and streamline operations. These systems are not only for financial management businesses but are also successfully used in businesses of every size and vertical industry.
Financial management solutions translate complex data into specialised financial reports and automates much of the back-office administration. This saves admin staff, accountants and financial professionals time and effort in their day-to-day tasks. Modern financial management systems like Sage Intacct are cloud-based, providing tremendous benefits for today’s dispersed, remote workforce.
Some of the benefits of a cloud financial management system:
- Financial data can be securely accessed from any place, at any time
- Streamlined invoicing and debtors collection
- Accounting errors are reduced
- Record-keeping duplications are avoided
- Facilitates easier SARS compliancy
- Forecasting and budget planning can be accurately calculated
- Change and growth are accommodated as the solution scales with ease
Why Businesses Need Financial Management Systems
Core Accounting Capabilities
This addresses at the overall financial picture of a business or project, and includes:
- Accounts Payable
- General Ledger
- Accounts Receivable
- Order Management
- Cash Management
- Procurement
Sage Intacct includes configurable additional modules for total financial management, including:
- Fixed Assets
- Inventory Management
- Multi-Entity and Global Consolidations
- Project Accounting
- Revenue Recognition
- Spend Management
- Time & Expense Management
Business Stability and Longevity
The main objective of financial management systems is to safeguard the long-term financial stability of a business.
The success of a business relies on its ability to remain profitable, which is often dependent on how the finances of the business are managed.
Poor financial management can be detrimental to the longevity and stability of a business and its growth.
Because modern financial management systems store all financial records and data on one system, authorised personnel have access to the latest, most accurate figures.
Forecasting and Budgeting
Cloud financial management systems provide robust planning and budgeting capabilities that are easy to use.
With the latest financial data available, budgets and forecasting scenarios can reduce business’s exposure to risk and error.
Sage Intacct, a trusted modern cloud business financial management system, allows for the creation and saving of multiple scenarios within a single budget, allowing decision-makers to predict expenses and profits for the future safely and accurately.
Data Analysis
Modern financial management systems have changed the role of a financial manager as the system handles data and transactions.
Subsequently it presents the financial professional with financial information which they analyse to make informed decisions.
This also helps improve efficiency, productivity, and effectiveness of businesses, and enhances the security of company data and other sensitive information through application and cloud security protocols.
Financial Reports and SARS
Modern financial management systems like Sage Intacct automatically provide financial reports to ensure that businesses stay within the required legislative parameters of trade.
These financial reports are also used by business owners for their own insight into the financial health of the business, as well as to keep investors and financial institutes, and in some cases the public, abreast of the company’s financial status.
Additionally, there are dashboards and reports that help leaders and managers track various departments’, divisions’ and entities’ expenses, budget, income and performance against targets at a glance.
Customisation
When it comes to business operations and systems, there is never a scenario where “one size fits all”.
Sage Intacct allows for extensive configuration so that the system meets your business’s unique financial management needs.
Use T3T, Sage’s top award-winning partner, to configure your business financial management solution to help you get the most out of your solution.
It is Time for Real Results!