Reasons Why Financial Teams Should Embrace Technology
Nigel LeGresley | May 29, 2019
3 reasons to embrace technology
Financial management is no longer a paper-based, manual process. The time has
passed when financial teams could sift through data and prepare weekly reports.
Navigating a digital economy and making rapid decisions based on real-time data
is the new norm, and businesses of all sizes need to get on board if they want
Here are three reasons technology, such as modern financial management software,
can make it happen.
1. Reporting, dashboards, and data
Modern financial management software provides automated financial reporting and
analytic tools. These tools are a must, as Acumatica Product Marketing Manager
Bob Garofallou notes in a Modern CFO post.
“The ability to make rapid decisions and proactively address problem areas
requires that businesses access and interpret their information quickly, easily,
and in a format that works for them. All businesses are looking at financial
management software with key performance indicators (KPIs) that tell them at a
glance the health of their organization, whether it is forecasting seasonal
sales, avoiding inventory shortages, finding the most profitable price points,
or any host of other business metrics.”
This overrides the days of five or six people working behind the scenes
attempting to extract data and crank out reports. Financial reporting needs to
be served up quickly and efficiently, and it needs to be useful to the
appropriate people at the appropriate level. For example, the A/R department
will benefit from updated information on a customer’s history and where the
customer is in the payment cycle. This data is available at the time they need
it, providing deep insight that will help direct decision making.
2. Efficiency and usability
It’s important for finance teams to understand that finance is customer service.
Serving internal and external stakeholders using technology is key in today’s
marketplace. Dashboards and reporting capabilities allow finance teams to make
informed business decisions that resonate both with the bottom line and with
The right financial management software provides automated services that
streamlines processes, such as recurring billing and electronic payments. Users
not only appreciate the efficiency and usability of these features, they’ve come
to expect them.
An accounting TODAY article on accountants and emerging technologies notes, “The
expectation of tech assistance is at a heightened level, which is then
transferred to the business environment. As a result, employees, customers,
clients, and business partners are expecting more. As we know from a number of
high-profile organizations that are no longer here, business customers also vote
with their wallets.”
3. SMBs can compete
Regardless of size, businesses have the same goal, and that’s to succeed. As
we’ve been discussing, success hinges on having access to data and having the
ability to use that information to make fast, informed decisions. With the right
ERP system and financial management software, SMB financial teams can compete
with much larger organizations, organizations that have bigger budgets and more
resources at their disposal.
Unfortunately, there are many SMBs that are still electing to go the manual
route. This opens them up to inefficient and often error-prone activities,
including violations of laws, regulations, and industry standards.
Relying on technology to keep current with statutes and industry standards, to
improve accuracy, and to ensure comprehensive service helps SMBs succeed.
Financial teams that embrace
technology embrace success
Technology isn’t something to shy away from. Instead, it should be embraced as
the pathway to business growth and longevity. Modern technology helps financial
teams identify business challenges and new business opportunities, aid in cost
management, and increase customer satisfaction—and those who lag behind may
never catch up.
For financial teams researching their financial management software options,
Acumatica’s comprehensive and fully integrated cloud ERP solution with our
feature-rich Acumatica Financial Management software is the place to start.
Questions about Acumatica’s cloud ERP software and demonstration requests can be
directed to our knowledgeable team.