If you’re a business leader or entrepreneur, this may not be the first day you find your financial data is one of the most difficult things to access, organize and continue tracking without your finance manager.
From time to them, your finance and accounting team utilizes different systems to track different products and segments of your company—most of which don’t speak to each other. Thus, collecting timely data is nearly impossible, and worse, the data that is accessible isn’t catered to the industry-specific needs of your company. Your finance manager has been working tirelessly with spreadsheets to comply with the reports you need every morning, but they reflect the previous period of business performance. And there is a latency in understanding your business transparency and operational efficiency. Do you need a solution that can be set up within 30 days for 2020?
Maybe it is time to look at how you can get the analytical insights real-time whereby your finance and accounting teams have the tools needed to provide you with predictive insights and profitability transparency?
Reporting capabilities
In the accounting module like NetSuite provides, you will have the ability to slice and dice your business to the granularity when you have a query in the big picture of analytical data.
Real-time cost-profitability
By centralizing all of the business data in NetSuite, many companies can perform allocation tracking real-time, understand all the costs for each item they ship out in the last 24 hours.
Data visibility across your organization
An integrated view of your business from financial to business operation is incredibly difficult to provide when you’re tying together disparate data sources in spreadsheets.
Automation and connection to mission-critical platforms
Even just the move to new financial software will reduce spreadsheet usage with opportunities to automate tasks and connect mission-critical platforms, like CRM and inventory management systems.
Improve cash flow
Automated invoicing, accounts- receivable and payable notifications will support efforts of your finance team to improve cash flow.
For more detail on how to effectively moving away from spreadsheets to gain back your instant business insights on your palm, grab a coffee with our experienced consultants at ONE Pacific.
You can also check out this whitepaper to find out “the best ROI to invest in 2020 for improving your finance team’s efficiency.”
Source adapted from https://www.netsuiteblogs.com/more-of-the-same-cfos-are-still-buried-in-spreadsheets