4 ways accounting software helps FDs
1. Integration: integrating back office finance with payroll and front office systems isn’t anything new. But it’s worth exploring what other niche processes can be integrated into the finance system as well. Any process that has to be repeated on an ongoing basis is a prime candidate for automation. And today it can be more cost effective than you think, particularly with workflow systems which can recreate most business forms electronically so that the business isn’t losing sight of that all-important data.
2. Engaging Non Finance Staff: self-service means that non-finance staff can claim expenses, enter timesheets, raise a purchase request – and manage and report on their budgets. No business should be spending hours rekeying information and equally, finance shouldn’t be the bottleneck when it comes to the business getting reports.
3. Manage non-financial reporting: these days, companies of every size are expected to have some degree of corporate and social responsibility. They also need to be able to report this back to multiple stakeholders, whether internally to the Board, Senior Management Team, Trustees, or externally to customers and Funders.
4. Reviewing business performance in new ways: with the ability to layer BI over your accounting software and data from other business systems you can combine data to uncover issues and missed opportunities within the business. This could lead the finance function and the rest of the business to gain new perspectives and to open up new ways of measuring business success.
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