Modernising Finance with SAP Business One
Every business will face disruptive events, be it internal or external. Acquisition and mergers are examples of internal events, while external events refer to a sudden change in market conditions that are beyond control. The finance team plays a crucial role in navigating through these events to help businesses respond swiftly to the changing situation.
The Crucial Role of Finance
Modernising the finance function is essential under normal circumstances. The role of finance is even more crucial when facing disruptive events. Finance needs to oversee controllership function, record transactions, manage the working capital, manage assets, manage taxes, forecast cash flow and prepare required financial reports. Finance leaders need to have a strong understanding of the business drivers, prepare the required insights to the owner of the company – to analyse business risk and capitalise on opportunities.
Key Improvement Areas in Modernising Finance
- Improve Compliance
- Automating Task & Processes
- Better Forecast
- Cost Savings
- Minimise Errors
Streamlining the processes ensures that you fulfil your compliance obligations. With ERP software like SAP Business One, your finance team can minimise risks and ensure that you comply with local regulations.
Automating Task and Processes
One of the key benefits of having an ERP software is the ability to automate monotonous task and processes. This improves accuracy and minimises human errors. The team can also be delegated to other revenue-generating tasks.
All your business data will be stored in one single location, which makes it easy to retrieve and analyse. You can generate reports to make a better forecast that can improve your purchases, resources, warehousing, sales, marketing, promotion and cash flow. Having an ERP software helps you to get a better insight into your business and ultimately to you making better data-driven business decisions.
All the above contribute to cost savings in your business. Improving compliance can save you cost from rectifying errors or even from paying unnecessary fines. Automating tasks and processes increases efficiency and frees your staff from monotonous tasks. You can redelegate the team to do a revenue-generating task. Finally, a better forecast can help you keep optimal inventory, improve cash flow, even unveil new opportunities.
A fully integrated ERP software allows data to flow freely across different functions and departments. You no longer need to send reports in spreadsheets via email. You can easily share reports that are generated within the system with a link. There is also no need for repetitive data entry as the system shares the same source of information. Data integrity is also maintained as there is less likelihood for compromised data or inaccurate data in the system.
To modernise your finance team with SAP Business One, drop us a note or contact us at the below for a detailed consultation.
SAP Business One is an affordable Enterprise Resource Planning (ERP) software designed for small to midsize businesses. As a business management solution, SAP B1 streamlines business processes, provides real-time information, and help boost overall business performance. The solution covers finance, sales, customer relationship, purchasing, procurement, inventory and manufacturing in one centralised system, enabling accurate and precise information retrieval that assist in reporting, forecasting and analysis.
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