The end of the year is the ideal time for making major decisions for next year. For CFOs in particular it is the best time to analyse the results, make strategic plans, evaluate what worked and what did not , and align the resources with the business objectives.
Some of the most critical questions for CFOs at the end of the year are:
- How can we ensure a better cost control?
- How can we switch our efforts from gathering information and reporting to data analysis?
- How do we make our Financial and Accounting team more efficient?
- How can we ensure a better information consolidation according to different accounting reporting standards?
The ERP solution comes with the right answers to these questions and many more and offer analysis and control tools. An ERP solution enables you in the financial area to track income and expenditure budgets on multiple accounting schemes and to define and analyze the financial indicators, allowing a flexible consolidation of the accounting data according to the organization’s reporting needs.
The budget implementation brings a series of advantages, such as better tracking of expenditures and revenues according to the values planned into each organization’s budget, an easier way of tracking directly from the application, the evolution of a budget by people who have no knowledge about such accounts, the aggregation of accounting information according to various reporting standards and the possibility of limiting the number of expenditures other than those already mentioned in the budget.
Financial indicators, such as activity, liquidity, risk, profitability rate, revenue and expenditure, are a tool of great impact and flexibility, offering the possibility of defining an unlimited number of indicators that can be calculated almost instantaneously, also ensuring a graphic and tabular visualization of information.
In the current economic status, to obtain a competitive advantage, we need a faster access to business analysis, which can be then transformed into business strategic decisions. As CFO, now’s the appropriate time to plan an ERP implementation to ensure the business growth planned for the years to come.
How can you ensure a lean implementation?
- Know your needs, but also the ERP software you want to buy!
To buy an ERP system is as buying a new car: you have to get to know it, test it and understand what it can offer and then you decide if it meets the company’s needs. Before starting the implementation, each technical or functional feature to be implemented or customized into the ERP system needs to be very well documented.
- Get involved both you and your team in the implementation process!
The Financial and Accounting team members will be among the first users to feel the advantages of an ERP system. In order to ensure a smooth implementation, it is why it is crucial to inform the implementation team about your objectives, processes, workflow, deliverables and deadlines.
- Accept the change!
Before you implement an ERP system, you might need to change or adapt the business processes. Some team members might be reluctant to change. This is why you might need to take into consideration a dedicated training for your team, before the ERP system becomes fully functional. The employees need to acknowledge that the ERP system is there to make their job easier and to make them more productive.
- Do Not Hurry and Keep Your Expectations Realistic!
Any ERP implementation can have hiccups and obstacles to overcome. This is why it is crucial to start the implementation process together with a trustworthy team and keep a normal pace to avoid unnecessary problems.
BITSoftware has over 21 years of experience in ERP implementations. Over 200 customers already use our products. We build long-time relationships, we listen to our clients and we deliver the right solutions that help businesses becoming more efficient, more productive and better serve their customers.