The role of professional Finance Director has evolved considerably over recent years. The CFO now takes a leading role in strategy development, decision making and organisational transformation. Success here is celebrated and those who have not yet caught up are advised to do just that. Here are some of the reasons ….
Why Business Needs a Strong Finance Function
- Monitoring and measuring financial information is vital for keeping tabs on business success
- Global investors, lenders and regulators expect to deal with a professional CFO and finance team
- The sheer diversity and number of global governance and regulatory changes e.g. the widespread adoption of International Financial Reporting Standards
Companies are now under pressure to produce accurate financial figures faster and more often than ever before. As a result, enterprises now need departments which can guarantee smooth, efficient, and reliable financial operations as well as integrated and reliable reporting. To do this they need help.
Technology Has the Answer
Thank goodness for advances in technology which have delivered new capacity and capabilities into the hands of those who need it. Compliance, reporting and streamlining business processes are just part of the story – in addition there is the opportunity to be at the forefront of digital leadership – drilling down into company data to provide valuable insights for future products, services and even business models – laying the foundations for future success.
Choosing the Right Platform
We favour SAP Business ByDesign, a cloud ERP solution which provides sophisticated and automated financial processes. Here are 10 Key financial capabilities of SAP ByD – shortly to be offered as an exciting new stand-alone product for companies looking to step up their finance function quickly. Only from In Cloud Solutions! Do get in contact here if you would like to know more!
10 Key Financial Capabilities of SAP Business ByDesign
- SAP Business ByDesign gives you a single view of company financials by integrating core business processes with financial performance.
- Meet global reporting standards – like the International Financial Reporting Standard (IFRS) and the International Accounting Standard (IAS).
- Experience accelerated period-end closing processes
- Get more efficient management of payables, receivables, inventory, and liquidity.
- Accurately forecast cash flow by incorporating data from customer- and supplier-facing business processes.
- Gain better control over cash availability.
- Real-time analytics for better management decisions.
- Provide stakeholders with reports via enhanced reporting tools.
- Manage general ledger accounts for multiple operating units.
- Transparent Audit Trail
Watch this video on Cash and Liquidity management in SAP Business ByDesign for a look and feel of how it works…