Michelle Duffy, Percipient, asks how securing a firm grasp of financials can help businesses to navigate a path forward, even in the most uncertain of times.
The unprecedented effects of the global pandemic we’re all witnessing are reaching far and wide, impacting our personal and business lives and in many cases, blurring the lines between the two. In these times of uncertainty, we’re all looking for a source of reassurance, and organisations across the world have found themselves searching for a secure anchor to hold them steady in a stormy economy.
Navigating Uncertainty
While it might not be the first thing that springs to mind when looking for a source of reassurance, access to the right accounting software can go a long way in navigating uncertain times.
A robust finance system has the ability to provide a firm grasp of the financial information needed to not only safely steer your business through these uncharted waters, but to make the right decisions for the short, medium and longer term.
For some, this might mean pressing pause on commercial activities and focusing on other areas such as supporting the communities they operate within.
Others’ long-term profitability will live or die by the service they deliver in times of crisis, presenting a dichotomy, to exceed customer expectations, typically with fewer staff or resources to deliver on this.
Disparate Systems
For many businesses, a combination of legacy systems and spreadsheets can hinder this visibility. Fragmented processes and systems can stifle the productivity of the finance team, causing them to spend too long on administrative tasks, and where there is a substantial reliance on manual processes, there is a risk of downtime and delays should a team need to self-isolate.
Crucially, an inability to access up-to-date financial information from across the business prevents the organisation from being as efficient as it needs to be, rendering it unable to achieve the levels of agility required to cope with ever-changing markets and economies.
To remedy this, more businesses are investing in centralised finance solutions that span all business processes, automatically amalgamating key financial information from all business departments and functions. The technology has the ability to generate reports on demand, without having to wait for a set date for manual reconciliations to occur, providing a timely, accessible and accurate financial picture of the entire business as and when needed.
Increased visibility
By breaking down departmental silos of information while streamlining inefficient, slow business processes, not only does the right financial solution ensure data integrity and consistency, but it frees up the finance team to focus on more value-add activities, automating routine, repetitive tasks. This enables the finance team to become more agile, more strategic and more timely, furnishing the right people with the right information at the right time, in turn creating a more agile business.
In control
The levels of control afforded by the right accounting software are not to be underestimated, with solutions available to take care of all key accounting processes, manage cash flow, track budgets, and handle all banking and reconciliation tasks within a single, centralised system.
The ability to run a range of reports, tailored to meet the distinct need of the business in question enables improved performance management, too. It’s much easier to compare and contrast the performance of different departments or even business locations when you have internal process commonality, allowing you to address any issues as soon as they arise.
The best solutions out there will grow alongside your business, flexing and scaling to suit your specific demands and ensuring your business isn’t held back by the very systems designed to facilitate business growth. And, with the right system in place, you will get the transparent, in-depth financial information needed to underpin an agile, responsive business, regardless of wider market forces at play or the changing demands of customers, giving you the information you need to make the right decision at the right time.
Contact Percipient
A robust financial management solution can form a solid foundation from which to grow and develop your business, even in the most trying of times. In a world where the only certainty seems to be uncertainty, the in-depth, accurate financial information that the right solution can provide will enable you to steer a steady course, using timely, accurate information to create an agile, responsive business, ready to face head-on any challenges that might come your way.
If you would like to learn how we can help bring certainty to your business, get in touch or call us on 01606 871332.