The past few years have brought about new innovation and tools that have transformed much of the business industry. In July, we saw considerable growth in finance and accounting, including a growing reliance on automation and increased use of cloud-based ERP to deliver better financial reporting and improve efficiency, allowing employees to achieve greater productivity.
Here are the top three trends we saw in July:
Many companies are still struggling to access data easily and continue to try to kick off another planning and budget season in spreadsheets. Year after year, significant time is wasted on the process of collecting data instead of analyzing and understanding data to improve your business. Automation is becoming the holy grail of finance and accounting, reducing manual error and costs of utilizing multiple resources. Automation empowers team members to spend less time sorting through and entering large quantities of data manually and more time interpreting data to gather insights faster.
Clients Need Better Connectivity
The Internet, cloud innovation and remote tools have made financial professionals better able to connect with customers. To keep up with this trend, financial professionals are making themselves readily available to clients through text and instant messaging, screen sharing and video conferencing. This completely changes the game, as they can work with clients who can’t always make it into the office, and it’s more convenient for a busy client. It’s a win-win for both parties.
Preparing for Tomorrow with Modern ERP
Finance teams must be able to prepare for the future quickly and accurately. To inform these decisions, you need to be able to access good data and incorporate it from multiple sources. Rather than a select group of executives spending weeks or months collecting and analyzing data from various sources, ERP solutions allow for data to be continually analyzed behind the scenes, enabling decisions that can be made quickly by everyone, and everyone has access to data. There’s no question why more companies are adopting the latest ERP solutions like NetSuite; they give you a competitive advantage over other organizations, they are flexible to accommodate changing business needs and they streamline business processes to increase overall efficiency.
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