Supporting your financial management processes with spreadsheets and legacy programs will encumber the long-term growth of your manufacturing business. Although you and your employees may consider these solutions to be “adequate,” they do not support real-time decision-making, nor do they provide the same level of insights as modern, cloud-based financial management platforms.
Streamlining your financial management processes with enterprise resource planning (ERP) software can provide your manufacturing business with the distinct competitive advantage it needs, and with the right manufacturing ERP solution in place, you can shed light on critical business functions, better understand your operating and overhead expenses, identify cost-saving opportunities, and replace redundant manual processes with automated workflows.
With all of that being said, cloud-based ERP software solutions will support the following essential financial management processes:
Budgeting
ERP technologies consolidate all of your business and financial data into a single, secure platform. Therefore, using ERP software to support your budgeting processes can provide you with the financial leeway necessary to capitalize on emerging growth opportunities. You can develop a more fine-tuned budget that includes adequate contingencies and safeguards to promote business continuity.
Forecasting
The best ERP software solutions, such as Acumatica ERP, include dynamic forecasting tools that you can use to adequately estimate, prepare, and account for the unknown variables of the future, such as fluctuations in the costs of raw materials and similar shifts in demand.
Integrating these forecasting technologies into your financial management workflows will make your organization more resilient and agile to shifting market conditions, allowing it to more effectively weather supply chain disruptions, labor shortages, and other similar hurdles.
Cost Control
ERP software solves the fundamental cost control challenge of poor financial visibility. You will no longer have to track down data across multiple disparate applications, as you will, instead, have access to timely and relevant insights from a single platform.
With the right ERP software in place, your team can take a holistic approach to analyzing your operational expenses and material cost data, which you can then use to identify sources of waste or areas of overspending and go on to implement meaningful cost-control measures that decrease your business expenses.
Financial Reporting
Keeping internal and external stakeholders apprised of your company’s financial health should not be a tedious, painstaking process, and with cloud-based ERP software, it isn’t. Leading ERP platforms include dynamic, customizable reporting tools that you can use to generate up-to-the-minute charts, graphs, and reports for your stakeholders.
By simplifying your reporting processes via ERP software, you can establish your organization as a transparent and trustworthy entity. Optimizing financial transparency will increase stakeholder satisfaction, help you attract new investors, and make your business a more appealing partner for other vendors. Additionally, internal leaders can use the insights gleaned from your financial reports to guide decision-making and identify the best path forward for your business.
Compliance With Accounting Standards
Complying with the latest accounting standards is critical for several reasons. First, if you operate in a closely regulated industry, adherence to these standards will likely be mandatory. Even if it isn’t, adhering to relevant accounting standards will help you earn and maintain the trust of your clients and vendor partners.
ERP software supports your compliance by consolidating your financial data, thereby maximizing visibility and control. Additionally, you can implement custom accounting rules that align with the unique standards of your industry. Building governance and compliance protocols significantly reduces the likelihood of noncompliance, thus strengthening the credibility of your organization.
Take the Hassle out of Financial Management With Acumatica
ERP software can streamline your financial management processes, help you cut costs, and provide valuable insights that drive your manufacturing business forward.
However, it is critical that you choose the right ERP software to achieve a strong ROI and support the short and long-term needs of your business. Acumatica ERP software represents the ideal ERP solution for manufacturers, as it is exceptionally user-friendly, cost-effective, and filled with dynamic financial tools built for manufacturers. For example:
- Integrate production planning and the shop floor with customer management, sales orders, inventory, purchasing, accounting, and financial reporting to provide real-time coordination of activities across your entire business. With Acumatica you can
- Track material and labor costs as you manage your products. Compare standard and planned production costs to actual costs of production.
- And more!
To learn more about Acumatica ERP software or to start your implementation journey, connect with Advanced Solutions and Consulting today. As a certified Acumatica implementation partner, our team possesses the knowledge necessary to provide a frictionless implementation experience.
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