Successful companies have one characteristic in common. Their drive to increase market value and profit margin forms a core aspect of their operations. Leaders in such companies pay close attention to their teams’ work practices and visionary achievements. A current trend for companies is to have their sales and finance teams collaborate, to create an “A Team”.
To facilitate this team-based, profit-driven operation, business owners are turning to robust cloud Enterprise Resource Planning (ERP) solutions and Customer Relations Management (CRM) systems. Software vendors such as Acumatica are well-poised to meet that demand. Acumatica sells their software with a customer-first focus and a set of flexible and secure software. Their ERP software is exactly what companies need to focus their efforts and drive profitability.
For a profit-conscious company, here is a group of hints and tricks to combining their sales and finance teams.
4 Tips to Align your Sales and Finance Teams
1. Plan, plan, plan
Even the most experienced management team cannot plan for every contingency, but it is vital for success that risks are mitigated ahead of time and that teams are able to execute their portion of the plan. As part of that, be sure to engage with your cloud software vendor. Acumatica’s support specialists are highly experienced at problem solving and can make suggestions for the most efficient product usage.
2. Open-door policy
If the two teams are to work together at their most efficient, they must have an open-door practice. Members of the sales and finance teams must be able to step into each other’s spaces and work closely together. This will avoid any bottlenecks. Another way to encourage collaboration is to trade roles. It may be anathema for a sales team member to cover the cost of say, taking out an ad in a trade magazine. But for a salesman, it may be the perfect goal and help close a deal. By giving the two teams the opportunity to take over a partnering role, it can drive collaboration and incorporate an open conversational field for the teams.
3. Accurate revenue forecasting and budgeting
One of the key features of cloud ERP systems is data management. By putting every part of the workflow at one set of fingertips, it can easily create accurate financial forecasts. This is crucial for the collaborators as they need to know their source of revenue streams and potential for returns on investments. Alongside the revenue forecasting, budgeting is a crucial task for the collaborating. The teams need to be able to submit for their necessary funding in order to hit peak efficiency and meet or exceed their sales goals. Data-driven operations allow them to justify every cent they use, and can demonstrate the returns on their expenditures. This is where the financial teams’ experience comes most into play.
4. Launch Integrated CRM System
Cloud-based CRM systems such as Acumatica’s CRM suite offers flexible access and agile transformations for collaborating teams. The cloud services can be used even while on the move, which is exactly what the sales team needs. The systems are also linked, so it manages the collaboration between the two teams and create successful strategies.
For Financial Success, CRM Software is no Longer Optional
With some industries realizing 30% more sales through CRM platforms, the advantage is plain to see. Cloud-based software suites offer enhanced user functions and can be customized for any size business. Acumatica’s offerings are updated to keep at the edge of the envelope. The company’s product and sales experts are placed to provide systems that drive profits and markets for financial teams. Launching such a system today in order to pair your financial teams is one bandwagon to jump on today.