Whether you are launching a new business venture or managing an established organization, it is critical that you have a clear view of your company’s financial health and performance. Hidden expenses and resource waste can quickly eat away at your revenue, and excessively long cash flow cycles can hinder your long-term growth.
Fortunately, you can overcome these hurdles and set the stage for the ongoing success of your business with enterprise resource planning (ERP) software. Adopting the right cloud ERP solution will grant you access to robust financial management tools that you can use to identify waste, streamline your cash flow, and maximize your revenue.
An important question, however, lies in knowing what the “right” ERP is for your business, given that — with so many options out there — it can be tough to settle on a single solution.
To support your decision-making process, we have outlined some must-have financial management tools that you need to look for in your solution. In addition, we also make a case for Acumatica ERP software, one of the world’s leading financial management platforms.
What to Look For in Your Financial Management Solution
Top ERP software solutions consolidate your financial data and provide you with a variety of tools for managing it. When all of your data is in one place, you can analyze the financial health of your business, obtain granular insights about payroll and operating expenses, and ultimately streamline your cash flow to promote business growth.
However, to achieve these benefits with your chosen ERP software, you must first ensure that it is equipped with the right tools. Specifically, you need ERP software that includes the following tools and features:
- Multi-Entity Accounting: Multi-entity accounting tools allow you to track key financial data across all of your subsidiaries.
- Customer Relationship Management (CRM): An ERP solution with a CRM module allows you to store all of your customer data in a centralized platform, thereby bridging the gap between customers and cash flow.
- Project Accounting: With the right ERP software, you can effortlessly track every financial transaction at the project level, optimizing visibility and simplifying billing processes as a result.
- Reporting, Dashboards, and BI: Solutions like Acumatica include intuitive, customizable dashboards that provide real-time insights about the state of your business.
- Payroll: With payroll management, you can automatically pull, manage, and synchronize payroll data from all departments, thus increasing the visibility of your operating expenses.
- Expense Tracking: You can track expenses by type and identify cost-reduction opportunities.
Acumatica ERP software includes all of these features and more, making it the ideal solution to simplify your financial management workflows.
Why Acumatica ERP Software?
Acumatica ERP is a cloud-based solution that leverages a module-based delivery service, which means you can select the specific applications that best align with the needs of your business, and as those needs change, you can implement additional modules and expand Acumatica’s functionality.
Additionally, Acumatica has a unique, usage-based billing model. Whereas most ERP platforms charge you on a per-user basis, the cost of your Acumatica solution will be based on how much data and computing power you consume, as well as which modules you implement. With that said, Acumatica is easy to approach at a price point that makes sense for your business. You also have the freedom to enroll as many or as few users as you would like without incurring additional costs.
Perhaps most importantly, Acumatica features a robust financial management module that includes a variety of tools and components designed to simplify your accounting and expense management processes. You can automate important data collection processes, scale at will, and use dynamic reporting and analytics tools to obtain actionable insights about your business, all with Acumatica.
Unlock Your Potential With Acumatica ERP Software and ASC
Acumatica ERP software is a feature-laden solution that includes potent financial management capabilities. With the platform, your team can maximize financial visibility, gain actionable insights into cash flow and expenses, and identify the best path forward for your business.
If you would like to learn more about the benefits of Acumatica ERP software and accelerate your implementation journey, connect with Advanced Solutions and Consulting today. As a leading Acumatica partner, we can condense your time to value and help you achieve a strong ROI from your new ERP software investment.
Additional Resources
Simplifying IT Management: How Acumatica Cloud ERP Can Help
3 Signs it is Time to Upgrade Your Company’s Accounting Software