July 25, 2017 Computime Software

Benefits of Financial Management Software

As more and more markets move towards a financial services based economy, there is a growing requirement for adaptable financial management software.

With the onset of the free market concept and corporate globalisation, as well as companies adopting more complex business models, the software needed to manage a financial operation requires more robust functionality.

Infor SunSystems is one of the most dynamic financial management solutions which allows companies to achieve better control of their business.

Automation is key

Financial processes can be very diverse from one another, with each one requiring a different approach. Companies that still use legacy software will probably have different applications which cater for different financial processes. While this has been useful in the past, the growing financial industry is making such applications obsolete. In fact, more businesses are now moving towards solutions which consolidate all financial processes, in order to streamline the operation into a more automated one.

Infor SunSystems offers such a solution, which comes with various add-ons that are designed to be integrated into one central system. For example, users can apply the Credit Management add-on in order to automate chasing procedures which allow them to follow multiple customers concurrently. Another add-on, specifically for SEPA Payments, was designed to mitigate manual workloads that are related to the automated payments made to beneficiaries.

Clear focus on integration

It is very rare to find a set of financial processes that operate in a holistic way, especially when one considers complex businesses that may have several companies in one. Just taking something as simple as budgeting, this may vary considerably between different accounting teams, which in turn may hinder the overall view of business performance.

A great way to overcome this challenge is to utilise a software application that streamlines accounting and financial operations through integration. With Infor SunSystems, companies can easily integrate different pieces of financial information into one place. It makes no difference if the data is arising from sales, purchasing, or any other department – SunSystems allows users to have a unified ledger of information for the entire business.

Consistency is a key element of success when it comes to any business, so integration should be seen as an essential strategy to implement – apart from closing your books faster, businesses can drastically lower their costs and greatly improve their operation

Increased accuracy and accessibility

Statistical information is one of the main foundations of the finance function, which is in fact a department that is predominantly reliant on large amounts of data. Therefore, it should come as no surprise that mistakes can be made when collecting and managing such high volumes of information.

This clear lack of accuracy and accessibility can pose as a substantial hindrance to the overall performance of a business, as companies may find it difficult to create accurate projections and properly monitor their KPIs.

Infor SunSystems was designed to carefully combine technological innovation and usability with a high degree of functionality. Essentially, this means that users can receive real-time financial, operational, and reporting information, which is not only fully integrated, but also delivered with accuracy.

Regulatory Compliance made easy

Financial processes are very complex, so it is imperative that they are scrutinised to the highest degree. However, human error is a very real factor in any business function, especially when it comes to accounting, auditing, and forecasting.

As such, it is important that businesses adopt a financial management solution which fully adheres to key financial reporting guidelines. Infor SunSystems enables users to keep track of any loose ends that can be easily overlooked during the auditing and reporting processes. It also includes useful add-ons that facilitate compliance, such as the Exchange Rate reporting tool, detailed VAT reports, as well as Aged Analysis reports.

A sound financial management solution not only contributes to a smoother operation, but it also leads to increasing profit and better overall company performance. Infor SunSystems integrates various data points, increases accuracy and accessibility, and makes regulatory compliance more efficient.