Financial analysis of your business is a complex and time consuming processes, but it’s critical to making sound financial and operational decisions. To be most effective, managers and executives must be able to quickly identify, isolate, and analyze data from across the organization. Having a modern distribution ERP software in place can make this process faster and less painful whether you’re currently using spreadsheets or an older ERP system. Here are just a few of the many ways distribution ERP software can make financial reporting faster so you can spend less time analyzing date and more time acting on it.
The reporting found in modern ERP systems make it easy to get company-wide financial reports that utilize real-time data. This allows you to reduce time spent creating individual reports and increases data accuracy significantly considering you’lll be working off real-time data, not information that is days, weeks, or even months old. In addition to daily financial operations being more efficient, you’ll also be able to increase efficiencies when closing the books monthly, quarterly, and annually.
Related resource: Accounts payable/Accounts Receivable Fiscal Year-End Checklist
With more efficient reporting tools you can also reap the benefits related to forecasting and purchasing information; cutting down on any surprises and allowing for any errors to be dealt with immediately. The ability to correct issues before they become big problems will further save time and money in the long run.
Organizational efficiency, especially in finance, is the goal for every company. Often managers and top executives evaluate efficiency performance based on cost savings during any fiscal period. Distribution ERP software allows for company-wide cost analysis over the at any given time, which will allow for more precise performance metrics to be defined and continually measured. You will also be able to spot trends that occur throughout the year, making it possible to make necessary adjustments to increase your bottom line.
Related Resource: 4 Truths About Data Visibility & Accuracy Every CFO Needs to Know
In the end, distribution ERP software can provide distributors with the foundation and the information they need to the outline to solve real-time problems that could further save the company time, money, and frustration. Outside of finances, your system can help you identify operational inefficiencies and problems before they can impact the bottom line, learn more in the white paper below.