Today it is time to look at the connectivity of your financial tools. Most of us have digitalized several aspects of our business. And it is challenging to find finance professionals who won’t agree that the ERP system is the heart of the financial department. But for many years, the belief was that only large companies needed an ERP system. Enter digitalization, the online consumer, and the fact that Financial data is messy – now, most companies can’t imagine working without it. Instead, cloud and software add-ons are the new rages and whether the shift is needed in every organization today.
When we see big ERP systems and accounting systems like Sage, Xero, and Quickbooks transforming to a cloud system. Furthermore, many of them are creating a marketplace for add-ons. Therefore, it is clear that we in finance need to look at the why. Why are so many systems moving to the Cloud, and how does it affect the finance function’s workflow?
Integrations, data transfer, dataflow, single source of truth – call it what you will, but make sure you have it in 2023
Besides Cloud’s known advantages, a big part of its relevance today is its integration possibilities. Extensive tidying and modification are still happening once your financial data is exported from your ERP system. Preparing and transforming financial data for analysis is manual and time-consuming. Furthermore, it creates an opening for your data to lose its credibility. Here, the integration of add-on software to your cloud ERP system can increase the trust and confidence in your reporting.
If there is something we can’t stress enough, it is the value data brings to both business development and success. We are proud of being the people behind the numbers; we value the accuracy of numbers, reports, and much more. It is not always up to a single person in finance to decide on digitalizing, but the power of argumentation has never lost its value. Let’s support the argumentation with the promise of accurate numbers.
It is still time-consuming to sort and manipulate your data and choose everything you need to create streamlined group reporting. Your stakeholders might make business decisions based on insufficient data. However, you won’t let them with a digital, faster, and more accurate data preparation process. Automating these manual processes help your team reduce mistakes and find errors faster. As a result, you can improve operational efficiencies right away. With the move to cloud ERP systems, it gets easier and easier to streamline processes via integrations.
Plug-and-play niche products that complete your deliverables
The more digitalized the rest of your company is, the more you’re growing out of manipulating financial data in Excel. Instead, niche software, ideal for collecting and combining data flows, becomes relevant. Plug-and-play software is an excellent way to start. In going digital and automating your processes, you can still use Excel to manipulate smaller amounts of data. But if you are honest, how much do you want to take over another person’s finance sheet? It is the first thing you see changed when a new CFO takes over; they create a new spreadsheet fitted to the spreadsheet owner and their calculations. A plug-and-play software intends to work seamlessly with its first use or connection, without adjustment or reconfiguration needed by anyone from your company. Plug-and-play niche products start adding value when you want a complete financial work process from data collection to reporting. So if you are using Cloud ERP today, simply test if your deliverables will improve with an added plug-and-play solution.
XERO FREE TRIAL: Cut process time from hours or even days to minutes.
If you are a Xero Cloud ERP user, you can now test how easy it is to move your consolidation away from Excel or other heavy consolidation software. You get a standardized and straightforward plug-and-play software that contains all elements for financial consolidation.
Building confidence in financial data and reporting is everything when performing as a strategic partner to the entire enterprise. If there is something we can’t stress enough in the finance function, it is the value data brings to both business development and success. With prepared financial data that builds credibility with your stakeholders, your team can focus on higher-value work like analysis and forecasting instead of manual tasks. Instead of struggling with a time-consuming manual consolidation process in Excel, integrate your cloud ERP system with plug-and-play software like Konsolidator, and cut process time to minutes. In just 7 minutes, you can upload financial data from the entire Group and efficiently manage the complete consolidation process. With a single click, your trial balances are synced from your Cloud ERP systems to Konsolidator. Even if your Group uses different ERP systems, you can upload all your financial data from the entire Group within seconds.
Are you using Cloud Sage, FortKnox, or Quickbooks?
Our free trial will soon be available for Sage, FortKnox, Quickbooks, and e-conomics. Book a meeting, and our team can guide you.