Why right Financial Management System is important for Business ?
The technological advancement is captivating the corporate world faster than never before. The traditional accounting methods and procedures are losing their effectiveness in the business houses. The reason for the same is the amount of time invested in the adoption and execution of these traditional methods. It is a widely expected and a universal fact that change is the call of nature and the same must be adhered to get the best results per se.
The so called traditional accounting systems and adoptions have become so much inflexible that it is creating more of a threat in the business units periodically. In such a case it becomes very important to find a comfort zone particularly for the top level management who are engaged in making strategic policies and decisions. It’s high time to resolve this issue and accept a positive transformation by switching over to the new improved technological advancements in the field of accounting systems and processes.
A big question now arises that whether our financial management systems is killing our business strategies on a regular basis? There are a number of aspects to support this phrase; the major portion of which are being revealed by the top management executives.
It has been discovered that 4 out of 5 finance executives are of the opinion that their work force is over -burdened due to a number of low level tasks being carried out since a long period of time. The tedious jobs are being done manually as a reason of which the time invested in a particular task is not that productive that must have been by adopting the cloud based accounting aid.
When examined, it came into the light that nearly 50% of the CFOs in the corporate sector are finding it difficult to make the right decisions at the right time owing to some difficulties. These difficulties include absence of the right metrics, information and the tools required to make a sound and an ethical business decision.
Other important facts that were discovered while examining a major portion of the businesses includes inflexibility interference in the working of the finance sector, decisions are being made by taking inaccurate and incomplete data into the account and it is taking too long to adapt to the latest technologies. A number of business units are still trapped in the ancient financial management software.
Inspite of all these negative aspects, the new age CFOs are find a way out of these problems through their innovative ideas. Financial Management Transformation programs are being used by 80% of the current young CFOs. These young executives are keeping technological aspects on their priority with a belief that 70% of the technological up gradation would assist in increasing the use of business analytical tools and decision making tools. In the same context, it has been observed that priority to the technological sector would aid in consolidating the enterprise applications.
A number of companies are switching over to the cloud based accounting system in the present times. The best in class organisations are adapting the latest technologies in their financial management system. There are ample reasons for the adoption of this very software. To list a few it enables greater flexibility, increased efficiency, improved productivity and economical in terms of money and time per se.
The cloud based financial system is a way better option for an effective growth and expansion program of any organisation. This notion has been understood nearly by all the big business houses and the adoption is reaping sumptuous fore deals for the entire organisation.