How Financial Management Software Can Build your Business Resilience

The rapid global outbreak of COVID-19 has left a significant impact not only on human health but also on enterprises. Pandemics know no borders, and their effects will continue to spread. Currently, according to Fortune, 94 percent of the Fortune 1000 companies are already experiencing COVID-19 disruptions.

At this stage, your business resilience is tantamount to your success. This is your ability to adapt quickly to disruptive events such as the COVID-19 pandemic while maintaining continuous business operations. There are many opportunities for you to build business resilience, one of which is through the use of financial management software.

Advantages of financial management software

How is your business currently faring? It all depends on numbers such as expenses, revenue, sales, and so on. But sometimes, these figures can be hard to put into context. After all, if you are too focused on day-to-day operations, it can be a challenge for you to see the big picture.

Yet these uncertain times can force you to step back for a clearer view. Before you make any major business decisions, you should be able to maximize your profits while ensuring sustainability. Financial management software can help you consolidate, streamline, and automate your most mission-critical activities and tasks. This way, you can eliminate errors, minimize redundancy, and comply with tax and accounting regulations. 

How is financial management software revolutionizing the way companies do their financials? Here are some prominent examples:

More efficient financial operations.  As a business grows, so does the challenge it faces when it comes to reconciling data in different formats coming from different systems. 

Data integration and visibility were Amido’s top concerns, resulting in a lack of real-time, solid basis for business decisions. By implementing Access Financials, a financial management software, Amido was able to save a day’s worth of work from completing regular and essential tasks. This enabled the team to free up time to achieve more results in other areas of the business. As a result, everyone in the organization can view relevant, real-time financial information in a format they can understand and from any location.

Improved legal compliance.  A growing Asian insurer wanted to comply with the International Financial Reporting Standard (IFRS) 17. With the company’s current systems, it could not support 40-50 percent of IFRS 17’s latest changes. Aptitude Software then supported the company’s finance transformation through a group subledger, general ledger upgrade, and new actuarial system. This resulted in improved compliance wherein the data needed for IFRS 17 and IFRS 9 were efficiently delivered.

Support for future business expansion. A growing business means an increased demand in its current services as well as other services that it can potentially offer. Over the past 17 years, R Collard Ltd. has developed into a multidisciplinary business offering remediation, demolition, and serving as a waste management solutions provider to property developers and contractors.

This company enlisted the help of Integrity Software to integrate their accounting and job-costing systems to support the expansion of their business. This way, the company could offer accurate price quotes that would allow for a reasonable profit.

Can help achieve Investment success.  If you are also an investor, did you know you can keep tabs on all your financial accounts in a single place? From viewing investments and managing expenses to calculating net worth and more, you can perform these tasks for your own business as you would for your personal accounts.

A pioneer investment management company maintained its position at the top by providing a platform for its users where they can see all of their accounts, helping them make informed investment decisions. 

Digital resilience

With the changes in the business arena due to the COVID-19 pandemic, you need to rethink your financial strategies to drive resilience and sustain your company. Travel restrictions and health and safety concerns may lead to changes in the way you do business.

Here are some questions you must consider when evaluating your current financial management systems:

• What is your company’s overall financial strategy?
• With more clients expecting to transact with you digitally, can you scale your financial management software to deal with changing demands?
• What features do you need?
• How much can you spend?
• What do the end-users need?
• Will the data be secure?
• What reporting and analytics features are right for your business’ financial requirements?
• Will the software integrate with your existing applications?
• What are the terms of support that your software provider will offer?

The right financial management software offers a range of features to improve the efficiency and effectiveness of the finance function. It can also make your job easier while you reap the financial rewards and the program performs all the work. This way, your business has a fighting chance to still thrive amid the COVID-19 pandemic.