How ERP Solutions Enable Finance to Become More Strategic

Successfully transitioning from tactical to strategic finance takes a combination of new skills and new tools. ERP solutions can contribute to this transformation by automating tedious transactional efforts and by providing tools that simplify strategic and predictive analysis.

Automated Transaction Processing

ERP systems provide modules that automate the management of all aspects of finance, including general ledger, purchase orders, accounts payable, order entry, accounts receivable, and many others. These automated modules reduce labor-intensive manual transactions; for example, they might automatically match an invoice to a purchase order. Because these modules share a common database, they eliminate redundant data entry; for example, customer data entered for an order can be automatically used on the invoice. Data from transactions, moreover, can be used for a full range of financial reporting. Such automation increases turnaround speed and reduces errors. Automated capabilities free finance to shift its focus from low-value manual activities to high-value analysis and a role as a strategic business partner.

Regulatory Compliance

ERP systems simplify the management of compliance efforts by supporting reporting requirements for regulations such as Sarbanes Oxley. Many ERP solutions also have features and functionality that support the transition to IFRS, including configuration options to ensure that transactions are processed and accounts are kept in compliance with the local rules the business happens to operate under. A solution that supports countries that already comply with IFRS, such as those in the European Union and the Asia Pacific region, will further simplify the transition.

Consistent, Accurate, and Real-Time Visibility Across the Enterprise

To fully assess the operational situation of the company, finance needs information that is complete, timely, and accurate. This information must span not only finance, but also all other areas of the business, including data about customers and vendors, inventory levels and history, warehouse information, project costing, purchase and sales order information, and payroll data.

The information contained in this material represents the views of Sage on the issues discussed herein current as of the date of publication. As market conditions are always subject to change, the information contained herein shall not be interpreted as any commitment from Sage. This material is for informational purposes only and Sage makes no warranties, expressed or implied.

 

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