Operating in an increasingly competitive environment, having real-time financial insights right at your fingertips poses a great advantage for your organization. Today’s leading executives are expected to make rapid decisions on the go to ensure their organization is able to adapt to the economic changes. In order to do so, these executives are leveraging modern financial management solutions that provide real-time insights. These cloud-based accounting and erp solutions ensure executives have the insight they need from anywhere-whether they are working from home, with a client, or in the office. Here are the top ways real-time financial insight can drive your organization forward:
1. Have Complete Visibility into Performance
With real-time data in a cloud-based accounting platform comes full visibility into all performance metrics. One major benefit is the ability to see the whole picture of how your business is performing, all in one place, and at any given moment in time. This helps your organization monitor specific metrics like sales and revenue to ensure KPIs and business goals are being met. Additionally, you can compare data over time to gain a better understanding of your operations.
2. Make More Strategic Business Decisions
With short windows to make important decisions that can alter the way your business operates, it’s crucial to have the most up-to-date information at all times. Executives constantly have to make quick decisions on the fly, and without real-time insight from financial data, those decisions can take your business down the wrong path. Having the financial insight to back up your decisions allows you to make strategic decisions more confidently.
3. Pull Real-Time Reports with Ease
Whether your investors, executives, sales team, or other stakeholders need a report, you can easily break down your data to provide the details that matter to them. With financial management solutions like Sage Intacct, a cloud-based accounting system, you can dive even deeper by creating customized dashboards which act as a real-time snapshot of key performance metrics that can be created uniquely for each individual.
4. Detect Bottlenecks and Errors Quickly
By having financial insight, you can easily see trends in your data and determine where the bottlenecks are within your organization. Being able to quickly identify these bottlenecks allows your organization to develop a plan of action to solve the problems effectively so they don’t affect your business long term. Often times in companies with siloed systems, it takes days to pull together billable expenses, time and materials for customer invoicing. Furthermore, finance teams are manually billing, and by the time invoices reach customers, weeks or more have passed. With an integrated accounting and billing system, organizations reduce that critical time to get paid by upwards of 20 days, increasing essential cash flow.
5. Accelerate the Closing Process
Having real-time financial insight data will save your finance team valuable time by minimizing the time required to issue monthly financials. Instead of spending weeks to close the books each month, they can leverage up to date data to streamline the entire closing process. This benefit allows your finance team to work on more valuable projects and use their time more strategically.
With real-time financial insight comes unique benefits for your entire organization. By using a cloud-based solution, you can enable your team to work remotely while still having access to crucial real-time insight. Additionally, you can operate more strategically, streamline manual processes, accelerate growth, and so much more. Ready to take your organization to the next level?
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