25/02/2011

By Jamie Stewart, Managing Director UK & Ireland, Exact Software

In almost any economic climate, let alone the current one, the benefits of staying one step ahead of the game when it comes to company financials should not be underestimated. The success of a business ultimately comes down to its ability to continuously create profit by generating revenue and controlling costs. Accurate, consistent, and timely financial information, easily collected, presented and reported on, gives companies the ability to make smarter decisions. But with global competition and compliance with mandatory regulatory measures a must, successful financial management presents an enormous but certainly not insurmountable challenge.

So exactly how should your business stay on top of its finances given the constantly shifting economic and regulatory landscape?

With finance directors throughout the world already stretched to full capacity, business intelligence software lies at the heart of economic success. From maintaining a single general ledger to actively monitoring business performance across the entire enterprise, staying on top of crucial business processes will ensure that financial targets and strategic goals are achieved.

However, as a business develops and expands, it is almost unavoidable that some processes fall by the way-side or lose their clarity. Expansion of any kind is always an exciting prospect and with growth comes its own set of rewards.

Yet with so much going on, and so much to think about, it is all too easy to lose the transparency required of financial processes. This is why business intelligence software has evolved as an essential source of cohesion, ensuring legacy software is connected, consolidated and transparent, and meaning that users never lose track of their company’s finances.

Accounting for the intricacies of multi-national business means accommodating local taxation regimes, government fiscal requirements and local GAP rules. However, complications are completely unnecessary and can be removed from the equation with the implementation of a single business-wide solution. With all incomes, taxation, and outgoings centralised and accounted for, and available at the touch of a button, firms need never be in the dark when it comes to their financial situation. By maintaining a consistent system that is easily accessed and quick to interpret, visibility is greatly increased and consolidation of a company’s reporting capabilities vastly improved.

By introducing intelligent business software at the right time, firms can create a seamless integration of their back-end processes for a real-time overview of all business data to ensure visible reporting and planning throughout their financial processes. What this achieves is true teamwork through real transparency, shorter and more effective lines of communication, and greater flexibility with rapid response.

Exact are one of the leading providers of scalable solutions which cover all key business processes, allowing your people to share information and collaborate in real-time on a single platform. As well as helping organisations grow, Exact's solutions consolidate the processes of companies conducting business internationally.

Business on an international scale heightens the need for precise reporting and visibility; Exact offer a solution that is dedicated to giving a company's HQ total clarity on the entire business, from foreign subsidiaries to localised trading silos. With many businesses still performing a lot of tasks manually, or utilising IT systems that don't work together this provides complete process visibility and helps ensure employees work together to add value to the business.

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