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The focus and responsibilities of finance managers change with the economic climate. Basic responsibilities always include financial reporting, planning, budgeting, communicating, and restructuring, plus altering strategies when necessary. In all these areas, many companies must be accountable to investors and the board. The more complex the system and the business, the more difficult executing and balancing these tasks becomes. This requires the ability to react, be responsive, flexible, adaptable and scalable.
During the economic downturn, and theoretically during any low economic periods, companies need to tighten the purse strings and make cuts where possible. Of course, a business always aims to be the most efficient it can be, but it’s of the utmost importance when the market is unstable or weak. When the most turbulent times have passed, however, taking hold of opportunities for growth is essential to survive (and to weather the next challenges).
Companies and CFOs looking to expand their global reach and presence need to research and operate from new perspectives. Finance managers need to think about other cultures, laws, and regulations, and how they can contribute to a business’s growth in new regional markets and contexts.
Technologies are constantly changing, and this can pose some challenges in terms of adopting new systems. But, taking advantage of the latest cloud-based Enterprise Resource Planning systems available can make all managers’ roles and daily tasks much more efficient and cost-effective, company-wide. The ability to utilize data in real-time and oversee integrated segments of a whole company has never been easier. There is so much potential information and data that can be collected and used, so having the right software to take advantage of this data revolution is pivotal.
IWI Consulting Group’s Sage consulting services can help midsized businesses grow and manage finance functions with Sage Intacct and other ERP system solutions. Intacct is the only AICPA-endorsed software for cloud financials, and it offers powerful and flexible financial management in the cloud. Its core financials increase productivity and decision-making capabilities in several ways:
- A general ledger improves visibility, scalability, and flexibility
- Purchasing with the right price and timing
- Order management for high volumes, complex processes, and tailored pricing
- Speedy accounts receivable and payable processing
- Comprehensive managing of cash and working capital
- Accessible reporting and dashboards offering financial and operational data
- Cloud-based access allows teams to collaborate and solve issues
- Digital Board Book provides critical metrics for the Board of Directors to access
Advanced accounting modules can assist expanding businesses with multi-entity and global consolidating, project accounting, time management, expenditures, contracts, billing, taxes, delivery servicing, and inventory management. Sage Intacct, Sage Accounting and Sage 300cloud (formerly known as Sage 300) services can be tailored to suit your company’s unique needs and work for you, with the ability to extend or scale back. Businesses can try Intacct using a Free 30-Day Trial.
IWI Consulting Group is an Enterprise Management Company with an entire suite of software solutions to fit your growing business. With over 30 years of combined experience, we’ve helped hundreds of finance, manufacturing, non-profits, and other enterprises lower their operating costs with the help of ERP and CRM system solutions. Please call us to learn more about how we can help your financial management in our modern economic climate.