With advancements in technology and globalization, business moves at an increasingly faster rate. Because of this, there is also a growing demand for faster financial reporting that is accurate, timely and filled with actionable intelligence. The most effective way to achieve those goals is to use ERP software that provides real-time financial reporting.
According to research conducted by Aberdeen Group, 52% of best-in-class organizations rely on integrated business systems capable of creating a “complete and auditable system of record.” The report, the “2014 Excellence in Financial Management Survey”, also concluded that 57% of those organizations have access to real-time updates of their financial metrics. These organizations get things done because of that intelligence that they readily have at their disposal.
For the organizations that do not have the tools they need, there is clear pressure to make changes. They have to answer to regulatory entities and also produce results faster to meet internal organizational standards. 34% of of these organizations believe their finance processes take too long and consume too many resources.
The survey also found that organizations need a practical method of accessing all of that data. Simply passing it around via email is too slow and pretty much defeats the purpose of having reporting in real time. 95% of best-in-class organizations therefore have a central repository for accessing their reporting. Those companies also automated as many processes as they can. This minimizes the chances for human error to creep in along any of the stops your data might take.
An ERP system that can provide you with real-time financial reporting, a centralized repository for your data and that integrates well within your overall business management system to effectively automate processes will speed up your reporting and provide you the accuracy and intelligence you need to succeed.