There is an old saying: work smarter, not harder. Managing your finances does not have to be a laborious marathon. It can be more like smooth sailing on the open sea if you have the right resources at your disposal. As your business grows, it will become even more difficult to manage your finances if you do not have a proper system in place. You might find yourself in regulatory and even legal difficulties and will likely miss opportunities to earn more and increase efficiency.
To avoid these pitfalls, you should begin by asking yourself the following questions:
- Does closing the books take extra time, overtime, or weekends each month? Time is money, and think how much you could save if you do not have to pay for overtime, extra temporary staff or other expenses associated with getting your books in order. If it were all streamlined and easy to manage each month, you can focus on doing whatever it is your business actually does.
- Has the inaccuracy of your financial reporting and budgets caused you to lose confidence? Your immediate answer to this might be, “My financial reporting isn’t inaccurate”. But in truth, do you really know? If you even have an iota of uncertainly, it can spell disaster down the line.
- Are your business decisions based on that same information of questionable accuracy? Your business must depend upon accurate information to be successful. If the information is bad from the start, it will trickle down into all aspects of the body of your business and pollute each limb along the way.
- Are you at risk of non-compliance or accusations of fraud because of your business growth? Inevitably, irregularities in your finances will lead to regulatory and legal trouble. You are pretty much asking for it if you know the problems exist and choose to ignore them.
If the answer to those questions is yes, it is time to look for a solution. Microsoft might have just what you need with its role-tailored business management solutions found in Microsoft Dynamics ERP software.