Common Challenges for the Modern Finance Manager

    Our modern world has gotten to the point where information, products, and services, are expected to be delivered almost instantly. People are accustomed to getting what they want, when they want it, even if it means in that exact moment.

    For the modern finance manager, this can pose a serious challenge: while their company requires timely and up-to-date information to succeed, analyzing financial data takes time and a careful eye.

    Data Overload

    Analyzing financials is an important part of any business because it enables leaders to see the big picture and use that information to make important financial decisions. Their analysis will tell them things like which products are doing well, which aren’t, where money is being lost, and where it can be saved. With this data they can then make adjustments to their business operations so that can save money and also increases profits.

    Financial analysis requires the use of complex performance metrics that can be timely to sort through and analyze. That’s why a number of companies are opting for the use of financial management software in order to assist their finance and accounting teams with organizing and making sense of all that data. Sage Intacct, for instance, is the best financial management software to use if you are looking for a reliable solution for managing your financials.

    Record Keeping

    Another important part of working in finances or accounting is having access to reliable historical information. Not only is it vital to keep reliable records for legal reasons, but it’s also a necessary piece of information when creating data based on comparing current and past financial reports.

    By comparing business performance year after year, a company can identify trends and set sales goals. These goals determine the way many parts of a business runs, from how much stock they need to produce to how much money they are going to allocate per project.

    The problem is that record keeping can be extremely labour-intensive, costing a company an excess amount of work hours as well as money. Especially if you are using spreadsheets with as many as 70 different tabs, the amount of information is just so much to process that you can’t even guarantee that the records created are accurate.

    This is a great example of where financial management software like Sage Intacct can save your business valuable time and money by automating financial information in order to help you keep accurate records. Sage Intacct is the exclusively-preferred financial management software of the American Institute of Certified Public Accountants (AICPA) because of its ability to help finance departments save time, reduce errors, stay audit-ready, and promote business success.

    Compliance Concerns

    Finally, one of the biggest concerns for a business and their finance department is the issue of keeping up with government and company compliance regulations. With so many factors to consider it can be difficult to ensure regulation compliance for any business, especially when operating on an international level.

    Sage Intacct comes compliance-ready with automated processes that are programmed to account for government-set laws and regulations. It can also be customized to adjust to any of your own company regulations.

    With this kind of technology available, why take the risk? Invest in financial management software today to get the best results for your company.

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    • Tom La Vecchia

      Founder of New Theory & X Factor Media

      Founder and Publisher of New Theory Magazine and Podcast. Serial Entrepreneur who loves wine, cigars and anything that allows to people to connect and share experiences.

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