The Oakley ERP Blog

5 Areas Finance Managers Should Invest In Over 2016
Thursday June 2, 2016

“I think money is a wonderful thing because it enables you to do things. It enables you to invest in ideas that don't have a short-term payback” - Steve Jobs

The quote has driven my train of thought when it comes to investing into a big project such as an intuitive accounting solution. Steve Jobs was a prime example of someone who knew how to invest and produce a long term payback for Apple.

This leads me on to Finance Managers and how they can produce a long term payback for their business by investing in 5 areas that will benefit them and their business.

1. The Intuitive Accounting Solution

There may be many reasons why you need an accounting solution, maybe you currently don’t have a solution in place to help with your struggles or maybe you want to streamline your operations.Sage 300 Intuitive Accounting Software

Having an intuitive accounting solution in place can help your business grow, if you are using a manual accounting solution it can be complicated and inefficient. Not only that it can also save your business time and money by automating processes with software such as Sage 200 and Sage 300.

2. Cash Flow Management Tools

Businesses need cash flow in order to keep the business above water by not monitoring your cash it can potentially lead to bankruptcy. Cash Flow ManagementYou need a cash flow forecast in place to help you monitor any potential problems that could arise in the year ahead and it can also help the business make important decisions in the future.

Look for a cash flow management application to work with your accounting software that fully integrates with your solution and delivers the tools to help keep you on top of cash flow. At the end of the day cash is king after all. 

3. Appointing The Right Team

For a business to become successful in their industry, having the right people in place is essential. Everyone will of course have different profiles, such as skills, strengths and weaknesses and also job roles within the workplace. It’s all about gathering everyone’s different profiles and collectively making a team that will succeed for you and your business.

Millennials are extremely focused on developing themselves and thrive on learning new job skills, always setting new challenges to achieve. Millennials can be an asset to a team as they can bring fresh ideas, a new perspective and can assist with reaching the younger demographic.

If you already have a team in place, it’s about identifying the gaps and investing funds into training programs such as a personal development plan or deciding to find new people that will be suitable for the role and grow your business.

4. Automating Any Processes That Drive Efficiency

Automating your business processes can save you and your business a lot of hassle and time. Having an automated process will ensure that each process will run effortlessly and that it will run the same way every time it is run; there will be no room for human errors.

It can be very demotivating providing people with repetition day in and day out, they are going to get bored and performance levels will start to drop but with an automated system, it won’t get bored as it is a program and not a human.

5. Business Intelligence Reporting

Business Intelligence is a module that is there to help analyse your company’s raw data, meaning that reports can be produced much more quickly and efficiently, cutting out man hours and enabling your existing staff to spend time analyzing rather than producing that information. Business Intelligence Strategy

This software allows your managerial teams to make strategic decisions, as well as making the impact of operations more clear on a basic level. It’s something that can be used throughout your company, from director level down through to the sales team who will be able to use the information to help improve their process. You are able to act on live data rather than always working a few days behind.

If you would like to find out how Sage Business Management Software can benefit you in these areas please fill out our form here and as a Strategic Sage Business Partner one of our team will be in touch.

Written by David Weaver at 14:14