Integrated financial management tools within an ERP system have become a necessity for any type of growing organization. The integrated and systemic nature of an end-to-end solution is proven to streamline the day-to-day financial management of a company.

ERP solutions, such as SAP Solutions have become extremely popular across businesses for all sectors. The benefits are numerous and ERP solutions deliver long-term value, especially for those working within finance teams.

Take a look at some of the biggest benefits your business can enjoy when working with integrated financial management tools:

Automation

The automation of financial processes is one of the main advantages of working with an ERP. Solutions integrate with bank accounts and also allow invoices, balance sheets and profit and loss accounts to be managed in real-time.

Simplification

Take the complexity out of running your business. By using best-practice processes, combined with automated and integrated financial functionality, businesses can quickly reduce inefficiencies and increase productivity levels. What company doesn’t want to do more without increasing overheads?

Optimization

An ERP will not only save your finance personnel time-savings by automating repetitive or key tasks, but it’ll also help your team work smarter, not harder. By letting your system complete once time-consuming tasks, your teams will be able to focus on what will really make an impact on improving your financial management.

Integration

One of the biggest benefits of deploying an ERP solution is bringing different departments together into one system. Finally, everybody is working from the same application. Your finance teams have visibility into invoices, sales orders, purchase orders requests and business partner records. Finance managers no longer have to rely on colleagues to fire across important details or to extract data from different systems to complete month-end closing periods.

Multi-currency

If you’re trading with Europe or international partners, you’ll want to manage your financial processes using multi-currencies. SAP Business One is a solution that’s used by more than 75,000 companies globally. With various localisations helping to adhere to local tax regulations, there’s also multi-currencies functionality to avoid any human errors when calculating foreign currencies.

Forecasting

You don’t need a crystal ball when you’re working with a system such as SAP Business One. All of your financial documents are stored within a central database and are updated in real-time. This helps to monitor levels of cash flow, forecast outgoings and accurately create key financial reports for stakeholders of it.