Finance and Accounting
The Finance and Accounting Market Made Easy
The Current FMS Market
The finance and accounting market is vast and rapidly growing.
There are hundreds of different solutions now available for businesses, with a varying degree of functionality, scalability and cost. The functionality that many Finance and Accounting software now offer has opened the door for potential significant time and cost savings for your business. That said, it is crucial that your business is utilising the right solution and reaping the efficiency benefits of a strong Finance solution.
It’s now more important than ever that your software hosts a strong and flexible General Ledger Management platform, this will allow for enhanced reporting and an even better purchase ledger.
With project-based businesses, it’s almost fundamental to ensure that your platform has enhanced functionalities to ensure accurate and timely billing. This guide will help simplify the buying process and ensure that you are confident in your FMS buying decision for your business.
The Key Features of Financial Management Software
Whether you are a user of a Financial Management software or not, you are more than likely to have a rough idea of what you need from your system. But what basic features should your business be utilising?
Your software should provide you with general ledger management, helping you to visualise virtually all standard financial transactions within your business. The software should also provide you with the ability to move these transactions into a single financial statement.
In terms of reporting, it’s becoming increasingly important that businesses can segment their general ledger. This may be by department, cost centre, desk team or any other relevant division that is required.
Within the fastpaced environment of the consultancy sector, your business requires the ability to implement a system which can easily create accurate project-based reports. Some systems require a vast amount of back-end work to produce these reports, however there are now a couple of systems on the market that now offer this functionality with ease and accessibility.
Your business may also want to consider a software which allow you to seamlessly import bank statements and bank reconciliations. This makes it far easier for your finance team and will save them vast amounts of valuable time.
A Financial Software system will allow you to control and manage your financial budget effectively. This will allow for more straightforward control of budgets for departments and the entire organisation. When looking for a solution, you should seek a platform that offers functionality of “self serve”. This means that users will have realtime information about their budgets on any device at the simple click of a button. This is useful for those who are working on-the-go and are reviewing figures out of the office – an attractive feature for senior management.
Your Financial Management Software may have all these features. But are you utilising them? If you are still unhappy with the system, is it because your business has outgrown your solution? Or maybe there are other options out there that offer additional industry specific features that your business would benefit from.
For Project-Based Businesses
Most businesses will begin by using a smaller generic software solution such as Quickbooks or Sage 50, however once revenues and projects start to increase, they tend to demand a more sophisticated system.
Often fees are missed and not billed when it comes to business, so a system with enhance project based features can allow your business to have tighter control of it’s billing procedures. Recording time and chargeable expenses can be difficult within a simpler platform. A software which is remotely accessible by a number of users is particularly beneficial to businesses.
Finally, your firm should look for a solution which allows you to easily and remotely update time sheets and expenses specific to that project. Let’s take a look at some software packages which offer these features and more!
Microsoft Dynamics 365 is an industry approved solution that benefits various SME businesses. Receive realtime visibility into your business performance whilst conveniently sharing your information in a secure and efficient manner.
Grow and expand your business with Microsoft Dynamics as you improve your business’s ability to modify and control budgets with better accuracy on financial reporting.
For many organisations, it can difficult to track budgets without over spending in one or more areas. With Microsoft Dynamics you can stop over spend before it effects any area of your business.
Additionally, you will be able to import bank statements at your convenience to quickly register payments. This allows you to stay on top of all your company’s larger payments and get realtime data from your company’s credit card feeds at the same time
Sage 200 is a market leading software and is an ideal upgrade from Sage 50c when your business is ready to make the transition.
The solution grows with your business and encompasses all your finance needs with one solution. The implementation is straightforward, which allows for
immediate ROI, helping improve business efficiency immediately and minimising downtime.
Manage your stock from various locations and automate your stock automation, streamlining your order processes. You will gain a 360 view of your business with in depth analysis and with a variety of modules, only choose the modules relevant to your business. This bespoke tailoring can provide you with one platform to manage all your key business processes.
Access Financials is a comprehensive business management tool with all features you need to effectively manage your business.
With full reporting and visibility in addition to online financial tools, this makes for a great, scalable solution for businesses looking to go beyond their existing accounting platforms, without complexity or disruption to their business.
Access Financials offers the ability to slice and dice the general ledger by any dimension you require, for example by project or cost centre. Many project based firms often require this functionality for their business to gain more meaningful KPI’s that give a true picture of performance.
One of the key attributes of Access Financials is the ability to run separate project teams, allowing the input of time sheets and expenses on the go. This is a fundamental feature for any business who has a number of projects running at any given time. Project costing features also allow you to instantly see the value of WIP, variations and control costs for the whole project.
Access Financials helps finance teams automate key processes, such as the entire purchase to payment process and expense processing, so they can invest time where it matters the most. Unlike many software providers, Access Financials also enables non finance users to access reports and real time dashboards, which reduces the reporting burden on the finance team.
The latest features take collaboration across your business to a new level including new role specific apps, small slices of functionality to speed up key processes such as credit control, purchase order and payment approvals as well as project collaboration space to store documents, allocate tasks and monitor progress with your project teams and clients.
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