Categories
Finance & Capital

Finance Administration Software for Modern Financial Management Challenges

budget-calc

Article Contributed by Maricel Rivera  

The success of every business relies heavily on sound financial management. Finance management, through the decades, has become a complex and time-consuming task.

Today’s clients and capitalists have likewise increased their demands and standards. And, being human, a single finance manager (or group) cannot handle all these conditions without either putting on more hours and days in the office or taking home office work.

It’s a good thing investing in technology to improve business operations has increasingly become a trend in modern organizations, and one of those things that can help in easing the path towards efficiency for finance managers is by utilizing a finance management software.

  • Keeping accurate records

In the corporate environment, financial managers understand that everything that a company is and can become is heavily attached on accurate record-keeping. A thriving company aiming for further growth can only convince investors and the rest of the market of its potential for success if it can correctly monitor and track its transactions.

With the use of software services, finance managers will not have to go through the route of manually inputting financial information in individual spreadsheets. Using the ready-made and user-friendly templates that such finance administration software can provide, they can easily update data and customize reports without the need for complicated programming or training.

  • Budget analysis

Budget planning and allocation is one of the most commonly known tasks attributed to finance managers. Finance managers monitor the performance of every business segment in order to decide which ones are worth this or that budget. By analyzing which ones are making money and which ones are costing the company more money than earning it back, finance managers are able to then report to senior management in order for them to adjust budget allocation plans, as well as to devise ways to “save” struggling business units.

Having a cloud-based finance management software accessible through a single platform ensures that reports don’t stay unread for long. Once finance managers are done uploading the data, relevant executives and managers are automatically notified and can move on with the review and analysis process at their soonest available times. Approvals can be executed accordingly even when all executives aren’t able to personally meet in a single location, as long as reports are accessible in the cloud.

  • Punctual financial reporting

Investors rely heavily on earnings reports in order to gauge if a company is good enough to be investing money on. If an organization cannot present their financial data on time, this will cause distrust from potential financiers and bad reviews from analysts, who may equate such delays with sluggish performance. It is the task of finance managers to help the company look “fresh” and “enticing” to venture capitalists in order to raise funds for further development.

  • Regulatory compliance

In today’s evolving economic environment, especially with the rise of the so-called emerging economies, more and more companies are expanding and pursuing branches and partners abroad. However, foreign financial practices and regulations are not always the same for every location, and it is an added task for financial managers to stay abreast of regulatory requirements and limitations in order to keep the company’s overseas business practices in line with local laws.

Finance managers also need to process and file budget and travel requests, monitor accounts and pay company bills on time to avoid inconveniences such as strained business relations and reputation, as well as potential financial setbacks. Updating and publishing corporate financial information efficiently should be a definite regular priority.

Conclusion

With most routine tasks handled easily by a finance administration software, finance managers can have more time and energy to focus on more strategic aspects of their roles, without having to put in the dreaded extra hours and days in the office just to complete everything on time.

About the Author:

Maricel Rivera is a financial researcher and freelance writer currently writing web content for Comindware, a market-leading workflow and task management software provider. Comindware’s core product, Comindware Tracker, is a single application that offers a myriad of functionalities for virtually every business area – Finance and Administration, Human Relations, Software Development, IT Helpdesk, just to name a few.