Whether you’re narrowly focused on the numbers or a big picture strategist, the way you structure your finance department is very important. There is a lot of data to capture and review to run a successful financial department. Today’s chief financial officer (CFO) might be a “big picture” strategist or a detail-oriented leader. How much you choose to be “hands on” or “hands off” might depend on your goals and the tools you have to run your department.
Financial departments manage the day-to-day financial operations – accounts payables and receivables, ledgers, banking, payroll, and other common tasks. In today’s economy, many financial departments also perform some level of strategic planning, risk management, tax and asset management, and might also delve into investments – including real estate. How can anyone possibly have the time to manage daily financial responsibilities, plus set and monitor strategic goals? Besides having a team to help out, using enterprise resource planning (ERP) software like Microsoft Dynamics® GP can make a big difference.
Taking the time to determine a strategy for business growth is important. Using financial data to make realistic projections and put a plan in motion for reaching goals is easier with the right ERP software solution. Microsoft Dynamics GP is a comprehensive ERP solution that offers robust financial management control, as well as manufacturing, supply chain, project and services management, payroll and human resources management, and provides business intelligence and reporting capabilities. It is easier to see the big picture when all of your critical business data is organized in a single software solution.
Managing all of the important day-to-day financial details is also easier with Microsoft Dynamics GP. Your team can receive payments, write checks, and update the general ledger quickly and easily. You can use alerts to notify you when key metrics are being met or you can dig deeper into your data to identify trends. Spotting trends in customer buying habits, sales, and other influencing factors will give you what you need to make more accurate business forecasts, prepare budgets that you can live with, and learn how to optimize sales that will ultimately drive business growth.
There are times when you need to focus on the big picture goals needed to drive business growth, and there are times when you need to be more hands-on with your critical data. Striking that balance is much easier with the right ERP technology. Contact The Resource Group for more information about Microsoft Dynamics GP and structuring your finance department for success.
By Earl Hunt of The Resource Group, a Microsoft Dynamics GP Partner out of Washington