A dynamic business needs a dynamic system. In the case of a Finance Department of a newly established regional office, will a simple accounting software suffice?

1. Unit4 Asia Pacific
Data Visibility
and Automation:
Cloud ERP in the
Financial Sector

2. A dynamic business needs a dynamic system. In the case of a Finance Department of a
newly established regional office, will a simple accounting software suffice?
According to an article published in IT ProPortal (ITPP), a leading technology resource,
financial management can be ‘time-consuming and complex.’ The bigger and more
successful a business becomes, the more internal and external transactions it makes and
the more difficult it is to organise and track them. When the success of financial
management depends on the smooth flow of information between departments, basic
accounting processes may not be the best tool.
ERP Makes Life Easier for the Finance Department
In recent years, cloud-based Enterprise Resource Planning (ERP) systems have changed
the way business operations function. Financial management, in particular, has reaped
the rewards of an efficient and transparent ERP system.

3. The ITPP article, “The top six signs that your business needs ERP software”, says effective
bookkeeping and accounting is a result of the complete visibility of all incoming and outgoing
data, instead of relying on a team to provide the information. A fully integrated cloud ERP
system hastens processes for the financial management staff by delivering information about
the company’s incoming and outgoing transactions automatically.
Easy Access with the Cloud: Better Data, Better Reports
The Finance Department is obviously in charge of all information that goes through it, but
employees forget that they need accurate data to present accurate reports. Although less-
technical – even proprietary – systems have accomplished data collation for companies over
the years, presenting inaccurate information, particularly one that concerns finances, is
detrimental to the business.
Financial heads can produce more excellent material now, thanks to the effortless way value
is derived from data in the cloud. They have the documentation that they need to produce
internal reports for the managers and executives, as well as third-party organisations if
necessary.

4. Data transparency also allows members of the department, and higher management, to
double-check the financial management database and see if it matches with the reports.
Management systems for businesses continue to evolve for the betterment of its users.
In the era of globalisation, it is important to look for solutions that are also global in
scope.
Sources:
http://www.unit4.com/ap
http://www.itproportal.com/features/the-top-six-signs-that-your-business-needs-erp-
software/
https://www.forbes.com/sites/forbestechcouncil/2017/06/22/how-technology-has-
helped-erp-systems-evolve/#132774e77bbb