An ERP system allows companies to optimally and successfully manage both its commercial as well as financial operations. Therefore, this tool is one of the great allies of the financial director (CFO). Since it is able to provide all the information needed for decision making.
The Chief Financial Officer (CFO), as a strategic partner of the company’s CEO and other executives, must know how to contribute his or her expertise in the areas of risk management and capital allocation. To achieve this, it is essential to manage all data and operational flows in the same system; by doing so decision-making is based on a more conscious, informed, and faster process.
Financial planning based on data with an ERP system
An ERP processes and provides data from accounting and finance, as well as from other operational areas linked to these departments, which can affect workflows. Therefore, by having that accurate information; the CFO can make better decisions, even in real-time, based on data collected data from the same processes of the organization.
Provides a 360º view of the business processes
As the organization’s chief treasury manager, the CFO must understand the entire financial situation of the company. An ERP system is capable of providing complete visibility into all operational flows and relevant data, in order to put them at your fingertips. Best of all, it offers a 360º view of all factors that can affect the company’s accounting processes and finances to improve the efficiency of the company.
Given the importance of an ERP system for the CFO’s decision making, this professional is usually in charge of identifying the most suitable one. Remember that this type of software, besides financial planning and a 360º view of the company’s processes, must allow financial administration, data analysis, order and supply management, and it also has to integrate with the CRM or customer relationship management system.