ARE YOU READY
to properly manage your business financials?
An integrated financial management system (IFMS) is an IT-based budgeting and accounting system that manages spending, payment processing, budgeting and reporting for businesses or all sizes. An IFMS bundles many essential financial management functions into a single software suite. Using a system like this, a business can improve all aspects of financial management through:
- Enhanced management of cash, debt and liabilities
- Ability to use historical information to provide better budget modeling processes
- Reduced cost for financial transactions
- Increased decision-making efficiency
By adopting an integrated financial management tool, your business can drastically improve the speed, accuracy and efficiency of all financial data. Some of the benefits include:
- No more double entries – when a business uses a siloed approach to operations, data must be relayed to the different teams, either in a spreadsheet or emails. Other teams then must manually enter that data into their systems, which leads to a tremendous waste of time and productivity.
- Data integrity – your day-to-day business decisions are only as good as the data that you must back it up. When you have multiple databases with overlapping data, there’s always a chance that at least one of the systems has outdated data. If these systems are all connected, this would never be the case and all data across all departments would always be the same.
- 360-degree reports – reports showing performance across different functional areas are crucial to give a business the holistic picture of there financial business process. With an integrated financial management system, a business can easily consolidate data from all teams and extract relevant information.
- More-informed decisions – centralized access to key information is one of the most important drivers in making strategic decisions. When information can be accessed from anywhere without wasting resources and time, business leaders are in a better position to make smarter and faster decisions. There’s more transparency and you can be confident that you have all factual data before you make important decisions.