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If you’re keen to achieve organisational change for your business in 2018 then the Financial Management System that you choose could be key.

You may have an existing system in place that you don’t feel is quite working for you. Or you might be looking to invest in a Financial Management System for the first time. While it’s important to have this kind of structure within your business, particularly as it grows, choosing the right option is crucial. So, what should you be looking for?

Why do you need a Financial Management System (FMS)?

Financial insight provides a better understanding of the way that the business is performing. This kind of information can be fed into many different areas, from strategy through to honing Key Performance Indicators. The right FMS will be able to provide the board with detailed information on performance, breaking this down into a range of specific areas of the business and in line with objectives that have been set. This allows for a detailed analysis of what is working and what isn’t, as well as where there might be room for improvement.

Working without a FMS

If you don’t have a FMS in place then you are effectively working in the dark.  A lack of information can be a dangerous thing for a business as this leads to a lack of understanding about how the business is actually performing. It’s crucial for any business leader to be able to quickly call up the relevant figures so that every decision made is properly informed. If there is no FMS – or the wrong FMS is being used – this could mean that decisions are based on inaccurate or incomplete data. Plus, if there is no central way of accessing and reconciling data from various sources, it’s very difficult to get an overall perspective. Looking to various individual sources to achieve the same result can be laborious and time consuming.

What does the right FMS offer?

When you’re making decisions about a FMS for your business for 2018 there are a number of different factors to bear in mind.

Flexibility – what kind of flexibility does the solution offer and how will this work with your organisation? It’s important to choose a FMS that can work to your business’ processes and structures. If you’re dealing with rigid software that has no flexibility then this can create more complications, not less.

Adaptability – how does the FMS software adapt to change? No business remains the same for an extended period of time. Changes to income, growth, as well as external economic factors, can all cause ebb and flow. The right FMS will be able to adapt to your business as it changes, scaling up or down as required.

Reporting – how detailed and comprehensive is the reporting element of the software? The FMS should be tightly integrated to your board’s reporting process.

Insight – the purpose of the FMS is to provide insight so look for a solution that enables you to identify what is critical to the success or failure of the business.

A good FMS is worth its weight in gold. If you want to upgrade your infrastructure for the New Year then get in touch to see how we could help you to do better.

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