Does your company struggle with the financial management of strategic initiatives and projects?
Below we have identified four common problems and how to solve them.
1. Recording Transactions Accurately
Managing corporate finances requires accurate record-keeping, which companies may find challenging. Without correct financial data, management may be unable to stay on track with long term project spend. A portfolio management tool can help you manage your monthly actuals against your budgets, enabling you to manage your financial performance across all your strategic initiatives and projects.
2. Seeing the bigger picture…
It is sometimes challenging for companies to see the bigger picture. Standard finance and ERP software platforms are not designed to manage projects and initiatives. It is important to have a software solution that supports and complements your finance system. This solution can also help streamline your organisation’s initiatives and budget tracking to deliver actionable intelligence through key metrics and KPIs. This will allow you to make the right strategic decisions and enable you to reach your business goals now and in the future.
3. Managing your costs vs resources
Managing the costs associated with all your resources can be time-consuming for any financial department. If one does not have an effective system, this can lead to financial and resource errors. Having a resource scheduling tool that includes dynamic timesheets allows the finance person to keep track of employees’ and consultants’ progress, minimising budget overspend.
4. Publish Accurate Financial Accounts
Accurate journal entries translate into financial accounts which enable the company to publish correct financial statements in line with accounting standards. Although this sounds simple, it can be extremely difficult for some organisations. CFO’s often act as stewards for an organisation’s financial portfolio and assets. They are also strategic advisors who play a key role in setting actionable goals. Hence an efficient Work Management Solution can help with this structure and drive business strategy to focus on the most important initiatives.
