Did you know that collaboration is one of the top three concerns of the modern business? This, according to a study by Ventana Research, shows that ensuring that information gets from point A to point B quickly and effectively is a critical business goal in 2016 and beyond.
Today, we’d like to share with you the value of collaboration, the challenges that growing businesses face, and the opportunities to facilitate communication between departments—namely sales and finance.
Why Collaboration Matters
From the research:
“Social media and powerful mobile devices, particularly smartphones and tablets, are used daily by millions of people worldwide, but also to do business. Both facilitate the third, business collaboration, in which people communicate and interact across any distance and outside the limits of the working day to share knowledge and advance individual and team efforts.”
We’ve talked in great detail about the importance of collaboration and social communication in an organization in the aptly titled “Is it time Finance Gets Social?,” which highlighted the evolution of workplace collaboration and communication from a strictly face-to-face method to the rise of the answering machine, to email instant messaging, and more.
Additionally, we introduced readers into the impact of collaboration in a business’ quest to become more innovative in “Want to be an Innovator? Make Collaboration Easier,” which shared how teams can ease communication to get better and faster feedback, diversify teams, and ultimately create breakthroughs in their industry.
Collaboration Challenges in Business as Usual
Today, however, we would like to build upon each of these, sharing how collaboration between sales/marketing and finance/accounting can provide save time for your sales team while allowing them better opportunities to get a complete view of the customer and increase sales for the organization. In turn, this allows finance the opportunity to more easily account for the sales that your team makes.
However, in order to get to this point, it is important to overcome challenges in collaboration.
Do you face any of the following?
- Complexity in Subscription Billing: As the business world moves to a more subscription-based model, changing customer needs mean that a change in billing tiers or pricing would mean edits in your financial software, CRM, and more.
- Lifestyle Management: In a high volume billing environment, finance needs a deeper view in to the customer, and if finance was to update any information, wouldn’t it be easier to update the information everywhere?
- No Financial View of the Customer for the Sales Team (or vice versa): Does the customer have the credit to make the purchase? Does your salesperson need to make a call to a client about payment or lack thereof? Removing any barriers to communication between the two will not only offer a broader view of the customer, but shorten the time needed.
- Reliance on Email: Does your sales manager, controller, accounting manager, or anyone else need to jump from email to software to email to software in order to make a small change like increasing a credit line for a customer, notifying a sales manager of a customer’s nonpayment, or posting a journal entry that was initially in draft?
- Unnecessary, Siloed, Manual Data Entry: There are a lot of errors in manual processes. If you have a patchwork of software and spreadsheets, with many individuals making edits, leading to the potential for more errors. This fragmented and cumbersome process is inaccurate, slow, and risky when it comes to an audit.
If so, there is an easier way. Reducing the friction between finance and sales. If you , like so many others, use Salesforce, you’re already halfway there.
Learn More: Streamlining Quote-to-Cash with Intacct and Salesforce
Do you use Salesforce? Likely. Are you looking for a financial system that connects processes, data, and people with it—allowing you not just one but two of the most effective best-in-class platforms as you scale your business?
For the past ten-plus years, Intacct and Salesforce have been building upon their relationship, starting with Order Management Integration in 2005, adding Multi-Entity Integration, Projects Integration, Single-Sign-On across SFDC, Intacct, and More, Intacct Collaborate, and now, Subscription Billing Simplicity. All of these combined make the two best-in-class (and top of the class) cloud applications so tightly knit, that you have a “better suite.”
Join us on July 19, 2016 at 1:00 PM EDT for Secrets to a Complete Quote-to-Cash Process with Salesforce and Intacct Integration, in which a panel of experts will share with you the benefits of aligning sales and finance, introduce you to the Intacct Collaborate platform, which will help not only bring closer finance and sales, but finance and communication, finance and legal, and much more. Learn more about the event here.