The Seven Deadly Sins. Regardless of your upbringing, these exact seven things are what will prevent your personal life from optimization and nirvana. Sloth, Gluttony, Lust, Greed, Wrath, Envy, Pride: Seven things that will undoubtedly harm you and your long term goals. However, did you know that your financial management planning has its own version of the seven deadly sins? What are they, how can you prevent succumbing your business to them, and how can you achieve success throughout the long term planning of your company?
Financial management is the beating heart of every single business. Money pumps in, money pumps out, and it’s critical to ensure you’re following the right regimen to maintain the health of the organization. As most businesses grow, however, their customer base and supply chain evolve and become more complex. Minding the books while trying to gather insights from financial data becomes increasingly difficult.
Too many companies — focused on developing products and fending off the competition — ignore the requirements of healthy operations and instead rely on a financial system that encourages the worst possible habits. These organizations end up committing one or more of the following “seven deadly sins of financial management,” resulting in a variety of devastating afflictions, such as poor decision-making, low productivity and a lack of competitiveness.
By letting go of antiquated financial systems and moving to a modern, cloud-based financial management system that’s integrated with other operational systems, a company can centralize business data and ensure access to correct, up-to-the-minute information. By selecting a financial system that offers enterprise social collaboration, a company can reduce email, increase productivity and allow for collaboration between the front and back offices.
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The ideal financial management system should automate daily financial processes and eliminates reliance on spreadsheets. This will streamline the workflow and reduce the possibility of errors. This should automate expense tracking, linking those entries to client projects to improve billing accuracy and minimize revenue leakage. Today’s latest cloud-based financial systems offer the ability to centralize and aggregate data across far-flung enterprises, making it possible to automate and streamline revenue management to minimize compliance risk.
Related: 4 Benefits of the Cloud
Brittenford Systems, a financial consultancy in Reston, Virginia, is a supplier of Intacct products along with customizable solutions such as PositivePay and ExpenseConnect that make your business more efficient. We understand the value of finding the right financial management software, improving the safety and efficiency of business transactions, and setting your business up for success. Learn more about our service knowledge and what we have for your business, and contact us to see what we can do for you.