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Is it time that Finance Gets Social?

Is it time that Finance Gets Social?

Intacct CollaborateWhat’s the last thing you think of when it comes to improving your finance department? If you said, “adding a social layer,” you wouldn’t be alone. This said, just because you aren’t alone in your thoughts, doesn’t mean you’re right. For businesses consisting of multiple locations, the time taken to gain approval and make a decision could be killing your competitive edge—especially if you’re relying on email to make decisions.

A Brief History of Departmental Communication

Collaboration is king. This according to a study by Ventana research, finding second to analytics, that collaboration was one of the top three concerns of modern businesses. With the technologies available to businesses today, companies who implement an entire social layer across departments will be able to make decisions faster, cut reliance on email, and gain a competitive advantage in the marketplace.

Think of the history of business communication. Early on, departments had five choices: face-to-face, fax, snail mail, telephone, and telegram. This all changed in the late 70s with the invention of something considered commonplace in today’s terms—the voicemail.

No longer were departments forced to play “phone tag,” relying on secretaries to take messages. This decreased the time of communication and allowing in-depth conversations without ever making contact. Around this time came the other now-commonplace form of office communication, the email.

Since these two technologies began to revolutionize communications in business, much of business investment in information technology over the past two decades has focused on improving communications among different elements located in separate buildings, cities and even countries.

Few things have been able to connect departments efficiently—especially within a finance platform.

What’s Next in Communication?

That is, until now. With the recent announcement of Intacct Collaborate, an internal social network embedded directly on the Intacct cloud financial management platform, organizations are now able to save time and ultimately money. How?

What problems arise using email besides the fact that it wastes up to an hour and a half of your day? A good deal of what goes on operationally in finance departments involves checking details and correcting errors – activities that require direct communications.

Consider the business use of an organizational social network such as Intacct Collaborate:

  • Billing issues could be streamlined if receivables and sales or payables and purchasing were connected to the appropriate collaborative network in the context of executing business processes.
  • End-of-period reconciliations could proceed faster if communications among the right people in the departments involved less effort.
  • Shorten the financial close process by bringing departments together to save time and clear up confusion.
  • Add perspective during planning and review periods to help everyone understand cause and effect, each manager providing his or her own insight.

Intacct Collaborate enables a company to connect finance, accounting, sales, customer support and other functions across all financial processes on a variety of devices, to speed approvals.

Collaborate eliminates the need to leave the Intacct environment to send email or instant messages. Instead, the discussion takes place in the context of discussion.

For example, host conversations throughout the organization while resolving a customer billing or credit issue, a project time card or a purchase order, or in handling a journal entry. These discussions remain part of the topical document and can be referenced later if questions arise or to inform internal or external auditors about the context of some action.

Choose to Collaborate and Conquer Financial Shortcomings with Intacct

Collaborate is just one of the many benefits you can get when you choose Intacct. From recent announcements to tried-and-true services, Intacct has helped over 8,500 businesses to see more in their accounting. See what the power of Intacct can do for you by downloading the latest whitepaper—The 2015 Accounting Software Buyers Guide.

 

 

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