Many organizations struggle with their financial oversight. The cause varies from organization to organization, but the consequence is always the same: a lack of overview results in financial losses. Because when you don’t have a good understanding of financial information, you can’t make accurate forecasts either. So having a complete and stable financial overview is crucial for any organization. But how do you create that? It starts with setting up your financial system properly. We’ll explain how to do that!
Lack of knowledge: how are processes put together?
The main cause of lack of financial overview is lack of knowledge. By this we specifically mean knowledge of financial processes and the financial system: ERP system. Business processes are often not (well) defined and centralized, so information is collected in different ways and in different ‘languages’. In fact, each department has its own system and data is pulled from this system (manually) by the department. The CFO receives information from each department and has to make reports and forecasts from there. And that is difficult, because he has to merge data (in different languages) himself. Financial overview is missing and the CFO runs the risk of making wrong forecasts. The result: incorrect budgeting and financial loss.
Prepared for (unexpected) changes
Another obstacle is unexpected changes in laws and regulations. The government can sometimes change things suddenly, which means you have to adjust your process. If you do not handle the right information in your processes and financial system, you will get the wrong information and start making wrong predictions. So the key is to keep track of these changes and incorporate them into an ERP system.
Financial overview and financial reports in a single click
To solve this, it’s therefore important to set up your ERP system properly. And that is where Eqeep helps organizations. Together, we look at what your organization needs and set up the ERP system accordingly. We define the processes of each department and ensure that everything is linked to the ERP system in one language, so that you have everything in one place. From the ERP system you can then easily generate reports. You no longer have to (manually) collect information from each department, making information much more accurate: no more interpretations by departments, but hard facts. You therefore know for sure that the information is correct and that you are not missing any transactions. The financial reports are adapted to the CFO’s wishes so that appropriate reports are put out. For example, projects can be put into the system in detail, such as the expected number of hours and the expected expenses. In this way, you can make a good forecast of a project and not run into any surprises.
Always up to date
We always keep your ERP system up to date. For example, if there are changes from the government, we implement them. And if necessary, we make a new template for the financial report. This saves you a lot of time! We always think along with our customers and make suggestions to redesign processes to make them more efficient and effective. Even if a process is not supported by your ERP system, we will find a suitable solution. So you are always assured of the correct financial overview.