10 Ways an Effective Financial Management System Facilitates Growth

10 Ways an Effective Financial Management System Facilitates Growth

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  10 Ways anEffective Financial Management Solution Facilitates Growth The Essentials of an Effective Financial Management Solution www.bluebridgeone.com Industry specific NetSuite solutions
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  Strong financial controlis no longer an optional extra smart solutions for business BlueBridge One is a leader in deploying NetSuite cloud-based ERP, CRM and Financials solutions that integrate the diverse range of activities across many of today's businesses www.bluebridgeone.com Industry specific NetSuite solutions Financial management across every department needs to be buttoned down and integrated to prevent inefficiency denting the bottom line and stifling growth. In this slide deck we give an overview of some of the key features and benefits of a financial management solution that enables control and intelligence for businesses, including wholesale distribution, manufacturing and professional services companies.
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  Cash Flow Managementis critical to growth and important factors here include identifying Recurring Revenue, Revenue Recognition Management and real-time visibility smart solutions for business 1. Core Financial Management Capabilities Accounting Functionality needs to be comprehensive and provide scalability to accommodate growth, and flexibility to adapt to needs such as independent closing and international subsidiaries Financial Planning and Reporting supports accurate and timely decision making and is essential for meeting compliance and regulatory standards www.bluebridgeone.com Industry specific NetSuite solutions
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  smart solutions forbusiness 2. Integrated Inventory Management, Fullfilment & Shipping Inventory management is essential for preventing excess inventory pushing up the cost of goods sold (COGS) Good inventory management means keeping track of bin and lot management, landed cost, demand based replenishment, customer and volume pricing, and multi-location inventory www.bluebridgeone.com Industry specific NetSuite solutions Integrating fulfilment and shipping eliminates manual re-entry and order processing errors, while reducing annual shipping costs by up to 35%
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  • A single,fully integrated solution avoids the significant overheads of buying, maintaining and • A cloud-based financial management solution not only eliminates the need for multiple applications, it removes the need for in-house resources, including IT infrastructure and does not increase the workload on IT personnel • Cost reduction typically ranges from 20% to 50% and productivity in other areas such as the smart solutions for business 3. Low Total Cost of Ownership and Superior Ease of Use operating several disconnected on-premise applications sales channel may increase three-fold www.bluebridgeone.com Industry specific NetSuite solutions
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  4. A Streamlined Order-to-Cash Process An efficient Order-to-Cash process ensures profits grow in line with expectation and demand An efficient Order-to-Cash system means customer and order data is only keyed once and then populated throughout the system to achieve fulfilment and back end accounting, including sales commission calculations A well-executed Order-to-Cash process leverages greater economy of scale reducing the cost of sales as growth gathers momentum www.bluebridgeone.com Industry specific NetSuite solutions
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  As Order-to-Cash simplifieslife for sales ledger, Procure-to-Pay eases purchase ledger and means supplier and purchase order data is only keyed once, eliminating errors and saving time smart solutions for business 5. Procure to Pay Processes Procure-to-Pay integrates buying activity and enables inventory and investment purchasing that supports growth to be properly accounted against cost centre Purchase order automa.on enables automa.c re-­‐ordering once stock levels reach a pre-­‐determined trigger point, op.mising inventory www.bluebridgeone.com Industry specific NetSuite solutions
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  smart solutions forbusiness 6. HR Process Management The efficient hand-off of HR information to finance reduces errors and saves time across the process that ensures salaries, deductions, holidays and sickness are correctly calculated Payroll integration ensures earnings, deductions, company contributions and taxes are automatically worked out and that tax reporting is easily obtained Enabling employee self-service allows data changes made by staff to be automatically captured and reconciled to the system, reducing administrative time soak and costs www.bluebridgeone.com Industry specific NetSuite solutions
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  smart solutions forbusiness 7. Business Intelligence 1. An integrated financial solution across the business is the foundation that releases true business intelligence 2. Customised dashboards tailored to the role of each member of the finance team provides insight into key performance indicators 3. Dashboards are real-time and based on a central repository of data, eliminating inconsistencies and inefficiency while saving time when compared with manual, spreadsheet based BI processes www.bluebridgeone.com Industry specific NetSuite solutions
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  8. Multi-Company andGlobal Business Management smart solutions for business www.bluebridgeone.com Industry specific NetSuite solutions A good solution for international operations also eliminates the cost and complexity that results from currency conversion and daily variations in FOREX rates Sustaining growth may mean an expansion into new international territories and a solution purpose built for the needs of a multi-country business vastly simplifies cross border operations Legal and tax compliance and integrated VAT or other local sales tax functionality increases accuracy while eliminating the need for manual, error prone processes and costs
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  smart solutions forbusiness 9. Adaptability to specific business models • Even within the same sector, no two businesses have identical needs and cloud-based solutions need to be as adaptable, flexible and configurable as possible • The financial management solution needs to be able to address the unique needs of each individual business • Flexible workflow management enables companies in different sectors to align the solution with the varying needs of their business models www.bluebridgeone.com Industry specific NetSuite solutions
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  2 3 smartsolutions for business 10. Project Accounting and Contracts Management 1 Central to simplifying this is a good project to bill process that identifies when deliverables have been completed and request for payment can be initiated Companies providing project or contract based services probably have the most complex business models, creating problems for finance www.bluebridgeone.com Industry specific NetSuite solutions A fully integrated project to bill process responds in real-time optimising billing and automating payment schedules required for multi-staged projects
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  smart solutions forbusiness Summary • A truly integrated financial management system centralises financial control and efficiency, maximising profitability • Integration brings together, simplifies and automates business processes, improves accuracy and delivers intelligence while allowing your staff to perform their jobs much quicker • An adaptable, cloud-based solution rich in business planning, system integration and reporting capabilities best facilitates business growth www.bluebridgeone.com Industry specific NetSuite solutions
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  smart solutions forbusiness Find out more about BlueBridge One Visit us at www.bluebridgeone.com or call 08008 620 243 to find out how we deliver the benefits of NetSuite to UK companies that demand service and support appropriate to the pivotal role ERP, CRM and Financials play in their businesses. smart solutions for business Download the full paper Find out more by downloading the full white paper at: http://www.bluebridgeone.com/s.nl/it.I/id.117/.f Icon graphics from www.fla.con.com www.bluebridgeone.com Industry specific NetSuite solutions