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24 May
Signs Your Business May Need a Makeover….

Are you in need of a business makeover…

Financial management is the heartbeat of every business. Money comes in and goes out so it’s critical to ensure you’re following the right path to maintain a healthy organization. As most businesses grow their customer base the supply chain becomes more complex. Attending to the books and records while gathering and monitoring information from the financial data becomes more difficult.

Too many companies focus on developing their products or fighting off the competition and ignore the requirements needed for healthy business operations. Many still rely on outdated or antiquated financial systems that encourage bad habits. These businesses end up committing at least one or more financial management mistakes.  These mistakes result in a number of consequences such as poor decision-making, low productivity and a lack of competitiveness.

By moving to a modern 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. The ideal system should automate daily financial processes and eliminate reliance on spreadsheets. This will streamline the workflow and reduce the possibility of errors. Today’s latest cloud-based financial systems offer the ability to centralize data making it possible to automate and streamline management.

Reason Your Business is Due a Makeover:

Scattered business data – Information is not centrally located or readily available

No Departmental Communication –  Vital information is not shared company wide  

Spreadsheet nightmares – Spreadsheets control your forecasting instead of software

Old financial data – You rely on old data and old techniques rather than new technology

Outdated technology – You haven’t kept pace with technology and use old systems and                                       Software

No forward thinking – You are consumed with current problems and can’t think to the future

Makeover’s don’t have to be painful.  But remember…. what you fix today will help you tomorrow.

By Jack Stieber –  President – American Receivable

 

 

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