Financial management software
The importance of financial management software to your company
There are certain things that help us move forward, in numerous areas of life. We wouldn’t, for example, expect to get very far in our vehicles without fuel. Nor would we expect to have a successful business without a robust business plan and targets. And we wouldn’t feel equipped to win a team sport with poor inter-team communication.
In other words, planning, preparation, and birds-eye visibility of where we are and where we intend to go are all vital for success.
In a nutshell, that’s why businesses require financial management software. It plays an essential role in managing assets, income, and outgoings, while also reducing errors, providing audit trails, and helping to improve collaboration across a company.
Mapping the future with financial management software
Financial management software is important for any business, but it becomes increasingly essential as companies grow.
Smaller organizations would mainly benefit from monitoring cash flow and making predictions, but larger companies and enterprises rely on financial management software to do far more complicated tasks, from calculating taxes to optimizing profitability and ultimately keeping the business operational, safe, and on track to meet its objectives.
Financial management software is therefore an indispensable tool in a corporation’s survival kit. Capable of handling various types of transactions, ensuring compliance, and enabling agility by providing clear reports to decision makers, it’s a necessary component for everyone from lower team members to senior executives.
Why companies choose Vena for their financial management software
Vena was designed with business operation in mind. It doesn’t pay lip service to functionality, it delivers to the highest standard, providing unparalleled flexibility and transparency over company-wide data. What some companies take days or weeks to perform can be completed in seconds with Vena, thanks to its commitment to usability and efficiency.
Planning is at the heart of Vena’s financial management software, and decision makers can plan with agility, confidence and as a team. Too many businesses still operate with teams as silos, each the gatekeeper to its own set of data and with restricted access to data from other areas of the business. This proposes multiple problems, from taking a long time to collate data, to making it difficult - if not impossible - to adequately monitor changes and a thorough audit trail.
Vena overcomes this by compiling all data into a central database, providing a single source of truth. This database is accessible 24/7 from any device, and automatically tracks changes, makes a note of which user made them, and creates an audit trail. No longer will teams be wrestling with version control issues or lose time trying to find out who made document changes.
The central database also means reports are available at the click of a button. The data is already compiled and in place. Beautiful reports are made with incredible clarity over the numbers, empowering decision-makers with plans for the future. Its financial modeling capabilities even enable businesses to consider a range of scenarios over the coming years, with total flexibility over how numbers are applied to each month and quarter.
User case study: 70% faster budget approvals
Saint Mary’s University was dependent on legacy systems, and data silos that meant everything was disparate. It took three days to compile reports with an income statement and balance sheet. The lack of agility presented challenges for the finance team, as did the approach itself - the reliance on offline spreadsheets for budgeting meant it would take longer to gather data than to analyze it.
Since implementing Vena, the time to conduct final budget reviews has been slashed by 70%, capital analysis now takes hours instead of days, and the team has access to live data that enables agile decision making.
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