Are finance departments understaffed? A recent study by management consultancy Horváth shows that more than 10% of current open positions in finance remain unfilled. This automatically means that available people have a higher workload, which can affect both their professional performance and their lifestyle.
How can such a phenomenon (burn-out) be prevented? The only solution that can replace the lack of people is the use of technology to automate specific work processes.
In the case of SAP Business One, this process is called “intelligent automation” and is based on both the standard functionalities of the Financial Management Module and the integrated RPA technology (Robot Process Automation).
Is technology the alternative?
We took a look at BestJobs, one of the most popular recruitment portals in Romania, and currently, there were no less than 1266 vacant positions associated with a financial and accounting Department (financial analyst, financial controller, economist, financial auditor, etc.).
For example, the financial controller job description includes:
- Creation of periodic reports at P&L and balance sheet level
- Realization of cash-flow projections
- Periodic analyzes of costs and profitability
- Outline and adjustment of pricing policies
- Preparation of documentation for loans and leasing contracts
- Planning and monitoring audit operations (internal or external)
- Supervision of outsourced accounting and payroll services
- Collaboration with the sales and operations departments of the company
In the Financial Departments, a good part of the activity involves the processing of data and records, as well as collaboration with the rest of the team. What options does a company have that cannot find the necessary candidates for the roles of economist, controller, or accountant? It must emphasize technology and digitization.
The well know SAF-T reporting is one of the best examples. The approximately 260 data fields that must be processed, put high pressure on the relevant departments. Without an ERP system, employees would waste days getting monthly data for this statement. With SAP Business One, however, the operation is automated (after the initial effort of configuration and implementation) and the Finance departments focus on the usual activity.
How an ERP system helps
An ERP system like SAP Business One can help the finance department to be more efficient in several ways:
- Optimization of financial processes. SAP Business One automates financial processes such as invoicing, payment and receipts management, and budgeting, thus reducing the need for manual data entry and minimizing the risk of errors. This can free up finance staff time to focus on higher value-added tasks.
- Better data management: SAP Business One centralizes financial data from across the organization, providing a single source of truth for reporting and analysis. This can help finance staff access and analyze financial data more easily, identify trends, and make more informed decisions.
- Improved collaboration. SAP Business One facilitates communication and collaboration between different departments, enabling finance staff to work more closely with other teams to achieve common business goals.
- Improved visibility. SAP Business One provides real-time insights into financial data, enabling finance staff to quickly identify issues and take corrective action. This can help prevent problems from escalating and improve overall financial performance.
What do people gain?
The previously mentioned benefits are general and attractive for a company, but what exactly do the employees in these departments earn?
On a personal and concrete level, using SAP Business One also helps to:
- Fast processing of all data and records. Employees do not waste time processing data, on the contrary, they gain it. There are multiple functionalities in this sense that automate specific calculations. This means less overtime work, and time available for other activities: professional training for example.
- Quick identification of errors. Because it records every transaction in detail and allows advanced correlations, with SAP Business One any mistake is easy to identify, and when it comes to numbers, only those who don’t work don’t make mistakes. It helps to reduce stress.
- Centralization of all data and records. Because it includes all transactions, SAP Business One becomes the only source of information for a company, and therefore every employee refers to the same data set. It contributes directly to avoiding divergent opinions.
- Increased efficiency. Fewer manual processes, fewer errors, and more time gain, all mean efficiency and productivity. Isn’t that what we all want?
In conclusion, SAP Business One includes a complete set of accounting and financial tools to help relevant departments manage and optimize their work. SAP Business One automates daily accounting tasks and integrates financial operations with other business processes in real-time, thereby improving visibility into cash flows and accelerating the speed of transactions.
Complementary, it offers a unique general perspective on the company’s financial operations. Thus, the Finance Department more easily extracts the necessary economic indicators to make the necessary adjustments (cost reductions, price recalculations, etc.) to achieve the desired profitability.