Financial visibility is the ability to see into the financial health of your business and make informed decisions based on that information. It’s a critical aspect of financial management, but many businesses struggle to achieve it.
Keeping this in mind, we’ve uncovered four major financial visibility challenges your organization might be facing, as well as solutions to help you overcome these obstacles.
1. Data Silos
One of the most significant financial visibility challenges companies face is data silos.
Data silos occur when different departments within an organization use different systems to manage their data. This can lead to inconsistencies within the information, making it difficult to get a complete view of the financial health of the business.
To overcome data silos, your business needs to invest in an integrated financial management system that can bring all of your data together in one unified place. An integrated system can help ensure data accuracy, provide real-time visibility into financial performance, and allow for better decision-making processes.
NetSuite’s cloud-based systems help eliminate data silos by providing a centralized platform for managing financial data across entire organizations. By using NetSuite’s tools, you’ll have access to:
- A single source of truth. NetSuite provides a single source of truth for financial data. All departments in your organization can use the same system to manage to manage your financial information, eliminating the need for multiple systems and reducing the risk of inconsistencies.
- Real-time data integration. NetSuite integrates financial data in real time, ensuring that all data is up to date and accurate. This enables your leadership team to access the information they need to make informed decisions based on the most recent data available.
- Customizable dashboards. With NetSuite, you have access to create customizable dashboards that display relevant financial information in a user-friendly format. This lets your teams easily access the data they need without having to navigate through multiple systems.
- Automated workflows. The products NetSuite provides enable you to create automated workflows that reduce the need for manual entry (a point we can’t stress enough), freeing up your staff’s time to work on more important business matters.
- Access controls. When you have NetSuite in your corner, you can grant access to administrators who control overall platform access. This ensures data is secure and only accessible to the people who truly need to see that information.
2. Lack of Timely Data
Another challenge that your company might be facing is a lack of timely data. In many cases, financial data is only updated on a monthly or quarterly basis, making it difficult to make informed decisions in real time. This can lead to missed opportunities and financial risks.
If you’re looking for ways to overcome this bottleneck, implement a system that can provide real-time financial data. Cloud-based financial management systems like NetSuite can provide real-time insights into your financial data and allow for immediate action when necessary.
3. Manual Processes
Manual processes can also be a significant challenge to businesses such as your own. If you want to improve financial visibility, you need to recognize that manual processes like data entry and spreadsheet management can be time consuming and prone to errors. In the end, this can lead to inaccurate financial data and slow down the decision-making process.
As a means of mediating this problem, you’ll need to look for ways to automate your financial processes. Automating financial processes can help ensure data accuracy and provide on-the-spot financial visibility.
NetSuite’s financial management system includes automated workflows that can streamline financial processes and reduce errors.
4. Limited Analytical Capabilities
The fourth major financial visibility challenge that your company might be facing is related to analytical capabilities. A lot of organizations struggle to analyze financial data effectively, which can make it hard to identify trends and make informed decisions when future forecasting comes into play.
In order to avoid this, you’ll need to look for a system that provides a robust set of analytical capabilities. NetSuite’s financial management system includes built-in analytics tools that can help your company analyze financial data and identify trends. These tools include customizable dashboards, real-time reports, and data visualization.
Improve Financial Visibility with MIBAR and NetSuite
Our team at MIBAR is ready to be your partner when you need to ensure you’re overcoming the financial visibility obstacles within your organization. Achieving financial visibility is crucial for future success. Eliminating data silos, gaining access to more timely data, getting rid of manual processes, and optimizing your teams’ analytical capabilities are the foundational points to pay attention to if you want to see real growth and efficiency in your organization.
As you embark on your journey to better your business, be sure to look for tools and partners that can help you gain greater insights into the financial health of your business. Only then can you be assured your leadership team is making informed decisions that have the best interest of future growth in mind.
Our team at MIBAR is here to help you. Schedule a NetSuite demo today so we can show you around the wonderful world of NetSuite’s systems.