We’re all a little tight with the purse strings these days, and when it’s your job to keep a close eye on the financial comings and goings of your company, you want to make sure your systems reflect the most accurate information available. In this blog, we’ll show you how access to the right tools and the right information improves everyone’s performance, how you can use data to make better decisions for your business, how to better manage your cash flow, how shifting systems to the cloud can reduce your costs and how the right systems can help you manage compliance and reduce your risk.
Make Managing Your Finances a Breeze
If you know what’s good for you, you stay away from the accounting department at the end of the month. Things get a little hectic in there, and all they can focus on is running the balance sheet and closing the books. If you know what’s good for your business, you’ll give them (and all your employees) the tools they need to work smarter and more efficiently.
Think about it. How much time goes into closing your books each month? How accurate do you feel your financials and budgets really are? How confident are you when you make business decisions based on that information? And most importantly, how much better could your business performance be if you had accurate, immediate, relevant information to work with?
These are big questions for any company, and a business solution from AkiliAfrica provides the answers—giving everyone in your organization access to the data most relevant to their roles. From your desk to the front desk and yes, the accounting department, your people get personalized information they can really use to improve their daily work, rather than chasing numbers and juggling tasks. The best part? It’s powered by Microsoft, delivered via role-tailored home pages, and has easy-to-use dashboards and Microsoft Office tools they already know.
Armed with the visibility, accuracy and insight these types of flexible financial management tools provide, your people can focus on today, tomorrow and your company’s future, not simply on getting through the end of the month.
Put Your Data to Work
Everyone is making a big deal of Big Data. But what does all the hype really mean for those that manage the finances of small and mid-size businesses? The volume of information every business generates is growing at an immeasurable pace. And it’s too easy to let the volume of data bog you down instead of using it to manage your business and your money more effectively. The good news? Sensible ways to put your data to work are well within reach.
A business solution from AkiliAfrica has simple, powerful financial management and reporting tools to help you look forward, using your data to determine the impact changes will have on your business. From evaluating relatively simple variables like cutting costs or increasing capacity, to looking at more complex strategies like acquisitions, entering new markets or diversifying your product line, AkiliFinance and AkiliTrade let you run what-if scenarios and get a confident look at how your total cost structure and bottom line will be affected.
Simply put: you can get a good look at your future based on your business’ data. And with projections you can trust, decisions become a lot easier and you become a lot more confident.
Cash is King, Get the Most Out of Every Shilling
After the downturns and instabilities of recent years, it’s easy to understand why every business is a little cash-obsessed. Whether you’re saving for a rainy day or doing accounting gymnastics to stretch reserves, every finance department is zeroed in on making every shilling work as hard as it can.
AkiliFinance and AkiliTrade give you the tools to track and manage your cash. A cash-flow calendar lets you look back or look ahead to see how your funds flow in and out of your business—simply by selecting a given day, week or month. Bank reconciliation tools give you a clear look at your actual cash on hand as well as all your deposits and debits across all your bank accounts.
You can also track collections to keep tabs on accounts receivables and make sure you’re getting paid as quickly as possible. A simple, out-of-the-box report pulls a list of customers whose balances are over a threshold you choose, allowing you to prioritize and evaluate their history to see if the balance issue is a one-time occurrence or a trend you need to address. And with a direct connection to Microsoft Outlook, you can take care of issues right away by sending a simple email.
Use the Power of the Cloud on Your Terms
In every part of life and business, we’re becoming completely enveloped in the cloud. Data, systems and tools accessible through the web are becoming the norm, but what about the systems you use to manage your core business processes? How do you decide if it’s the right time to move your systems to the cloud? And does it have to be all or nothing?
First, let’s talk about the advantages of moving to the cloud—namely accessibility and savings. You can make it easier for the right employees to securely access financial systems and data from wherever they are. When you give your users this type of access, they always have all the info they need and their productivity goes up. Everybody wins.
When it comes to cost, the cloud offers real savings in your IT budget. You’ll spend less on software and system maintenance, so you can use those resources elsewhere. You’ll reduce the burden on your IT staff, so you can get more out of the headcount you have. And it’s easier to stay up-to-date with the latest and greatest technology and tools.
Adapt to Regulatory Requirements
While the regulatory requirements of each industry and each geography are unique, they all share a common theme: change. Whether it’s tax compliance mandates or industry-specific financial reporting requirements, every business has to balance rock-solid systems that deliver compliance today with the flexibility to adapt as their regulatory responsibilities change.
AkiliFinance and AkiliTrade offer a set of financial management tools with securities and controls to help you meet regulatory requirements. Built on tried and true accounting and reporting best practices, AkiliFinance and AkiliTrade not only help deliver accountability and oversight, they provide you with the ability to clearly separate duties around sensitive data and processes to reduce fraud and protect your company from internal risk.
As regulations change, you can’t afford to be locked into a system that won’t adapt. Financial management capabilities within AkiliFinance and AkiliTrade are built to be flexible, so you can change your workflows and processes to keep your business compliant without breaking the bank.
Keeping track of every dime can really take its toll on a company, and if you’re trying to do so with overburdened, outdated systems, you’re going to end up paying for it eventually. AkiliFinance and AkiliTrade offer sensible financial management solutions built for growth and ready to change with your business.
To learn more about managing your financials with AkiliFinance and AkiliTrade, please contact us.