The Top Priorities for Finance Leaders in 2021

  • 28 December 2020
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Finance professionals for finance industry

It’s almost the end of the year and many of us are eagerly waiting to step in 2021 faster. There’s of course a reason for the same. It’s been a tough year for all of us, global health, and many businesses impacted largely. The COVID-19 crisis has tested the agility and resilience of every business. Nearly overnight, we have had to adapt to a new way of doing things.

Likewise, finance leaders have realized that they need to act faster and play smart. It’s never been more important to respond quickly to unforeseen circumstances and get the right numbers as quickly as possible and close books faster. 

Build resilience and recapture growth in 2021

Businesses today are battling with constant pressure to improve profitability and manage costs. On top of it, CFOs and finance leaders constantly juggle with multiple spreadsheets and painstaking rework every time. The era certainly calls for smart action and the need for digitization. When finance leaders can see what’s truly driving profitability, and what actions are driving them back, they are building their business resilient in 2021 and the years to come. 

Finance leaders may ask a set of questions when armed with keen insights- 

  • What’s driving profit and what areas need immediate attention? 
  • What are the sales outstanding for the current and previous financial year? 
  • What are the top lists of clients with their current and previous year’s revenue?
  • What is the gross profit margin, operating income, income before tax, and net income?
  • What is the comparison between planned budget vs actual expenses? 

Armed with SAP Business One, finance leaders can also meet their immediate priorities such as-

  1. Streamline financial close activities
  2. Deliver timely and accurate information to both internal and external stakeholders
  3. Automate a broad suite of finance functions 
  4. Mitigate losses and take preventive measures on time 
  5. Ensure 100% compliance and reconciliation
  6. Reduce the risk of financial losses and optimize business relationships with their business partners
  7. Know their cash reserves as where cash is dispersed across banking and investment accounts
  8. Perform analysis faster and help businesses reduce their risk exposure
  9. Gain more time for strategic analysis 

The work-from-home mandate has highlighted the importance of a cloud-based ERP that supports the dynamic requirements of finance leaders. A streamlined and automated process can help finance teams to focus their time on strategic analysis, close their books faster, stay compliant, and miss fewer New Year’s parties.    

Uneecops is one of the best SAP implementation partners who can simplify the way finance functions and help you meet your top business priorities in 2021.  

Nidhi Batra

About the author

Nidhi Batra is a marketing and brand communication professional with 10 years of experience working in the dynamic B2B marketing environment. She strategizes, writes, reviews a variety of content for demand generation and sales support activities. Having a Master’s in English from Delhi University, she knows how to navigate her readers on insightful journeys with her SAP published blogs and thought leadership content.