Years from now, there will be the long-lasting impact of the COVID-19 pandemic on businesses and it will be a changed world. As an industry that relied heavily on intelligent insights to gauge risk and perform credit and cash reserve analysis, financial businesses are in a good position to recover, by understanding the vast amount of data and navigating in the next normal. Those prepared will be better able to respond to an unanticipated time in the future. Resilient organizations will be better positioned to gain business metrics, such as liquidity, and volatility, and gain a detailed view of assets and liabilities and assess risk scores.
While no one could anticipate the unprecedented disruption caused by COVID-19, smart businesses stay one step ahead. They know the importance of bringing a smart ERP such as SAP Business ByDesign to address their customers, operations, finances, taxation, GST and other challenges.
Those who are not aware of what SAP Business ByDesign is. It is a fully integrated business management solution delivered in the cloud. This ERP is specifically designed for mid-size and large scale organizations to save their cost and run agile without the need for a large IT infrastructure.
Visualize cash on hand
Knowing your cash reserves is a fundamental metric for all financial institutions. It provides an at-a-glance look into cash flow. It helps finance managers to preserve the company’s future cash on hand and let you arrange payments in advance. The smart ERP reflects large incoming and outgoing transactions of a period and helps you to identify key payments. Chances are your business cash is dispersed across banking and investment accounts. ERP helps you to make accurate investment decisions by keeping you aware of all key financial activities.
Mitigate Credit Risk
This cloud ERP helps you to manage your account receivables and reduce the risk of financial losses and optimize business relationships with your business partners. The ERP helps you examine the risk of losses by ensuring you make the right credit decisions. With in-built BI functionality, you can view the liquidity ratio to analyze different risk scenarios.
Finance leaders often perform expense and revenue analyses that measure the profitability of each department. The cost accounting function in SAP Business ByDesign enables you to define sets of cost centers and distribution rules. It generates respective reports and renders important cost-related information. This function provides a better understanding to decide the course of action. It helps businesses better manage their operations and provide them the required data across all lines of business.
Audit and risk management
Why chase numbers on a spreadsheet when you can find answers faster? SAP Business ByDesign can help you perform analysis faster and help businesses reduce their risk exposure. It helps analyze sales data, reconcile payroll data and the general ledger, spot waste by identifying duplicate payments and provide information that leaders need to know.
With SAP Business ByDesign, finance departments break free from manual processes trapped in spreadsheets. They are empowered to manage compliance, risk, conduct an audit, juggle accounts payable, investment tracking, multiple account balances, adjust pricing, forecasting models and gain more time for strategic analysis.
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