Financial information is arguably the most important data for an organization. No matter how good the company is, it is impossible to be successful with poor finances.
Shockingly, many businesses still rely on Excel for their financial tracking and analysis. While Excel is a great spreadsheet platform, it simply wasn’t designed for sophisticated financial analytics. That means you are depending on the wrong tool for your most essential data needs. It’s like trying to fit a square peg in a round hole…and staking your entire business on it.
Fortunately, Enterprise Resource Planning (ERP) solutions are designed to handle financial analysis. In particular, Infor’s CloudSuite Industrial (CSI) ERP is built with financial analytics in mind so you can go far beyond simple spreadsheets of data. Here’s how CloudSuite Industrial completely beats Excel when it comes to financial data management.
Safer Financial Data
Financial data is incredibly important for organizations to understand how they are doing, where they are generating high profits, and what is draining their resources. Can you imagine what would happen if all that data suddenly vanished? Excel users are risking that possibility every day. Those with master financial spreadsheets are in danger of someone accidentally erasing critical financial information or a system crash wiping it all away. Yes, files can be saved on the cloud and you can keep backup copies, but that fact remains that it is incredibly easy to erase data by accident in Excel. An ERP system like CloudSuite Industrial is far safer when it comes to storing your financial data. CSI offers built-in user controls so only certain users will be able to change certain fields. In addition, the system automatically tracks what user does what, so you can quickly identify who is responsible altering information.
Real-Time Data Tracking with Automation Tools
An Excel spreadsheet can act as a place to store data, but it doesn’t make collecting it any easier. CloudSuite Industrial streamlines data collection with its automated tools and offers advanced financial analysis right from your ERP.
With an ERP, your financial information is directly linked to customer accounts and your production data. Financial workflows are simple and easy. For instance, you can automatically collect billing data and send out automated invoices without having to manually enter a single barcode or invoice number. All of your financial activity can be seen right from the system, including month-end, invoicing, supplier payments, job costing, and payroll. Because you are collecting data throughout your organization in CSI, you gain a real-time understanding of financial information. The manual processes of Excel simply can’t compete with this level of data collection and analysis.
An ERP expert allows you to maximize CSI tools to the fullest. As a one-stop shop for ERP solutions, we can tailor your system to make it as easy as possible for you to gain the financial analytics you need. Learn more about taking your business to the next level.
Budgeting Made Easy
Creating a budget for different departments is stressful. With Excel, you have to manually add all of your budget items into a spreadsheet before you can even evaluate them. Not so with CSI. From CloudSuite Industrial, you can see what you spent on everything from raw material costs to labor to equipment and maintenance historically. Your teams already add this information into CSI for their everyday work, so it doesn’t require manual entry. Likewise, you can compare your budget estimates with real spending for an accurate understanding of your overall budget.
Don’t become overwhelmed by budgeting woes in Excel. Work with our team of CSI experts at Datix. As an Infor Gold Channel Partner, we have the skillset to offer you support throughout every stage of your ERP journey.
Financials are a critical part of any business, but CSI makes it easy to collect and analyze your financial data. Stop depending on Excel to handle your most important business analysis.
With over two decades in the industry, Datix is the ERP consultant of choice for manufacturers and distributors. We believe in “being the best with the best” and look for partners who match our commitment to solving real issues and doing what it takes. Our in-depth analysis of our clients and their business needs allows us to maximize their software investments to the fullest.