The planning, organization and control of financial processes have a direct influence on the decision making of companies. Although everyone knows this, there are many organizations, even large corporations, that still do not have their financial processes integrated with the rest of the entity.
Both large departments and small finance teams can gain numerous benefits by integrating financial processes using FPM (Financial Performance Management) software. That’s why in this article we talk about LucaNet and how it can help your organization.
Why integrating financial processes is key for your organization.
Every company seeks to be more efficient and productive. At the financial level, this means integrating processes with the rest of the company’s procedures, since this way it is possible to have a real global picture that allows better decisions to be made.
The resources available to financial departments are not infinite, and should be dedicated to more important tasks than tinkering with Excel templates from different ERPs or looking at a screen trying to decipher the data displayed on it.
Using Financial Performance Management (FPM) software simplifies the management of financial processes through integration with other procedures and tools, saving time, costs and facilitating decision making. And if we talk about FPM software, we must talk about LucaNet.
LucaNet: FPM software of reference.
LucaNet is a software that allows the integration, consolidation, reporting and financial analysis of companies in a simple way. In Holistic Data Solutions we use this software (among others) to provide a solution to the needs of our customers as it is one of the best options available today.
LucaNet allows the integration of corporate financial reporting, group consolidation and financial planning in the same platform, from financial statements to treasury, including the income statement and balance sheet. It provides a global financial vision that makes it easier to obtain answers and make decisions, which has a direct impact at a strategic level.
This FPM can take data from your ERP, your financial system, Excel files and other documents and integrate them into a database that allows you to manage your entire financial activity under a single application. Important decisions must be made based on reliable data, and that is achieved through solutions like LucaNet.
What does this mean? Meeting deadlines, freeing up time to devote to analysis and making better strategic decisions, working with less stress, having more reliable data, etc. And these are just some of the advantages your organization can gain by integrating your financial processes with a tool like this. Let’s take a look at some more.
Advantages of integrating financial processes.
Generate accurate reports from a centralized database.
Manual report creation means that many errors are made when copying and pasting data from different sources and document types. This is multiplied when teams are working in different locations or with different templates. The integration of processes allows everyone to have access to the same data in real time.
LucaNet allows importing financial data from more than 200 ERP and financial accounting programs, as well as allowing direct access from third-party systems.
It facilitates truly comprehensive planning.
Many companies base their planning on the profit and loss statement because it is the financial statement that usually has the most accessible data through their ERP, but they neglect their balance sheet and cash flow when making decisions. LucaNet allows the integration of these three statements to be taken into account in planning.
It offers greater data transparency.
The integration of processes allows you to drill down to the transaction level, making it easy to see even invoice details at the click of a button. This is something that can save a lot of time, a lot of phone calls and a lot of emails sent to find out where a figure came from.
Reduce your reporting deadlines without increasing your stress.
Make the software work for you by automating and simplifying repetitive, tedious and error-prone data tasks. This saves considerable time in data collection, review and consolidation, allowing you to deliver financial reports on time.
Security and ease of use.
LucaNet ensures compliance with all accounting criteria, offering data that can be auditable for both auditors and investors.
It is also very intuitive to use, so no technical knowledge is required to work with this FPM software, as it is designed for business users.
In summary, the integration of financial processes through LucaNet allows to speed up the analysis of information and improve its quality, obtaining a global vision of the organization that allows to make better decisions and anticipate any unforeseen event or change in situations of uncertainty.
Do you want to improve the performance of your financial team with LucaNet?
LucaNet and its financial process integration can bring many benefits to your organization today and in the future, as we have seen in this article. This FPM software is a recognized solution used by more than 3000 customers around the world, and that is why Holistic Data Solutions uses it to offer the best financial management solutions for our customers.
If you need more information about how we can help you, do not hesitate to contact us.