The Evolution of Financial Management Tools

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The Evolution of Financial Management Tools

 

Financial awareness within an organization is an essential part of successfully running an enterprise, which means implementing the right financial management software the controls every business unit is paramount to ensuring growth and success. A financial ecosystem platform is truly the backbone of any organization because at the end of the day, every entity needs a way to efficiently and effectively manage money. A system that aligns with company goals will improve productivity, track and record data in real-time, and guide users towards making sound decisions for the business. Information is power, so a system that provides live-data transparency is the ultimate tool for success.

Financial management tools have drastically evolved alongside the upswing in technological innovation. However, many companies do not realize how quickly technology has progressed and are not utilizing tools available that will give them the greatest advantage. Highlighting the progression of financial management software to show how far these systems have come helps display the importance of using a modern-day system.

 

Early systems

Before the onset of financial software development, only accountants and finance officers dug deep into financial data, while the main focus was not on the consumer, but rather, the bankers and lenders. Most business processes were manually completed where officers and consumers discussed data face-to-face with a pen and paper in hand, which required a lot of effort and actually led to many inaccurate reports due to human error.

What was needed at this point in time? Structure. Early on, team members met with each other to discuss who was responsible for what aspect of the company’s finances. Simply put, there were too many manual processes, which would be solved by single system solutions later.

Furthermore, companies were taking note of their financial data, but weren’t putting it to use yet. There needed to be more emphasis on using data to solve day-to-day dilemmas.

Additionally, customer engagement and satisfaction as well as risk management weren’t of huge importance. What will happen when the company grows? What will happen in the case of an emergency? These issues are not considered or adequately solved until the decades to follow.

 

Traditional platforms

The emergence of computers changed the business climate from the 90s into the turn of the century. Systems finally shifted toward the day-to-day financial operations where users could now create electronic spreadsheets, send emails, and dynamically perform tasks they were never able to before. However, the completion of these tasks were all primarily performed “behind the scenes” by staff members trained in computer administration.

Now that basic computer skills have become a common place, companies are not updating their software as much as they should be because it is now easy to find users to operate the system without much training. However, this keeps IT costs high while working off of a system lacking in data sharing capabilities and analytical tools. Due to the lack of data provided in real-time, once the data is in hand, however many minutes/hours/days later, the data is old and inaccurate. Changes to data and analysis of that data cannot be made quickly, ultimately hindering productivity costing and companies revenue. Additionally, to effectively maintain the most control over every aspect of the company, the supporting systems needs to be a full-service platform that not only includes financial data, but also account management capabilities, live analytics, auditing tools, global operation management, and more. With this vision, future systems would prove to evolve towards complete systems.

Cloud-based financial software

Cloud-based financial management software was created to offer full accessibility and transparency. With the utilization of cutting-edge technology, users can view live data updates and communicate with consumers in real-time. A unified cloud-based platform should feature user-friendly dashboards, easy-to-create reports, and a secure consumer payment portal.

With these components, unified cloud-based systems are more intuitive and cost effective than previous financial management platforms. These fully integrated, new-age systems are designed to optimize entities to the fullest.

CSS is the pioneer of the financial cloud platform with IMPACT! HD™ 2.0.  The City and County of San Francisco implemented the IMPACT! HD™ 2.0 platform as the first ever cloud-based system to be adopted by the municipality.

 

Financial management tools will continue to evolve and improve over time, which is why a cloud-based financial platform is so beneficial. Cloud implementation and system updates are completed instantly and unobtrusively providing the latest technology without disruption at minimal cost. Staying at the cutting-edge of technology ensures entities are at the forefront of revenue growth and consumer experience improvement. Outdated tools and processes have a negative impact on the companies who utilize them over the latest technologies.

If your current system isn’t serving your business, CSS can help. CSS provides a plethora of enterprise class solutions designed with the flexibility, agility, and scalability enterprises require.

CSS provides businesses of all sizes an all-encompassing software that feels tailor made, but is cost-effectively available off-the-shelf. Request a demo today.

CSS Impact
When software is designed by a company that is dynamic & robust, it tends to work that way, too. Our System delivers a suite of Enterprise Compliance, Visibility and Automation solutions for the ARM, Legal and Healthcare Industries.

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