Necessary Features of a Financial Corporate Performance Management Software 

Corporate performance management software is a crucial tool for companies looking to improve their accounting procedures necessary for the financial closing period. It also seeks to enhance management reporting, analysis, external financial reporting, and disclosure.  

Financial management software like Epicor Financial Planner (EFP) empowers CFOs and other business executives to get a clear view of their financial and organizational performance by guaranteeing reliable operational and financial data to make informed business choices.  

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Businesses in healthcare, banking, investing, and other sectors rely mainly on their financial management software to facilitate efficient operations. Given the variety of available solutions, picking the one that best fits your business’s needs might be challenging. This article will explore the five most crucial components of modern financial management software.  

Having Up-to-Date Data  

Access to real-time data is even more valuable than historical data when making strategic business decisions. Business decision-making is challenging in and of itself, but when you have access to real-time data, you can trust that you're basing your choices on the latest and most accurate information. Real-time information simplifies any choice or action.  

Access to Cloud-Based Systems  

This is one of the most crucial functions of any sound financial management program. Collaboration across departments, quick access to information from anywhere, and simple software deployment wherever needed make cloud-based platforms indispensable. In addition, it guarantees that everyone has access to the same information at the same time, which significantly aids in avoiding misunderstandings and the errors that stem from them.  

Ability to Automate Workflows  

Your financial management software should also automate many bookkeeping tasks. As a result, you and your financial staff will be able to save a substantial amount of time and energy by doing fewer routine chores. Errors that can have far-reaching consequences are less likely when processes can be automated based on a user’s guidelines.  

Ledger Consolidation  

Your company will require a method to monitor the financial transactions of each of its branches or franchisees if it operates in more than one location or has several franchises. Try to find a solution that can help you streamline all of these processes and quickly generate reports depending on the information you provide. Even when dealing with fluctuating exchange rates, merging the books of numerous companies shouldn’t be difficult.  

Easy Audits  

Finally, the right financial management software gives you a full audit record of all the transactions your business executes. The procedure and approvals that preceded the original transaction should also be included. Using this method, you can easily generate documentation showing that you follow a wide range of regulations.  

You can’t run your company successfully without the help of your financial management software. You rely on it to understand the current state of your firm. Therefore, the data you have access to must be reliable and up-to-date. In addition to these five characteristics, sound financial management software should allow you to tailor reports and automated workflows to the specific needs of your business.  

Epicor Financial Planner as Your Next Corporate Performance Management Software  

With an in-built familiarity with the structure of your ERP data, EFP is an influential and trustworthy financial reporting, budgeting & forecasting, and consolidation solution.  

Over 2000 medium-to-large enterprises in the manufacturing, elderly care, retail, service, and lumber sectors use Epicor Financial Planning (EFP) today to streamline and automate their reporting and budgeting process.  

EFP has developed a simple Web and Excel interface to cater to accountants and financial experts. With EFP, the finance department may generate and adjust budgets and reports of varying complexity to meet the business’s demands without the IT department’s help.