400-690-3218 Free Trial En   中文

How to evaluate the performance of financial department?

Author:Acloudear , 2020-06-18 16:57   
Taking the financial management software in SAP ERP as an example, we can help enterprises to build a scientific and complete evaluation system of financial departments through innovative solutions.

How to evaluate the performance of financial department? This has undoubtedly become an important issue to test the level of enterprise management. From the boss to the shareholders and executives, there are a thousand perspectives and standards in the eyes of a thousand people. How to be objective, scientific and fair? Of course, at present, the criteria for evaluating the performance of the financial department of an enterprise can be roughly divided into three categories: ① the traditional type, the financial department only needs to make the accounts right, which is good; ② the omnipotent type, all business activities are related to money, which is what the financial department should do. ③ Objective, understand the business, analyze the future development strategy of the enterprise, and reasonably evaluate the role and value of the financial department.


Performance of corporate finance 1


Which evaluation method do you think is more acceptable? Third, of course! When we try to evaluate the performance of the financial department of an enterprise, should we first look at ourselves, what is our evaluation system, what are the standards, and what principles are we based on? In this case, we might as well use the wisdom of some experts to find some specific problem-solving skills.

A piece entitled “Dr. Feng Meng, do something or not: the value promotion of the financial department of modern enterprises” talks about the vertical and horizontal dimensions of the value consideration of the financial department.

In the vertical, the basic functions of Finance: account management and money management;
Horizontally, the coordination of financial and non-financial departments and the function of resource integration.

In the final analysis, whether we judge and measure horizontally or vertically, and understand the business, is the basic premise of any form of performance and value evaluation! Only when we have a clear understanding of the basic functions of Finance and the value needs of enterprises, can we find the best way to evaluate the performance of financial departments. For example, what are the general indicators of evaluation? For specific indicators under the particularity, what are the periodic indicators? With these clear and clear standards, we are qualified to objectively evaluate the performance of the financial department of the enterprise.

Performance of corporate finance 2

Nowadays, with the trend of digital management and the financial transformation of business financial integration, the performance evaluation of the financial department has become more complex. In fact, there are many evaluation criteria for the performance of the financial department of an enterprise, such as the ability of capital operation, financial management, risk management, strategic implementation and shaping a good financial image. Key words of evaluation system: participation in management, strategic thinking, systematic thinking, risk prevention and control, value output, etc Performance indicators of business departments.


Performance of corporate finance 3


It’s not too complex to evaluate the performance of an enterprise’s financial department in the digital era. When we use digital management to integrate financial process and business process, and use analysis to integrate them automatically and in real time, and then transform them into the whole enterprise’s forward-looking business insight in the field, maybe everything will become simple. Taking the financial management software in SAP ERP as an example, we can help enterprises to build a scientific and complete evaluation system of financial departments through innovative solutions. In order to evaluate and assess the financial department, and at the same time drive them to accelerate their growth to adapt to the changing business model of the modern digital world, so that enterprises have more competitive advantages in the rapidly changing world.

For more details on the performance evaluation of the corporate finance department, please consult acloudear (a platinum partner focusing on SAP cloud solutions).

This article "How to evaluate the performance of financial department?" by AcloudEAR. We focus on business applications such as cloud ERP.

Scanning QR code for more information


Recommended

04
2020-02
How to evaluate the supply chain management level of enterprises
Tagore once said, “it’s easy to talk if you don’t want to speak the complete truth.” Therefore, it is a very prudent thing to evaluate others or enterprises. Of course, this also applies to the topic we are discussing today: evaluating the level of enterprise supply chain management. The development of any thing has its objective laws and characteristics of environmental factors, which ultimately forms today’s model or appearance. Therefore, the current supply chain management level of enterprises is the result of yesterday’s continuous accumulation. […]

16
2020-01
Why are all ERP systems of listed group companies sap?
Looking at the global scale enterprises, we find an interesting phenomenon: most of the world’s top 500 enterprises choose SAP ERP system, while the following listed companies almost choose SAP ERP system one-sided in the choice of ERP system. As the “master of management behind the world’s top 500”, sap, the world’s software giant, has such great charm? With the development of globalization, large enterprises are bound to use new technology to support their business operation and complete their own deepening reform. According to incomplete […]

15
2020-01
Which cloud ERP do small and medium-sized enterprises usually choose?
China has the largest and most dynamic group of small and medium-sized enterprises, which has grown rapidly in the past decades. With the rapid development of small and medium-sized enterprises, their demand for information technology is increasingly strong, especially driven by new technology, the demand for digital transformation of small and medium-sized enterprises has become overwhelming. Digital transformation is not only an important factor driving the change of business model of small and medium-sized enterprises, but also an important technology influencing the purchase decision-making process […]

15
2020-01
The ranking of cloud ERP, this one is enough!
When the digital wave sweeping the world, new technology and new revolution continue to boost the rapid development of the economy, when the scale of the trillion level digital economy is emerging, where is the future strategic planning of the enterprise? Almost all of the world’s top 500 enterprises go to the cloud for the first time. When the introduction of cloud ERP digitalization drives the transformation of enterprises and achieves remarkable results, what will be the future of listed, group companies and massive small […]

27
2019-04
AcloudEAR Joins SAP Cloud in World Internet of Things Expo. See you at A3 Pavilion
With the rise of the Internet of Things, as the only cloud platinum partner of cloud computing giant SAP China, AcloudEAR is actively using the world Internet of Things platform to vigorously promote the application of SAP Internet of Things to the manufacturing field and expand the influence of SAP Internet of Things brand. On September 10, 2017, AcloudEAR from Shanghai will join hands with SAP to attend the 2017 World Internet of Things Expo. Team members from the headquarters will come to Wuxi in […]

27
2019-04
Accelerated “dual engine” in SAP China market: cloud computing x digital transformation
▲ Mr. Li Qiang, Senior Vice President of SAP Global and General Manager of SAP China, giving a keynote speech On January 18, 2018, the “2018 SAP Greater China Partner Summit” was successfully held at the mangrove resort hotel next to the beautiful Sanya Haitang Bay. More than 80 SAP partners participated in this summit, which brought together a lot of industry leaders. With enthusiasm and expectations, everyone shared the beautiful blueprint of “Smart Cloud, Connected Innovation” in SAP. Mr. Li Qiang, SAP Global Senior […]

400-690-3218

Free Trial

Online Service

司享网络