What is the function of financial management system?

I remember a famous accountant said: “the core of financial management is to create value!” Then, the function of financial management system is to help enterprise financial management more flexible and efficient to achieve value creation. Xiaobian said that we should not object to it. Looking at the present, how many regular enterprises can leave the financial management system without the husband and wife shop? It’s not without, but it’s very few. Only a single financial management system has not been very effective, especially in the digital economy, digital financial management system can achieve scientific, standardized, refined level to help enterprises or institutions to provide strong support for operation and innovation.

Now, no matter large and medium-sized enterprises, the position of financial management is self-evident, directly related to the lifeblood of enterprises, almost no enterprises do not pay attention to it. What are the functions of the matching financial management system? Today Xiaobian will come to talk with you. Before we start, we may as well have a brief understanding of the financial management system.

Concept of “financial management system”
With the help of special application software formed by computer technology, it can provide basic assistance for financial management and realize the systematization, standardization and flow of financial management. It is a computer replacement for traditional financial management, greatly reducing the labor intensity of financial personnel and improving the quality and efficiency of financial accounting work of enterprises.

From the above, we can roughly understand that the financial management system has no more than two direct functions for enterprises. One is to realize the systematization, standardization and flow of financial management; the other is to improve the financial quality and efficiency. In fact, many small partners also ignore the direct effect of all this on the greater value of enterprises, which is to promote the core competitiveness of enterprises.

Based on this, we can divide the function of the financial management system into three points, two points are directly acting on the enterprise finance itself, the other point is standing at the height of enterprise development, which is for the enterprise. In this way, it will really be more routine. You may as well use SAP’s financial management system to intuitively view the function and value of financial management software.

Function of “financial management system”
① To realize the standardization of financial management;
Financial management is very professional, and links with all aspects of business activities. A little carelessness is easy to cause illegal operation and damage economic interests. Then, the function of financial management software for financial management is reflected in the improvement of process design, simplification and standardization, so as to avoid human risk. For example, the financial management software of sap, the financial department can simplify and standardize the financial process, and the system can automatically record and evaluate the business activities in different modules or systems. Of course, more than that, the financial system should be integrated with business and other systems to avoid information island, so that business and other information can be converted into accounting vouchers and data information in real time to provide basis for management analysis.

② Provide convenience for financial management and analysis;
In traditional financial management, in order to query the financial status of an associated enterprise, business activity or a certain period of time, it is necessary to check and transcribe vouchers and account books item by item, which is time-consuming and labor-consuming and prone to human errors, affecting the efficiency of financial management. With the help of sap and other financial management systems, we can automatically query by inputting the key words to be searched, and present them in the form of reports and reports to the managers, which improves the efficiency of query. In addition, the analysis, prediction and simulation functions attached to the software can facilitate financial analysis and improve the efficiency of prediction and analysis.

③ To promote the core competitiveness of enterprises;
The fundamental purpose of business activities is to maximize economic benefits, which needs to rely on efficient and scientific financial management activities. Financial management system is the tool and foundation of financial management. The application of software can provide an efficient and scientific platform for the financial management activities of enterprises, improve the quality and efficiency of financial management, and provide reliable reference for the investment and decision-making of enterprises. The realization of comprehensive understanding and accurate prediction of market dynamics improves the accuracy of business activities and enhances the competitiveness of enterprises in the market.

As for the function of financial management system, this issue is a brief introduction. The key role is these three points, among which there are many detailed roles in various processes, such as accelerating settlement speed, invoice work, voucher approval, voucher approval, etc All of these can be realized one by one through SAP financial management system.

For a more comprehensive understanding, consult the acloudear — SAP partner.

This article "What is the function of financial management system?" by AcloudEAR. We focus on business applications such as cloud ERP.

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