Managing business finances is a daunting task. Along with managing the day to day, cash-flow, revenue, profit, loss, margins, and expenses of a business, there is End of Month, End of Quarter and End of Year processing and reporting which involves recording, reconciling, and reviewing all business transactions and finalising the account data for that period. It is needed to review any discrepancies in your accounts, address any issues in the business promptly and make tax filing easier.
The issue in a lot of businesses today is that even with a robust ERP system, there is still a lot of manual calculation, spreadsheets, and reconciliation between all the different systems and spreadsheets within the business.
The cost of this is TIME which puts a lot of pressure on the individuals involved.
Thankfully, WrxFlo’ s financial management tracking system is here to help.
The WrxFlo FMS is a cloud-based solution which uses an API to connect to your business management systems (ERP MES CRM etc). WrxFlo securely encrypts the data and extracts the relevant tables into the WrxFlo platform. Once extracted, the data can be converted into the necessary metrics for the business. It connects existing financial management systems (ERP) and integrates them with any other systems the business uses daily.
Designed for CFOs
The WrxFlo FMS gives the CFOs real-time financial data at the click of a button. This system is ultimately designed for CFOs to view financial metrics in real time especially when they need it at the end of month and end of quarter processing. It allows them to quickly see if they’re going to hit the target and hit the budget and from there, they can take the necessary action to increase sales or adjust sales. All of this is done in real time, as orders are dropping in, this will update the reports. These reports can be designed in any way the CFO requires based on their business needs.
Benefits of Using WrxFlo’s Financial Tracking System
- Automation of End-to-End Accounting Procedures The WrxFlo Financial management system automates and improves all essential administrative financial activities, such as accounts payable, accounts receivable, cash flow management, buying, payroll, and general ledgers, from start to finish.
- Real-Time Financial and Non-Financial Data Access Finance professionals may now access a variety of data sources on a single platform. You no longer need to waste time pulling reports and manually compiling data. Instead, whether you’re looking at income, costs, or projects, an FMS automatically retrieves all the information you need.
- Planning and Forecasting Companies that use financial management software solutions have a much-improved capacity to forecast future financial activities such as trends and patterns in income, revenues, and costs. Furthermore, a financial management system may help an organization identify how many prospective situations, such as business conditions, acquisitions, or the inclusion of new business units, might affect its financial position. This improves the accuracy and success of strategic planning.
- Operational Visibility and Insights Because an FMS consolidates all your organisation’s data in one location, it is easier to discover trends and generate insights. This provides insight into potential opportunities to enhance areas such as price, sales, and production.
- Extensive Reporting and Analysis A fundamental aspect of today’s most popular financial management software solutions is the capacity to quickly create detailed, consistent, and highly accurate balance sheets, profit and loss statements, budget allocations, and other vital financial reports. Many financial management software programs also have extensive ad hoc analysis features, allowing financial professionals to quickly produce custom reports to meet their specific information requirements.
Features of WrxFlo’ s Financial Tracking System
The features of the WrxFlo Financial Management System include the following:
- Live status financial performance reports
- Digital Display, Laptop, Tablet or Smartphone
- Easy to use & configurable platform
- Can be customised to our customer requirements
- Cloud-based system
- Encrypted security
- Easy to integrate into ERP, MES, or other systems (Excel, equipment)
- It gives them a real-time view without having to use Excel, without having to go into any other system. All the information they need is there, live as orders come in and as orders are shipped so they can act immediately on it. Instead of spending time putting all this information together and trying to get a view, they can spend their time using the data to drive value in the business.
Examples of Success Using WrxFlo’ s Financial Tracking System
There are many examples of people who have used the WrxFlo financial tracking system to successfully manage their finances. Some of our global customers use it to track the sales and revenue of the business, to see how their sales team are performing and whether or not to increase KPIs. Whereas some others use the WrxFlo Finance Management System to automate their end-of-month/quarter or year-end reports.
One of our CFO’s was 2-3 months behind on end-of-month processing due to the cumbersome process of their current ERP systems and manual spreadsheet reconciliation. He now sees his financial information, in real-time at the click of a button, which has transformed his working life.
No matter how you choose to use the financial tracking system, it can be a helpful tool for improving your financial life.
Conclusion
Financial tracking is an important part of the financial planning process and allows you to easily see and adjust as needed. It’s a great way to start managing your finances and making sure you’re on the right track to financial success.
To discuss how you can implement the WrxFlo Financial Tracking System in your organization, please contact WrxFlo today for a free demo.
