Today’s business world is almost unimaginable without the myriad of cloud apps that make working easier.
Could you imagine keeping your books on paper or in Excel?
However, with the numerous apps available comes a new problem: the risk of losing sight of (or losing altogether) important data that is scattered across apps.
This is why app integration is a must
Especially when it comes to sensitive data, like the financial kind. This is where API integration platforms come into play.
In a financial department, there are so many tasks that need to be done. From accounts payable, taxes, billing, insurance and many others, everything needs to work like a Swiss watch to avoid significant money loss.
To keep the finance wheel rolling, this important department needs accurate and up to date numbers from the all the other departments, partners, and clients.
And while most of the financial departments do have a number of different cloud solutions each performing different tasks, sadly a huge chunk of them are still not integrated.
Without the right information, so many things could go horribly wrong. Bills may not be paid on time, paychecks may be delayed – which could negatively affect employee morale -, taxes may be calculated wrong – and you don’t need us to tell you what this could lead to.
It is, therefore, imperative for any financial department to get their act together and integrate all the apps and software they are using. More so when many Americans are adopting digital tools and platforms that subsequently affect their purchasing decisions and habits.
Integration will not only streamline your internal processes, but it will also lead to better business performance.
The finance department, therefore, needs to:
- Integrate their apps with customer billing systems, utility companies, and accounts receivables.
- Integrate their apps with collection and vendor subsystems to manage accounts receivables
- Integrate their apps with payroll systems for HR management and cost control for staff activities like travel.
- Integrate their apps with the supply chain department subsystems for inventory movement and expenditure control.
Of course, these are just a few examples that can make life so much easier for your financial department. Depending on the industry you’re in, other integrations may be needed.
But irrespective of industry, a data integration platform will ensure that the finance team has access to all the data they need no matter what department it’s coming from.
It will also ensure that data migration becomes easier. You can forget about the need to double check for accuracy and data discrepancies.
Plus, the finance team will no longer have to rely on one person or a group of people to prepare reports from data spread across multiple excel spreadsheets, ERP systems, and CRM systems. They can easily integrate data from different sources in record time and prepare it for analysis.
Briefly put, an integration software helps your apps talk to each other. It helps automate all your tasks if set up properly.
The benefits of app integration that your finance department can get to enjoy include:
- Quick and easy access to customer account status, which helps convert opportunities into orders quickly and efficiently
- Automated revenue management and accounting transactions
- Improved billing accuracy
- Improved cross-functional collaboration
- Access to key business metrics and better reporting
Inefficiencies and inaccuracies in the finance department will be a thing of the past if your company adopts a data integration platform. By combining the different apps they are using, your department will become data-driven. In other words, they will be able to make decisions based on data and more accurate predictions and forecasts.
If we were to resume the benefits of app integration for financial departments in a single phrase it would be saving money. When your finance department is empowered with the right tools and when they can forget about mundane tasks, they are free to focus on what matters most: increasing your bottom line.
Curious about how integration could help your finance department? No need to commit before you test! Start by claiming your free trial now!