June 28, 2024 | Blog

When you have financial visibility in your company, you have better chances to make a data-driven decision. ; London School of Business & Finance said, “Financial management is one of the most important aspects of business. To start up or even run a successful business, you will need excellent knowledge of financial management.” Meanwhile, Oracle NetSuite, one of IT Group, Inc.’s technological partners, also reaffirmed the importance of financial management for every company. “In business, financial management is the practice of handling a company’s finances in a way that allows it to be successful and compliant with regulations. That takes both a high-level plan and boots-on-the-ground execution,” they said. 

As the leading IT Solution Partner in the Philippines and ASEAN region, helping clients with their digital transformation from various sectors and industries, the need to modernize and elevate financial management. Today, we will share five reasons to invest in your digital transformation journey, especially for your overall finance management.

5 Reasons Why You Should Modernize Your Finance Process

1. Planning

2. Managing

3. Investment

4. Data Security

5. Compliance

Planning

In financial management, planning is always the first step. It’s where the company presents its goals, current challenges, and future endeavors. During the planning phase, the financial manager and their team reveal the company’s current status, how feasible your goals are with the current budget, and also the target revenue you need to hit for the year. Through digital transformation, your team can have a real-time, data-driven, and accurate report that offers valuable insights into the company’s budget trajectory and liabilities like Oracle NetSuite, one of ITG’s technological partners that offers #1 Cloud ERP that helps optimize your financial processes.

Also read: Do’s and Don’ts When Your Business Starts to Expand

Managing

If planning is meant for pre-action or the before phase, where all the decisions are made according to previous data, managing is the so-called during processes. As your company tries to align and hit the business goal, financial management comes in to ensure managing all the financial processes happening, from day-to-day sales reports to weekly quotas to quarterly regulatory compliance, which is crucial in daily operations. Missing one of them can make a loophole in your financial visibility. To help you manage your financial processes accurately and efficiently, invest in software like Oracle NetSuite Cloud ERP to help your team automate manual and repetitive tasks, giving them more time to prioritize high-level goals.

Also read: Debunking Myths and Providing Facts: Why Technology is Important in Your Business

Investment

Doing financial management is not only about how much your company spends or how much your company earns. Innovative business leaders know that investment is sometimes a long-term play that ensures growth in many ways. For financial management to be successful and efficient, one must know how to invest. Key leaders and company owners often look over the to see that investment is always a long-term plan. Digital transformation, for example, is a significant investment that overwhelms and intimidates decision-makers.  The truth is, they’re scared as they are conservative with what works already in their company. It’s where growth becomes stagnant, and as every business already shifts toward a digital transformation journey, perhaps the industry they are in will pressure them to invest in digital transformation as the market becomes more competitive daily. And the best time to invest in your company’s future is always now.

Also read: Transitioning from Manual to Computerized Accounting

Data Security

There’s no question that details about your company’s liabilities and assets are essential. If someone unauthorized got their hands on them, your company would become vulnerable to cyber-attacks. Data security should be part of your investment strategy, especially protecting your financial team from data breaches and cyber-attacks. Most companies think that because they have tools for automating their financial and accounting processes, it doesn’t mean they can’t be a victim of hackers. One way to ensure the safety of your financial data and finances is with digital transformation and solution providers that can help and guide you with data privacy and security, like ITG. 

Also read: World Data Privacy Day and the Importance of Securing Your Data (Part II)

Think this: prominent and trusted banks worldwide are at the forefront of financial technology, investing their money to have the most secure and safe financial processes, from its internal operations to servicing their customers and clients. In return, they have a solid brand reputation that makes clients and customers feel safe doing business.  So, what’s stopping your business from doing the same?

Compliance

Many companies, especially their financial management teams, prefer investing in digital transformation because of compliance. Prioritizing regulatory compliance first for your company is like hitting two birds with one stone, as when you comply with the standard, the rest will follow smoothly in your financial processes. It means you are aligned with what is asking for your business, ensuring that when you comply, you have less to worry about penalties, lawsuits, and tons of paperwork and saving you money in the first place. Not only that— but through digital transformation, being compliant means your business becomes more sustainable and profitable. ESG or Environmental, social, and governmental strategy has been a benchmark for a great business model if your company goes above and beyond compliance. ITG, with its partner Oracle NetSuite, has been advocating for organizations to be profitable yet compliant companies with the help of digital transformation.

Also read: IT Group, Inc. Championing Digital Evolution in Bacolod City

Let’s Modernize Your Finance Management Together

IT Group, Inc. (ITG) has been the leading IT Solution Partner in the Philippines and the ASEAN region. We’re an ISO 9001:2015 Certified company with four regional offices located in the Philippines, Indonesia, Singapore, and Malaysia, helping 200+ clients across the ASEAN region on their digital transformation journey and has a solid portfolio of 250+ successful projects.

For over 21 years of expertise, ITG has been your leading technology partner for system-wide innovative solutions to accelerate your business plans and goals, delivering seamless integrations and processes, from Business Management Solutions, IT Management, Integration & Automation, and Enterprise Data Management to IT Infrastructure. We help clients across the region experience digital transformation in their business, co-creating and co-owning solutions tailored to their business needs. 

ITG takes pride in helping businesses from various sectors and industries. Whether you are a small, medium, or large company, we can help you with your digital transformation journey.

Let’s Venture Together.