For many companies, ERP software plays a key role in BPA and can create even more value through automation. NetSuite ERP has built-in automation capabilities that save time and money, reduce errors, improve consistency, and better track activity. Using a single, integrated platform, companies can automate many areas of their business, from sales and finance to manufacturing. ERP software adds another dimension to the value added achieved by BPA because it integrates enterprise data across processes, geographies, and functional areas. This integration means that data generated in one process can more easily be used to improve another area of the business.
Automated reporting and tracking, for example, helps prevent repeated errors or fraudulent activities while creating valuable data for diagnostic and predictive business analysis. Anomalies such as differences in performance levels between business groups, for example, are much easier to identify. These differences may mean that employees need help, or they may indicate evolving best practices that are worth replicating across the organization. Business process automation (using technology to perform repetitive business tasks) offers many benefits, including lower costs, faster processes, and fewer errors.
By automating processes, employees spend less time on repetitive routine tasks and can focus on more demanding work that brings greater value to the company. However, not all processes are suitable for automation, and poorly implemented BPA initiatives can fall short of the desired results. By applying best practices in selecting the right processes and planning and executing automation efforts, companies can maximize the impact and success of their BPA initiatives.
A small business looking for a financial analyst has posted an ad seeking a candidate to work with the finance team to prepare financial reports, perform data analysis, review costs, and prepare monthly financial reports. Duties include examining past financial performance and analyzing and interpreting financial data to positively impact “future financial probabilities.”
This individual will compare actual results to budgets and forecasts to determine financial performance. She will regularly review costs, conduct project analyses, prepare forecast reports, and develop financial plans that are used in monthly operational reviews and the budgeting and forecasting process. She will combine historical financial and operational data with other unstructured data. This job description is a great introduction to the importance of financial analysis for small businesses.
What is financial analysis? As the job description suggests, financial analysis involves reviewing past financial performance, comparing budgets to actual results, and creating financial forecasts that provide small businesses with the data they need to make informed decisions. This exercise helps businesses understand their financial situation while planning for the short-term and long-term future.