It’s the end of financial year once more and with it comes EOFY challenges.
EOFY involves many processes that can be difficult to businesses without an efficient and effective system in place.
There are lots of to-dos that we’ve listed down in our guide to EOFY and when financial year closing comes around, some scramble to get their documents in order.
Here are just some of the common EOFY challenges that businesses face:
- Inaccurate and outdated financial data
- Unforeseen difficulties that suddenly show up during the closing process
- Errors in financial documents that have gone unresolved
- Faulty communication and information dissemination between departments
This is where ERP systems can come in.
ERP systems solve EOFY problems that you’ve been dealing with year after year.
Here’s how they do it:
1. ERP systems capture data in real-time
With an ERP solution like Sybiz Vision, MYOB Advanced, or MYOB Exo in place, you don’t have to worry about inaccurate and outdated financial data.
The system keeps up-to-date information that the employees input and is in sync with different modules within the platform.
Furthermore, a constant stream of up-to-date information also ensures that there are fewer errors, discrepancies, and redundancies in your data.
2. ERP systems can help you create a more effective closing process
Business need to set clear SOPs (Standard Operating Processes) that anticipates different scenarios that may occur during the EOFY process.
ERP systems helps businesses create streamlined EOFY processes by providing data access to employees, visibility for all departments, and automation.
3. ERP systems break down data silos for clear communication and collaboration
Communication and collaboration difficulties can be minimised with ERP systems because employees from other departments can access the information in one centralised platform.
As a result, you no longer have to request and wait for files from other employees or departments because the data is visible to you as well.
4. ERP systems can assist with reporting, analytics, and business intelligence
Most ERP systems have built-in reporting features that provide relevant insights for your business with just the click of a button.
During EOFY, different financial reports must be reviewed and submitted, this function speeds up the process.
In addition, ERP systems are configurable and compatible with more sophisticated analytics and business intelligence applications.
For instance, MYOB has an MYOB App Marketplace where you can discover different business intelligence software to integrate into your MYOB Advanced or MYOB Exo system.
So, there you have it.
Those are just some of the ways that ERP systems solve EOFY challenges.
For those with ERP systems, optimising your solution is the best way to speed up year-end.
Luckily, there are training sessions and resources that will guide you through EOFY processes within the systems and teach you the best EOFY practices.
If you don’t have an ERP solution, now is the best time to review and start assessing to help you determine whether an ERP system will help your business improve efficiency, information & profitability.
Could investing in an ERP solution be one of your big plans?
Ready to face EOFY challenges with AlphaBiz support?
Contact the AlphaBiz Team for your EOFY questions at admin@alphabiz.com.au or at 08 9277 2226. We also provide MYOB Advanced support, MYOB Exo support, and Sybiz support.
