June 30, 2014 2:02 pmViews: 59
By: Jeff Epstein (Operating Partner at Bessemer Venture Partners)
Financial management is the beating heart of every single business. Money pumps in, money pumps out, and it’s critical to ensure you’re following the right regimen to maintain the health of the organization. As most businesses grow, however, their customer base and supply chain evolve and become more complex…….
Too many companies — focused on developing products and fending off the competition — ignore the requirements of healthy operations and instead rely on a financial system that encourages the worst possible habits….
By letting go of antiquated financial systems and moving to a modern, cloud-based financial management system that’s integrated with other operational systems, a company can centralize business data and ensure access to correct, up-to-the-minute information……
The ideal system should automate daily financial processes and eliminates reliance on spreadsheets. This will streamline the workflow and reduce the possibility of errors. This should automate expense tracking, linking those entries to client projects to improve billing accuracy and minimize revenue leakage……
Source: www.entrepreneur.com
