Put simply, an FMS is the software used by a business to integrate and consolidate all financial operations, data, processes and procedures within a single, centralized system. At its most basic level, an FMS manages cash flow. However, in reality, FMS systems of today have evolved to become so much more than this, transforming from what was basic, back-office software into comprehensive, mission-critical systems. Modern Financial Management Systems connect with other organizational systems, spanning all business functions and departments to provide a centralized, real-time view of all financial information. This increases financial visibility, control and business agility, giving decision-makers the right information at the right time. This in turn creates rapid, robust decisions for maximum profitability and long-term sustainability.
Encompassing nominal ledgers, payable and receivable ledgers, consolidations and debt management to name a few, a financial management system amalgamates financial information from across the business. This ensures that a single version of the truth is available to all and presents the information in accessible, easy-to-understand reports. What results is a powerful solution, capable of handling multi-currency transactions, as well as being able to determine tax obligations. Compliance is thus ensured across multiple local regulations, and profitability is optimized while still retaining to grow alongside your business. In short, the right FMS provides an all-important competitive advantage that all businesses are so keen to find these days.