The financial function involves the acquisition and utilization of funds required for effective business operations. It is the source to run any organization, it provides the money, it acquires the money. Every business department be it Marketing, Operations, Human resource or any depend on Finance for their functioning thus, it becomes very important to consider finance integration as it ensures fast and free flow of information across the entity and save on a lot of manual work hours earlier put on maintaining the financial information and extracting it out. The time saved can be used to formulate business strategies and analyze the results by financial experts without having to perform repetitive tasks.
Current status and challenges of the finance function
Currently, financial functions in an organization are performed by accountants on several applications for record keeping and data entry. However, for the reporting and exchange of information most finance functions in organization depend on spreadsheets that have features like sorting, filtering, Lookups, charts, graphs and much more. However, spreadsheets and manual ways of data exchange and transactions soon become time consuming and become prone to manual errors. When any other department needs the data provided by the finance department, they will have to carefully check these spreadsheets and analyze them. The entry of data in spreadsheets and analysis by extracting the information out of it is a repetitive and time-consuming task that can be done away by using automated integration tools. By integrating Finance organizations will be able to automate a lot of repetitive processes and bring more efficiency and effectiveness.
Integration options and challenges
There are a lot of ways in which Finance can be integrated. It can be integrated with the help of Vendor-built integrations and Third-party point to point (P2P) connectors but both of these are not customized for specific operations of any organization hence, integration through them may not work for all the businesses as they are not so customizable and flexible according to the needs of the entity.
A lot of companies are trying to resort to IT build integration, the most specific and flexible, however, it is very time consuming as the down time involved here is very high. It takes months to achieve this and during this time a lot of important entries and data can be missed, which no business can afford in these times.
eZintegrations is the first choice for financial integration.
Considering the needs and challenges of achieving financial integration, Bizdata inc. Launched eZintegrations, a self-service, zero-code and highly flexible integration software. It doesn’t require any technical expertise to operate and integrates anything very fast with minimum downtime. According to business needs, it is highly customizable and flexible, and it is also convenient for visual mapping.
eZintegrations creates an integrated data ecosystem, which will ensure automated free flow of financial information to various departments and automates repetitive tasks that were earlier done on spreadsheets.
With all these ever-changing policies and loads of work, it has become imperative to achieve finance integration as it will help automate the growing number of finance tasks and incorporate any change in taxation or any kind of financial policies automatically. Financial integration will reduce human input errors and prevent data loss when extracting information. Therefore, this is very critical and must be achieved.