20 Oct What Does CRM Mean for the Finance Department
Something you may have not known about CRM is that it offers benefits to everyone and every department within your company. CRM allows people in your organization to work out of the same database at the same time using the same current data. At first this might sound disorganized but in reality it could not make your organization more organized. Take some time to look into the impact CRM can have on your company.
More Accurate Finances
For the director of finance, it may be difficult to get a truly accurate view of your entire organization when you have to launch multiple programs and manually combine data from multiple spreadsheets. But when you combine sales information from CRM with data from your ERP system, you are able to create an interactive dashboard so you have the power to drill down into your sales data all in one location. Manage revenue and budget variances, generate a more precise business forecasts, and manage your budget easily and more effectively.
Quick and Easy Collections Management
CRM makes it easy to manage customer collections and quickly and accurately convert outstanding invoices into cash with the “AR Collections Manager” that is provided. Consolidate account information into a single dashboard view with interactive graphs to help you organize collection calls, identify problems for growth, and schedule automatic report updates. With the integrated Calendar and Task Manager, you can send out automatic email reminders and notifications when deadlines are approaching or if something needs your attention. CRM also makes it easy for you to interface with other personnel within the system.
Reduce Administrative Burden
When separate systems are in place, it is possible that your accounting staff gets multiple requests for order status, shipments, credit lines, payments, and many other accounting questions from other departments who do not have easy access to that type of information. Time can be saved on all accounts when that information is centralized within the same database. CRM can be used by sales and customer service to easily perform their own inquiries while you accounting staff focus on their own work which reduces the administrative burden on everyone.
The CRM Bottom Line
Overall, CRM has benefits and features that goes far beyond use for just sales personnel. The level of organization and efficiency that can be achieved when everyone works from the same database can break down departmental barriers, eliminate the hassle of duplicate data, and give you and your team, no matter what their role, better visibility of your entire business.
Contact us to learn more about how CRM can connect your business and improve your bottom line.