Recent research by Anaplan, an expert on modelling and planning finance, sales and operations platforms, states that currently, Asia Pacific’s CFOs are still experiencing difficulties with spreadsheet usages in financial planning and budgeting. In addition, there was a relatively low satisfaction level with the accuracy, timeliness and ease of Excel use for planning and budgeting.

Read more: A complete guide to financial consolidation

As discussed in the last post, the prerequisite for an ERP implementation is planning, which includes three main parts: getting the whole organization involved in the project, removing all potential barriers and looking over the company’s history.

Out-of-date and inflexible financial accounting systems may cost you more than you can imagine. It can bog you down with complex and slow information analysical capabilities. It also provides limited options so that you cannot get exactly what you want out of it. In this new age of technology, modern CFOs need a financial accounting system that empowers them to take control and be able to solve current problems and future challenging changes. Before deciding which software suits your business most, it is essential to consider 5 key criteria as follows:

Financial management software is becoming an increasingly important part of every organisation. It helps companies to manage and understand their business deeper from accounting to project management and strategic planning. When the financial management system malfunctions, the consequences will negatively affect the profitability and the success of the organisation.

Executing an ERP implementation project is among the most expensive, time-consuming and complicated tasks an organization can take on. Delays or unexpected expenses are a risk at all times. To avoid these costly mistakes, having a good plan right from the start is necessary. This series will provide you with step-by-step guidelines for preparing an ERP implementation.

Accounts payable automation, workflow, and e-invoicing have long been a solution for common AP problems due to human errors. Despite the fact that AP automation can improve accounts payable and financial management significantly, many companies are still applying for manual entry.

Many companies, especially ones in retailing industry—where accounts payable (AP) transactions with sellers and suppliers are significantly critical—have been investing in e-invoicing and accounts payable automation as a proactive approach to address those AP problems caused by traditional manual entry.

As discussed in the latest blog, 3 ways to increase profits in hospitality management were matching staffing levels to demand; utilising the value of your inventories and understanding ROI of Marketing. Now let’s uncover part 3, which is the last one of the series 9 ways to increase your hotel profits.

After years of slow and stubborn recovery, with constrained capital budgets, hotel owners and hotel operators are facing huge pressure to increase hotel profits as investors are becoming more confident for trade propelled growth, thus fuelling an increase in transaction activity and worldwide improvements in hotel operations.

Today, the hospitality industry in general and hoteliers in particular are faced with a daunting road that requires great flexibility especially in terms of finance.