Financial Management Challenges

Financial Management Challenges :

Financial management challenges :

Financial management in each entity is the mastermind of all the company's decisions, and in order to work properly, there must be a tool so that the data on which the decisions are based are analyzed, and one of the most important tools on which the financial department relies in its work is accounting programs

Hence, a program is searched for that achieves the following objectives :

1- High quality business performance

2- The economic cost

3- Timely

The breakdown of this is as follows:

First: High quality business performance:

The program is judged to perform the work with high quality if it achieves the following

1- Easy data entry

2- In light of the era of digital transformation, you may encounter programs that do not work in Webbase and are still running the Desk Top system, which means that the person entering must be present next to the device on which the program is defined

3. In the era of digital transformation, you may face programs that are not compatible with mobile screens, which represents a difficulty in entering

4. You may be faced with programs that cannot open more than one window at the same time

5- It does not consume a lot of time in running the data "migration"

6. Programs often use the word migration as a cover to take time to run data, which prevents the issuance of essential real-time reports such as inventory

Second: Economic Cost :

The program shall be judged to perform the work at an economic cost if it achieves the following during the following stages :

The first stage: the stage before making the decision to choose the program: -

1 The program is explained by the owner company without running a practical case in which difficulties are specified in all departments

2. Each person in the meeting talks about his personal challenges from his own perspective towards business so that things are easy and simple for him

3.The lack of an official in the company who has experience in all the problems of the company and has experience in financial programs at the same time

The second stage: the starting stage "Start Up": -

1- Resorting to code development of the program with minimalism, which is called the strength of the program's infrastructure

5- The program needs a reasonable time in activation, which means reasonable time

3. Not to be short, it can predict the weakness of the program

4. Not to be as long as frustration seeps into the work team

The third stage: the stage of daily operation : -

1- The program needs to perform one task more than once for more than one person

2- The inability of the program to link different documents

3- The difficulty of issuing new reports except through technical support

4- Do not extract important reports until after migrating the data

The fourth stage: the stage of the interval closure " monthly - quarterly - annual ": -

1- The administrative perspective and the problems it contains within the company and the development of controls for it that are implemented through the program and not people

2- The regulatory perspective and how to set the controls that govern the supervisory role of the program directly

3- The tax perspective and how to implement the tax rules required on the program

4- The financial perspective so that the financial impact is done properly at the time of immediate implementation and there is no possibility of delay

Third: The right time : -

The program shall be judged to perform the work in a timely manner if it achieves the following :

1- The required data can be extracted when needed in making a decision

2- Reports can be viewed from anywhere and at any time

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