Alan Barton is IBT’s Oracle NetSuite Practice Director and has over 20 years experience in business management, accounting, sales, and marketing. Since turning to consulting, Alan has assisted major sporting organisations, financial lenders, major manufacturers & distributors, education providers and a variety of start-ups on cost-reduction strategies for maximising profitability, as well as exploring organisational efficiencies.
Cash is King – The Money Story
As a business you need cash to operate, but what happens when you don’t have vision of the comings and goings of your bank account? In simple terms, it devalues your business.
I’ve been there, and I’ve done it. I was managing director of my own group of companies. I had 20 people, I was expanding into new markets and I was profitable (in most aspects – more on that soon).
The big thing I was missing in my companies was the overall vision of each of my subsidiaries. I made the mistake of letting most of the information sit in my head about who owed, who didn’t, and forecasting that which was to come. I had 1 subsidiary doing amazingly well, another performing moderately and another trying to get off the ground, all at the tail end of the GFC. We NEARLY made it out too.
I won’t go into the horrifying detail but the long and the short of it is my business asphyxiated without the oxygen that was my cashflow. The profitable wing came crashing down with the rest and part of it was because I couldn’t give an exact financial position at any time.
I needed modeling for revenue recognition, I needed budget modeling more enhanced than that which I could carry in my own head. I was more than capable of sticking to my business ethos of being able to make rapid decisions and pursue opportunities, but it turned out I was doing so without all of the information I needed.
I needed an ERP.
Overcoming the Barriers to Positive Cash Flow
To be able to tell the money story, business leaders and financial professionals must have access to transparent, real-time performance data to analyze and compare strategic plans.
Yet as businesses expand their scale and scope across the world, they lose visibility into the critical KPIs needed to make important and timely decisions.
Join our interactive webinar with live Q&A to see how a cloud-based, unified financial platform can empower your business with:
- Access to real-time financial metrics that matter
- Robust reporting capabilities
- Support for hybrid business models
- Streamlined billing and revenue recognition
- Automatic upgrades and no version lock
Register for the webinar here.