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How small and medium-sized businesses can optimize financial health

Businesses are operating in uncharted territory. If you are a finance leader at a small or medium-sized business, then you must prioritize making an efficient, customer-focused business model. What are some actions you can take to make this happen? 

Below are three pieces of advice that have helped many companies like yours elevate customer service, improve business performance, and bring predictability to their businesses.

Connect your front and back office to improve customer service.

To build a business that supports customer retention, you must be able to manage the entire customer lifecycle on one system. That can be done by connecting your back-office functions (ERP)—namely financials, billing, and product and service delivery—to your front office (CRM), so you can create a comprehensive view of your customers.

For example, Redkite, a medium-sized organization based in Sydney, improved services and operations across the board by moving from disjointed accounting software to a connected front and back office with Salesforce and FinancialForce. Now, Redkite’s Director of Finance can access records and handle approvals on-the-go. By eliminating mundane data-entry tasks, finance can focus on delivering better services to customers and donors. With a more efficient organization, customer satisfaction goes up.

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Establish a master customer record to improve business performance. 

After connecting the front and back office, you can establish a master customer record from which everyone works. Customer orders, project milestones, billing events, and accounting details are now all in one place so your accounts receivable team has everything it needs to bill faster, collect sooner, and increase collaboration with sellers. 

With a master customer record, you can also generate an invoice straight from a sales opportunity, speeding up the billing processes. You’re now managing only one customer dataset, making reporting easier and more accurate. And with just one system of record, you’ll also simplify compliance processes and production of audit trails.

Muscular Dystrophy Association (MDA), a Chicago-based nonprofit dedicated to transforming the lives of people affected by neuromuscular disease, tamed financial chaos and saved $5 million by upgrading to FinancialForce’s modern ERP suite. Native to the Salesforce platform, FinancialForce enabled MDA to move all key financial and service processes to one platform. 

Leverage artificial intelligence to predict your unique business trends. 

Accounting has traditionally been about historical reporting: evaluating a company’s performance over the past year, the past quarter, or the past month. In today’s ever-evolving economy, however, that kind of backward-looking financial reporting isn’t good enough.

Augmenting your efforts with AI capabilities is the way to gather and leverage your most crucial information to make accurate, timely predictions based on specific patterns of customer behavior and changes in the market. Cutting-edge analytics powered by Salesforce Einstein that use the same data as a Salesforce-native solution like FinancialForce is the best way to make this happen. 

See customer-centric ERP in action.

Experience the inner workings of customer-centric ERP and Einstein analytics and how they can benefit your business. Also, check out some success stories of how companies of all industries and sizes are benefiting from FinancialForce.

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