VICTORIA, BC and MANCHESTER, NH — (Marketwired) — 04/24/13 — To help insurance companies navigate a competitive and continually changing business environment, UNIT4 Business Software, the North American subsidiary of UNIT4, today shared best practices in implementing to support business growth.
According to Peter Witham, Director and Financial Services Lead, UNIT4 Business Software, “Evolving regulations, business management changes, and diversification into new product lines or markets are just three of the ongoing change pressures facing insurance companies. Successfully addressing these issues requires a financial management system that empowers insurers with real-time access to data, the ability to report and monitor transparently, and agility to adapt to changing market conditions.”
Based on decades of industry experience with leading enterprises, UNIT4 Business Software has identified the following six best practices for implementing for 2013 and beyond.
. Conduct businesses effectively in a 24/7 world with financial visibility in real-time. Efficiencies, faster closes and balanced ledgers are possible with a single ledger system that combines general ledger, accounts payable and accounts receivable.
Aim for financial visibility across offices and divisions regardless of differing country languages, tax regulations, currencies, etc.
Gain additional insights and efficiencies by providing access to relevant financial information by the correct people and systems across the enterprise. This requires seamless integration between the accounting system, the ERP system and other key operational systems.
Provide targeted reports that accommodate the varying needs of different departments to improve decision making. should allow users to drill down into data in multiple ways — such as viewing profitability by salesperson, state, product line, and more — to identify root causes, roadblocks and opportunities.
. Ensure financial systems are flexible to handle any ad hoc changes that arise due to business change pressures. Insurance companies can-t afford losing time, money and opportunity to revamp their financial system when these changes occur.
Continually assess technologies to enhance the effectiveness of business processes. For example, evaluate the benefits and potential risks of implementing financial processes on the cloud and how mobile technologies might fit into the organization.
UNIT4 Business Software will exhibit Coda Financials, its award-winning financial management software, at , booth #279, May 6 – 8, at the MGM Grand, Las Vegas, Nev.
UNIT4 Business Software is the North American subsidiary of UNIT4, a $624 million global business software and services company that creates, provides and supports software for Businesses Living IN Change — delivered via the cloud or on-premise. It offers solutions that help these fast-changing public, private, non-profit and higher education -BLINC- organizations embrace business change — simply, quickly and cost-effectively. the company-s flagship Enterprise Resource Planning (ERP) suite and its best-of-class financial management software, are used by 6000+ organizations in more than 100 countries. For more information or follow the company on , and our company .
Margaret Bonilla
Birnbach Communications
Phone: (603) 548-0693
Email:
Twitter: @Marg_Bonilla
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