Financial analytics and compliance software share several common traits with ERP software: they enable increased financial controls, ensure accountability, and minimise risk. 

But they're also about driving efficiency. 

SYSPRO is one of the ERP giants, a colossus of resource insights that packs an extra punch with powerful financial reporting capabilities[1]. Yet despite its stature (or maybe because of it), accessing SYSPRO's true financial controls reporting potential means customising your integration to specific financial landscapes.  

By integrating SYSPRO ERP with advanced financial analytics and compliance software, your data-to-decisions journey to optimised financial controls reporting can begin in earnest.

Before exploring SYSPRO optimisation, let's touch on why financial controls are critical in manufacturing and distribution.

Financial controls and the critical role they play in successful Enterprise Performance Management (EPM)

What are financial controls?

Financial controls are actionable policies and procedures allowing businesses to monitor and control financial resources. These controls include the parameters that control spending and the documentation that reports transactions.  

Why are financial controls so important?

Financial controls mitigate risk by limiting access to finances and reporting and proving a company's integrity to investors, regulators, and clients in its financial data management.

What are examples of financial controls?

Financial controls can span from reporting documents to governance policies and digital applications. 

Here are a few critical financial controls that C-level leadership (such as CFOs and CEOs) are often personally liable for: 

●   Cash Flow Statement offering an overview of financial transactions

●   Profit and Loss Statement that measures how income relates to expenses

●   Balance Sheets to clearly define assets, liabilities, and stakeholder equity 

●   Audit Trail that offers proof of financial records and transactions

●   Segregation of Duties to control access to finances and reporting

●   Clear Lines of Communication for accounting staff, financial managers, and senior-level stakeholders

●   Qualification Restrictions that inhibit untrained personnel from entering certain positions

●   Periodic Training for employees in financial and accounting positions

As your EPM foundation, SYSPRO offers access to several essential financial controls. 

But because there are no set controls to adhere to, each company needs to create tailored financial controls suited to its unique financial landscape. 

A process that can be painstaking if not done efficiently. 

Why should you optimise financial control reporting in SYSPRO?

Few people in manufacturing and distribution circles would contend that when it comes to ERP platforms able to deliver enterprise performance management perks, SYSPRO is at the head of the pack. 

But obtaining the right data for effective financial control monitoring takes time, money, and resources. 

You need a bespoke solution built around your SYSPRO data landscape to connect your data to actions with near real-time efficiency. 

Optimising financial controls in SYSPRO with bespoke app integrations

SYSPRO helps you capture and manage reliable data and makes reporting simple. It offers you access to financial controls that are vital for EPM.

But this is only the tip of the iceberg. 

SYSPRO is only as powerful as your ability to ask it the tricky questions that produce niche insights that drive big, powerful decisions. 

Your SYSPRO data must be sufficiently organised, accurate, and retrievable through extended resources that augment your analytics capacity - that's how you can consistently reduce risk, increase business efficiency, and create those optimal competitive market advantages.

As a SYSPRO implementation partner, EnterpriseWorx helps you augment your SYSPRO integration for maximum insight. 

This is achieved by integrating two Microsoft Power BI[2]  models that put SYSPRO in the front seat of your decision-making.

Bespoke financial analytics for optimal SYSPRO reporting

FinWorx[3] digitises your financial reporting to provide detailed insights into valuable financial controls. By removing the strain of data analysis, FinWorx helps you: 

● Get near real-time automated reporting

● Save time in importing/exporting data

● Remove the need for manual data manipulation

● Customise your reporting according to your business

Automated financial controls let your SYSPRO data flow directly into your decision-making. 

Fraud-risk monitoring with optimised SYSPRO segregation of duties

EWX's PowerBI model, Segregation of Duties[4], ensures data reliability by limiting access and actions in the financial data reporting stream. While manual access control implementation is possible in generic SYSPRO implementations, it's time-consuming and labour-intensive. 

EnterpriseWorx's SoD tool automates your permissions to ensure reliable controls without any manual labour. You get to: 

● Take a step closer to SOX compliance

● Install clear accountability parameters

● Mitigate the risk of fraud and error

● Increase operational efficiency 

Automated SoD ensures that your data and reporting are reliable at every stage.

Leverage maximum EPM power with a SYSPRO partner 

SYSPRO ERP is the foundation on which you build key financial controls, but without tailored integration, it remains a foundation. 

With EnterpriseWorx's industry insight, strategic support, and bespoke application possibilities, you get to build on that foundation and embrace the true potential of your data. Through the integration of FInWorx and SoD, we help you discover the depths of your financial insights in near real time. 

We remain a proactive part of your journey and help you find new optimisations as the journey continues. Our commitment to data management and business intelligence allows us to tailor your experience to your goals, no matter how they change. 

Speak to us about booking a no-obligation workshop to tease out new SYSPRO optimisation opportunities.   

https://www.syspro.com/business-software/business-management-software/financial-management/

https://powerbi.microsoft.com/en-gb/

https://www.enterpriseworx.co.uk/_files/ugd/b2b75e_34c67a9adaca466eb4d37d9ff6acfafd.pdf

https://www.enterpriseworx.co.uk/_files/ugd/b2b75e_ac9d58b4f1a64e17a0ff5431e13ca42c.pdf