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What is a Risk Management?
Risk management is the forecasting and the evaluation of financial risk together with the identification of procedures to avoid and minimize their impact. Risk can come from various factors: uncertainty in financial market, credit risk, and legal liabilities. At an enterprise level, an unstructured approach to Risk Management is quite possible. Therefore choosing the right ERP to manage the company’s financial risk is very crucial. It helps the company to recognize the business threats and work on it.
For a business, the biggest risk could come from not managing its finances properly. It is very important for the organisation to manage the payable and receivables and precisely the cash flow regularly. Successful businesses use ERP software to facilitate the Risk, making information accessibility easy. A Risk Management software is a system of co-ordination and optimization for reducing the risk of harm to organization earning potential. Corporate financial risk arises in many forms and it differs company wise.
Sage 300cloud is an ERP that allows you to manage all the company financial risk thus increasing the productivity and preventing them from losing the profits.
Sage 300cloud features that are beneficial to manage the Company’s Financial Risk:
- Sage 300cloud has the follow-up features in the customer master which allows the cash collection control team to follow-up customers for payments and put the remarks in the system.
- These remarks can then be printed in the Customer Ageing report which allows to monitor the payable and the cash flow.
- Cash flow report which runs in excel giving the user flexibility to present it to the management the way they want to.
- The BI tool available in the system as a module gives the user the flexibility to design their own KPI and risk factors.
- Let us classify the customers and Vendors for class ‘ABC’ analysis. To elaborate, it enables an organisation to categorize the customers and vendors depending upon which class grade they belong to.
- Using Sage 300, an organisation can always blacklist the customers that have been defaulting the payments using the default feature of check credit limit.
- We can also mark invoices to be paid on hold using the control payments feature in the system.
- We can also retain some percentage of the Invoice amount using the standard retainer accounting feature in the system.
- The information is centralized thus improving the customer satisfaction and promoting the organisation profitability.
In a nutshell, Sage 300cloud suits the best in managing financial risk of the company. It protects the company as well as the customers against events that threatens company’s business.
To know more, SMS SAGE to 56767. You can also write to Sage Software Solutions Pvt Ltd at email@example.com
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