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The COVID-19 impact on finance sector has been huge. The situation has been exacerbated by the fact that India has an informal economy. Therefore, it is extremely difficult to locate those who are severely affected by the virus and help them through tax rebates, rental discounts, or salary supplements. The government has been trying hard to help the finance sector but the efforts seem to be going in vain. This article throws light on the deteriorating condition of the finance sector and how ERP software can help you come out of it.
COVID-19 Impact on the Finance Sector
- The government has granted permission to banks to open only selective branches.
- Financial institutions are maintaining a skeletal workforce to ensure that they are not completely shut down.
- Banks are working only to provide essential services to people – check clearing, government transactions, withdrawals, deposits, etc.
- Companies are not able to take loans, rework loan T&Cs, get project approvals, etc.
- Companies are threatened by cyber security issues because financial institutions are asking their clients to perform digital transactions even for very high amounts.
- Companies are not able to manage their receivables and payables appropriately.
- Companies are unable to facilitate communication with their clients and employees.
Also Read: Manage Financial Risk with an ERP
How can ERP Software help reduce the COVID-19 Impact?
- It provides the ability to store necessary client information in a single repository and access it at any time and from any place.
- Provides full financial visibility, streamlines financial processes and reduces paperwork.
- Creates financial reports as per the company guidelines.
- Equipped with real-time dashboards that clearly show revenue, expense, and cash flow.
- It allows companies to exercise full control over payment acceptance.
- Enhances cyber security by providing secure portals for transactions.
- Forecasts financial trends and helps plan for the future.
- Creates message portals for facilitating communication with clients and employees.
- Automatically prepares invoices and mails them to the client.
- Easily integrates with other systems such as email, calendars, and other financial apps.
COVID-19 impact on finance sector has been huge. And if we believe experts, it is going to stay for a fairly long period. To curb losses and to bring back your business on tracks, you should think of investing in ERP software if you haven’t already. At Sage, we are home to world-class ERP software that will take care of all your financial problems and help you run your company like a pro. To know more about it, SMS SAGE to 56767. You can also write to us at email@example.com.
Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.
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