SOURCE: UNIT4 Business Software

UNIT4 Business Software

April 24, 2013 10:06 ET

Six Best Practices for Implementing Finance Software in a Changing Insurance Industry

UNIT4 Business Software Exhibits at Acord LOMA Forum, Booth #279, May 6-8

VICTORIA, BC and MANCHESTER, NH--(Marketwired - Apr 24, 2013) -   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 finance accounting software 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 finance accounting software for 2013 and beyond.

  • Enable true visibility in real time. 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. 
  • Break down cross-border barriers.  Aim for financial visibility across offices and divisions regardless of differing country languages, tax regulations, currencies, etc.
  • Ensure financial information is easy to share. 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.
  • Make each report work for the organization. Provide targeted reports that accommodate the varying needs of different departments to improve decision making. Finance accounting software 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.
  • Embrace change. 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. 
  • Look to the future. 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 Acord LOMA Forum, booth #279, May 6 - 8, at the MGM Grand, Las Vegas, Nev.

About UNIT4 Business Software

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. UNIT4 Agresso, the company's flagship Enterprise Resource Planning (ERP) suite and UNIT4 Coda Financials, its best-of-class financial management software, are used by 6000+ organizations in more than 100 countries. For more information visit our website or follow the company on Twitter, LinkedIn and our company blog.

Contact Information

  • Media contact:

    Margaret Bonilla
    Birnbach Communications
    Phone: (603) 548-0693
    Email: Email Contact
    Twitter: @Marg_Bonilla