Integrating Finance System with CRM – Good or Bad?

Sales people should focus on the sales pipeline and closing deals while the finance team should be concerned about accurate and timely accounting. However, lack of integration between these two systems will result in a few challenges such as:

• Re-entering the information in CRM

• Data inconsistency

• Invoicing errors

• Lack of efficiency in sharing data across multiple tools

By doing so, all the financial information will be available in CRM for sales teams and all the numbers will be automatically pushed to the finance tools so that finance teams can manage their accounting process in real-time.

Here’s what you get by integrating CRM with finance systems:

Single database for sales and finance

When sales and finance departments work separately, lack of information can slow down the approval workflow from the sales pipeline to the accounting processes. All the quotes, purchase orders, or sales orders generated in CRM need to be manually imported into the accounting software.

By integrating, both the teams can share and sync everything between accounting software and CRM. All the invoices created in CRM can be automatically imported into the accounting software, so you need not waste time by correcting data errors.

Submit expense reports from CRM

The sales department has to deal with several leads and at the same time, they have to deal with different systems to manage how much they have spent acquiring those leads. By integrating, they can submit expense reports in CRM. Also, you can:

• Record expenses

• Create and submit expense reports

• Analyze the amount spent for each lead

How this integration helps in retaining customers?

Tracking subscriptions and payment schedules are one of the most difficult and time-consuming tasks. You need to continuously track the customer’s subscription to avoid any unnecessary issues. The integration allows your sales team to manage the subscription info and keep track of invoices generated and expiration dates so that you can automatically renew the subscription. This would help you maintain good relations with the customer base, thus breaking the barriers between sales and finance.

To learn more about how this is done, please visit our CRM platform page.