In the advantages of today’s digital age, the rapid growth and existence of online software platforms is definitely one of them. There have been industry favourites for years in sales software and in customer relations management.
Some of these have been shaping corporate goals and generating annual growth trends for years. These have become in many instances a necessity to operate. A well known cloud based software platform that certainly needs no introduction is Salesforce.
But what salesforce is to CRM, there is an online platform set to dominate corporate finance and its management. This player is cutting edge in the market and its name is Mosaic.
Integrations – Insightful and Innovative
There are so many features that Mosaic’s financial platform provides, that it’s hard to enumerate them in just one article. However, there is a special feature that deserves particular attention. It is a key function of Mosaic’s software and is one of the most innovative and unique services that it provides.
That is the Mosaic function of ‘Integrations’. But what is it? Integrations refers to Mosaic being able to interact with and integrate with other software platforms. If you’re the CFO of your company and you need to access and quickly aggregate data, then you may have a problem. You will find that different departments are using different software, each with its own data and interface.
It can be very difficult to aggregate all data at the same time, or be able to analyse the functionality of each platform. For example, you may be using an ERP, ( Enterprise Resource Planning) software for the accountancy department. But, there are no functions that provide analysis or help with planning.
Mosaic’s platform does just that. It will take the data from one of your applications, such as Intuit Quickbooks and provide innovative data. If you have Accounts payable and receivables, Mosaic will give you new insights. It will let you know precisely what you owe businesses and what businesses owe you.
But your finance department will be provided with even more information. Mosaic’s integrations harness a web of platform activity. This means that it will take information from your accountancy platform and then take information from another platform like your CRM. It will then merge the two.
You will receive new data analytical insights that would not be possible in any of these individual software features or updates. To put it simply, Mosaic is a web that will collaborate with all of the above to give you unique data.
On the Topic of CRM’s
We have to understand that when it comes to your company’s finances, you may have information that isn’t easily comparable in your sales figures to your day to day finances or your financial goals.
Mosaic will link to your CRM, such as salesforce and will provide you with timely and relevant insights. A good example of this would be comparing your financial performance with your sales performance. This will provide strong cross organizational alignment.
Mosaic will also take your most valuable customer segments, will recommend opportunities and then let you see retention rates of each of your customer cohorts.
And Regarding Billing and Payment Systems.
One of the abilities that a finance department has to have close control of and information transparency at all times, is with your billing cycles and your payments. If your corporation is doing better than you realise but you aren’t yet aware of it. Then that is a major hurdle. You may be trying to needlessly cut expenditures or reduce budgets.
You may be asking yourself why? The reason being is that the software that you’re using to manage your payment systems is providing you vast amounts of data on a daily basis that you haven’t yet got time to aggregate or analyse.
Once again, Mosaic shows your financial department everything that is possible. Let’s say that you’re using a platform like Chargebee. Mosaic will take all of your billing data and will aggregate your information.
Mosaic finance features will show you clear metrics in analysing your billing data. When interacting with Chargebee, Mosaic will give you collection metrics that will help you identify bad debts in accounts and allow you to estimate your allowances as well.
I know all of this sounds pretty complicated. However it’s really more straightforward than you would think. A CFO knows the complex and multifaceted nature of all financial operations across all departments. The pivotal thing to know about Mosaic is that it will unite all of this information. It will provide you with metrics and data sets that until now, just weren’t possible to create. It looks likely at this stage that Mosaic will be an operating necessity for every finance department in years to come.
Brett Rumbak is one of our diligent and widely read content writers at Deepak Shukla. Whilst having a background in managing Amazon ads, he loves Ancient History, Politics and sampling Hamburger restaurants in the Middle East!