In Today’s Economy, Cost-Saving Sells

Sep 10, 2022

Even in the midst of a recession, there is opportunity. Prove that your product can save time and money, and you’ll have a winning proposition.

Many of us remember the days of the dot-com boom, when concepts like monetization and ROI seemed to suddenly lose relevance altogether. With all the hype about digital transformation over the past two years, it’s not surprising that some have seen recent parallels around big data, AI, IoT, and other cutting-edge technologies.

Fortunately, the hyperbole never quite reached fever pitch this time, – but as economic uncertainty kicks into high gear, vendors must make a strong case that their products and services return real cost savings. Elusive promises and nebulous claims no longer cut it. Customers want measurable, real-world results.

With that in mind, and with the great talent shortage as a backdrop, automation is looking pretty attractive right about now. Combine that with meaningful risk-reduction, and you have an even better value proposition.

Consider what this looks like for a growing business with subsidiaries spread across several continents. You have multiple corporate entities, each with its own chart of accounts, and each with its local statutory reporting requirements. You’ll likely need to render your financials in multiple GAAP/IFRS formats to satisfy local regulators. You also need to roll all that up into a consolidated picture, then deliver reports that comply with the statutory requirements in your home country.

Most organizations take one or two different approaches to solving this problem; they either invest in expensive, heavy-duty financial reporting systems, or they resort to tediously combining their data into a collection of spreadsheets and building their reports manually.

The former option is generally very expensive and time-consuming. The latter is also time-consuming and therefore expensive in terms of staff time and opportunity cost. Unfortunately, it’s also highly prone to error.

Here’s how Mondial can save money:

  • Mondial reduces the time and effort needed to produce accurate, timely financial statements.

  • Mondial increases accuracy and reduces audit risk, delivering consistent results formatted to statutory reporting specifications.

  • In the event that you do experience an audit, Mondial reduces audit-related expenses by providing a single, fully auditable repository of GL and subledger transactions, with line-item detail.

If your organization operates in multiple countries, using multiple currencies, and reporting to multiple governmental jurisdictions, Mondial will save you money. Schedule a 1:1 demo to learn more.

If you’re an ERP partner who sells and implements SAP Business One or other SME software, Mondial can help you grow your revenue and increase customer satisfaction. Schedule a meeting with our channel management team to learn more about the opportunity for your business.

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