A changing world requires new means of working-ways that are smarter, faster, and more agile. Nowhere is certainly this more important than in finance. Fueled by rich data and ever-more powerful artificial intelligence, machine learning, and analytics capabilities, finance organizations are being transformed and making more informed business decisions.
In this blog post, we provide an instant guide to the changing demands of the finance function, what you need to know about financial management systems, and how the right system might help companies adapt to a changing world and identify new business opportunities.
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A great economic climate starts using what you can’t see-underlying technology to take care of transactions, reporting, and analytics, preferably in one place which means that your finance team can plan, transact, analyze, and report on data without leaving the machine. A cloud-based financial management system makes all this possible.
Think about this: With automated business procedure workflows included in the machine, you can easily create new or modify delivered processes to adapt to industry changes or regulations. Proper security must be in place for data, transactions, processing, and applications, thereby making it easy to monitor access and changes.
Having transactions and analytics unified in one system, where all data is stored in-memory, enables real-time transaction processing, consolidation, and reporting of financial data in a single place. As soon as a transaction occurs with accounting impact, it really is instantly open to report on and analyze within the same system. Finance can create consolidated reports every day if needed, across multiple legal entities and currencies, significantly reducing the amount of time it takes to close the books. For instance, with a unified system, City Year sped up its monthly and quarterly close by 40 percent, while AAA Northern California, Nevada & Utah reduced its quarterly close from 10 days to five days.
In short, a financial management system for today’s ever-changing world should:
Give a complete, accurate, and real-time picture of your business.
Equip your leaders with relevant, contextual business insights.
Allow you to embrace organizational, process, and reporting adjustments without business disruption.
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Finance must deliver insight that goes beyond the overall ledger information that legacy systems were designed to produce. With a broader set of stakeholders and a business landscape that is continually evolving, finance has been asked to supply the enterprise with insight that can actively influence decision-making.
Many finance teams are fighting that mission. They’re still occupied with traditional, transactional tasks and spend the majority of their time gathering data instead of analyzing it and becoming the strategic partner their organization truly needs. Fragmented or outdated finance systems make it difficult if not impossible to have the data they want, when they require it. For many organizations, valuable data is certainly trapped in legacy systems-or even spreadsheets-and organizational silos. Organizations cannot access that data and easily combine it with external data sources, to build the info models and make the predictions needed to take their organizations into the future.
Around the world, finance leaders face heightened risks given the pace of technology change, the impact of digital disruption, growing regulatory scrutiny, data privacy and cybersecurity concerns, uncertain fiscal conditions, and financial market volatility. Finance teams have to be in a position to act faster with real-time information from across the organization to raised manage risk in a changing world.
Finance teams need to be able to act faster with real-time information from across the organization to raised manage risk in a changing world.
Just how do traditional financial management systems work?
Legacy solutions were designed to automate and simplify the accounting to aid financial reporting. This process offers traditionally been rigid and linear, starting with capturing subledger transactions and ending with posting to the general ledger. As transactions make their way through the accounting process, subledger details are stripped away, resulting in summarized journal entries that update ledger balances. Systems designed in this manner are only able to support financial reporting based on the way the accounting segments had been configured through the initial implementation.
To supply richer business insight and management reporting, organizations require data marts or warehouses, business intelligence solutions, and reporting tools furthermore to these systems. This “bolt-on” approach means creating and maintaining costly integrations, requiring more effort for data reconciliation, and potentially exposing businesses to unnecessary errors. And, this solution ultimately results in stagnant silos of disconnected data.
With disparate systems for accounting, consolidation, reconciliation, purchasing, revenue, compliance, and other functions, your financial management environment becomes even more complex. Fragmented systems make it hard to provide real-time insights to the business enterprise and maintain pace with growth and change. Scaling or changing these systems to meet up the needs of an evergrowing, changing business is certainly slow, costly, and perhaps, virtually impossible.
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