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Many nonprofit leaders think accounting belongs solely to their CFO or accountant. If youre a particularly small organization, it may even be the CEO who wrangles an accounting spreadsheet every once in a while. But what if the key to financial clarity and stability lies in sharing the load?
Giselle Arellano-Geronimo , vice president and head of Finance, Accounting, and Procurement at Shearwater Health , emphasises that successful CFOs can resonate with various stakeholders and foster a culture of continuous learning essential for implementing transformative changes.
Now, picture the opposite: instant access to real-time financial insights, automated compliance checks, and AI-driven forecasts guiding your next move. This is the power of Financial Information Systems (FIS). This shift allows businesses to move from reactive decision-making to proactive planning.
One of the major trends in this space is the ability to connect bank accounts seamlessly, providing real-time visibility into your financial status. Datarails Datarails Cash Management is an all-in-one financialplanning platform designed to make cash management easy for businesses of all sizes.
Understand Your Teams Starting Point Before planning for growth, its essential to know where your team currently stands. This understanding helps you identify training needs and create tailored development plans. If someone struggles with presenting financialdata, offer tips, resources, or even a mentor to help them improve.
Enhancing Customer Interactions Many customers prefer quick, precise answers to their financial questions. Finance AI chatbots provide this by: Answering FAQs about loans, interest rates, or account management. Offering personalized financial advice based on transaction history. Free plan with basic features.
Ashley Pater , general manager of Hedge Trackers LLC, a global accounting, consulting, and software services company focused on financial risk protection, owned by platform provider GTreasury says automation is improving FX risk visibility, transforming FX risk management from a reactive task to an operational imperative.
By 2025, the traditional image of number-crunching accountants confined to back offices will be a relic of the past. CFOs, controllers, and management accountants must embrace agility and foresight to thrive in this dynamic environment. This doesn't necessarily translate to job losses, but rather a shift in required skills.
Did you know that 35% of organizations identify data quality and timeliness as significant barriers to effective financialplanning and analysis (FP&A)? Bad data, inaccessible information, and outdated processes make FP&A more difficult. Gain Approval - Present the plan to management with expected benefits.
Did you know that 47% of businesses still rely on spreadsheets for financialplanning, despite the risks of errors and inefficiencies? Workday Adaptive Planning aims to solve this problem by offering a cloud-based FinancialPlanning & Analysis (FP&A) solution with AI-powered forecasting, budgeting, and workforce planning tools.
These experiences introduced me to the broader business world and significantly accelerated my career. Following my articles, I moved into the corporate sector as a Group Accountant at Datacentrix, gaining insight into private sector finance. What key skills should a newly qualified accountant develop on their path to becoming a CFO?
For example, we can use visualization to guide SME customers on cashflow management, combining different datasets that we have within the bank and merging these with customers financialdata to produce valuable insights for customers. For example, CBQ developed an application for domestic maids to open accounts through mobile.
Critically, CFOs must move beyond siloed financialdata and begin synthesising a broader spectrum of intelligence. A new cloud ERP, an AI-powered planning tool, or a clever dashboard only deliver value if they help the business make better decisions faster. But more importantly, it enables proactive mitigation.
Mike Whitmire , co-founder and CEO of FloQast , emphasises the growing importance of these technologies in the modern finance organisation, stating: “AI agents have the potential to fundamentally shift how CFOs and finance teams plan, analyse, and report their financials by enabling real-time insights and predictive capabilities.”
Every decision is crucial to the overall results and endpoint of each and every plan and initiative, that is why it is necessary that finance leaders have a clear view of the road they have to take. Wong Jyh Juan , chief financial officer at Malaysia-based real estate developer Perdana Parkcity Sdn. “I
The CFO is not just the gatekeeper of financialdata. They are the driver of strategy, the guardian of governance, and the voice of reason when the business wants to leap without a plan. Maybe it is accountability. They surface them early and plan around them. Before You Forecast the Future, Figure Out Who You Are!
There are tax laws, financial regulations, and reporting requirements that change all the time. A CIBA Business Accountant in Practice keeps up with all these changes and makes sure everything is done correctly and legally. A professional accountant can keep your records organised, so you always know where your money goes.
I had taken a job as a teaching assistant, almost entirely because I needed the money to pay my tuition and living expenses, and in a subject (accounting) that did not excite me in the least. The accounting, statistics and foundations classes are only in online format , on my webpage, and they are free.
However, as the company grew, it faced mounting challenges in managing financialplanning through manual spreadsheets. This method proved both time-consuming and prone to errors, leaving the organisation with a fragmented view of its financial health due to siloed IT systems.
Generational Disparities in Financial Literacy A r ecent survey from Xero highlights that 60% of Gen Z and 59% of Millennials experience financial challenges due to limited financial literacy, compared to only 22% of Baby Boomers. A gap in financial confidence leads to fear or avoidance of financial management.
When there are compliance risks, cash flow problems, or gaps in accountability, bringing control into a smaller, more focused team can help create order and reduce risk. Giving them control over budgets, hiring, pricing, and strategy makes them more accountable and more motivated. It is about giving others the tools to decide well.
I like to start my day early, using those fresh morning hours to review client matters, think through strategies, and plan ahead with a clear mind. Its a real-world chess game where every move matters, and every piece - financialdata, legal contracts, operational substance - must align under intense scrutiny and huge pressure.
To make sure everything aligns: Set up strong internal processes Have a clear system in place for collecting and verifying financialdata. Some useful tools include: ERP (Enterprise Resource Planning) systems These systems (such as SAP, Oracle, or Sage) help track financial transactions and automate reporting.
It allows businesses and organisations to predict future income, expenses, and cash flow, ensuring that they remain financially stable and prepared for challenges. However, forecasting is not just about guessing numbersit is a structured process that relies on analysing past data, considering present trends, and planning.
The next frontier of artificial intelligence that is accelerating in 2025 is agentic AI, which uses sophisticated reasoning and iterative planning to autonomously solve complex, multi-step problems. This is why SAP is advocating for the innovative green ledger initiative to ensure corporate climate accountability.
Political shifts, rising inflation, and unpredictable market trends are forcing businesses to rethink their financialplanning strategies. Prophix aims to address these challenges by offering advanced, cloud-native financialplanning solutions. Investment Planning Evaluate potential investments through dynamic modeling.
Then I will look at emails and plan so by 8am the day is ready to go. While other children were captivated with languages, I found elegance of arithmetic, accounting and how it applied to business economics. Proficiency in these areas can significantly enhance one’s ability to manage and interpret financialdata.
Whether you’re a CEO or a department manager, a good grasp of financial principles helps you advocate for your goals, plan strategically, and stay on course when the unexpected happens. Let’s take a look at 5 reasons to accelerate your financial learning curve. For business leaders, this question is central to long-term success.
Whether it is poor post-close planning, misjudged synergy estimates, or ineffective communication across teams, failure tends to follow patterns. More often, they fall apart in execution when integration plans lack structure, teams are misaligned, and critical dependencies are overlooked.
Plan for Seasonal Fluctuations : Map out expected income and expenses by month to anticipate and prepare for lean periods. Involving key stakeholders ensures transparency and accountability. Encourage department heads to regularly review financial reports for greater accountability.
Afternoons are a mix of strategic planning sessions and deep dives into emerging technologies, particularly Generative AI. As a result, users can complete tasks like reconciling accounts, forecasting, while analysing financialdata can be completed with unprecedented speed and accuracy.
Align Financial Reporting and ERP Systems First and foremost, standardizing financial reporting processes and ERP systems is imperative. This standardization creates a uniform operational and financial landscape across the merged healthcare entity. Regulatory Changes : Stay compliant by adjusting to new healthcare regulations.
Personalized Offerings : With an increasing focus on customer satisfaction and engagement, businesses need ERP systems that enable personalized service offerings, flexible payment plans, and more efficient customer interactions. ERP software is needed to track consumption patterns, customer interactions, and program results.
The answer to these questions and more: a solid financialplan. What is the corporate financialplanning process? What is the goal of corporate financialplanning? The importance of financialplanning for your company. Types of corporate financialplanning. Table of Contents.
This, however, does not necessarily mean that strategic planning is off the table. A proactive way for business owners to mitigate their risk is through contingency planning. So, what is contingency planning, and what is a CFO’s role in creating this strategy? What is Contingency Planning? What alternatives are available?
If you’re like many people, you probably think that there is a single set of accounting rules that every company must follow. . But that’s not quite true—nonprofits face a decision between 2 different accounting methods for tracking their financial activity: cash accounting vs. accrual accounting.
There is some risk to using past performance to inform your long-term plans, and this can be compounded during times of economic uncertainty. Your company needs to make plans for the future. What Is Financial Forecasting? Your budget is a roadmap of your business’s financial goals and how you plan to reach them.
Discover expert tax planning and accounting services designed to help you thrive. Navigating the financial landscape of a small business can be overwhelming. According to the Small Business Administration, 20% of small businesses fail within their first year, often due to poor financial management.
The Planning Maestro App for QuickBooks Online Advanced provides a two-way sync of financialdata between QuickBooks Online Advanced and Planning Maestro, resulting in improved efficiency, fewer manual processes, and greater confidence in data quality and integrity. Seamless Integration. Automate Key Reports.
AI in the “Real World” While these powerful tools seem to have a near mastery of natural language communication, they are not necessarily designed to possess many of the skills required by finance and accounting professionals. However, they still have a place in corporate finance and accounting.
If company owners don’t have a realistic view of their financials and are not set up for capital raising, reports, and tax prep, their dream may fade away before they ever get a chance to open their doors. As an accountant or bookkeeper, you can help prevent startups from going under or losing profitability. And much more.
Between a volatile stock market, high interest rates, supply chain issues, inflation, and a possible recession, having a solid financialplanning process in place is an important piece of sustaining your business through challenging times. Today’s business leaders are facing unprecedented uncertainty. Was it a salesmanship issue?
BlackLine recently published a report titled, Finance & Accounting: in a Post-COVID World: Navigating the Changing Landscape. The report noted that 43% of respondents to the study say their organisations have become more focused on scenario planning and stress testing as a result of the pandemic. The visibility conundrum.
Traditional financial institutions (FIs) continue to anticipate future demands and make progress in their modernization efforts, but they're not doing it alone. Plus, one FinTech offers a new spin on the open banking model to drive financial inclusion. In a statement, Citi U.S. WEX Talks Bank Partnerships To Advance B2B Payments.
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