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Financial transformation has emerged as a critical imperative for organisations in 2024, driven by the need to adapt to rapidly changing economic conditions, technological advancements, and evolving business landscapes. CFOs are expected to manage financial risks and drive strategic growth initiatives.
Consider a financial services company that managed to scale its operations by prioritizing cash flow optimization. By employing advanced forecasting tools and real-time financialreporting, they maintained a healthy cash reserve, allowing them to invest in new markets and technologies confidently.
The rise and challenges of ERP systems Over the past 50 years, accounting and finance professionals have embraced existing and new technology, from using the first computers to implementing and using advanced ERP (Enterprise Resource Planning) systems. Are there companies in this space solving this problem?
Book a FREE consultation here Do You Struggle to Make Sense of Your Financial Statements? Get our FREE GUIDE to nonprofit financialreports, featuring illustrations, annotations, and insights to help you better understand your organization's finances. If you need help with your accounting and bookkeeping, lets talk.
Healthcare providers can pay monthly fees for the use of the equipment, which includes regular maintenance, software updates, and access to the latest technology without worrying about large upfront capital expenditures. This ensures proper financialreporting and avoids discrepancies in recognized revenue.
Despite the basic truth that businesses need to be future looking if they hope to succeed, traditional financialreporting has typically focused on what’s happened in the past and present. To that end, most companies are gathering data on revenue, expenses, and other key ratios rather than predicting what’s coming down the pipeline.
Despite the basic truth that businesses need to be future looking if they hope to succeed, traditional financialreporting has typically focused on what’s happened in the past and present. To that end, most companies are gathering data on revenue, expenses, and other key ratios rather than predicting what’s coming down the pipeline.
It is why the accounting profession is in need to keep up with the technological trends and not be caught off guard by the hurdles on the way, fully understanding the weight and importance of upskilling and reskilling. This transformation is an intertwined act of two complimentary forces: Sustainability and Technology," Abrol explains.
The demand for mobile wallets, online banking services, and the increasing adoption of digital technologies has led to the expansion of the financial applications market in Asia/Pacific. This trend is driven by the need for real-time dataanalysis and insights to make informed business decisions.
As the business world veer towards constant changes--be it on technological advancements, regulations and policies, or sustainability standards and initiatives, it is imperative that Finance leaders know their way. Ho notes that CFOs, with their wider lens, can lead a team to draw insights from data to address specific strategic needs.
Future-forward finance and accounting organizations were quick to embrace robotic process automation (RPA) years ago to manage mundane, repetitive back-office tasks like data entry and routine financialreporting. But it’s a heavy lift and it requires skill sets you may not have in-house.
Disadvantages of Excel for Financial Forecasting While Excel is not necessarily bad for dataanalysis or financial forecasting, it may not be the best option available to your business. Limited Visibility To conduct financialdataanalysis, your business needs to test various hypothetical scenarios.
By outsourcing, businesses can reduce expenses related to salaries, benefits, training, office space, and technology infrastructure. Access to Advanced Technology and Tools: Outsourcing firms often invest in state-of-the-art accounting software and technologies to improve efficiency and accuracy.
Communication Skills: They excel in conveying complex financial information to non-financial stakeholders, including senior management and department heads, in a clear and understandable manner. Financial Modeling: The ability to create and work with financial models is crucial.
As organizations expand, they will need to rely on more complex reporting functions. Unfortunately, Excel has very defined limits that can make it challenging for businesses to publish their financialreports more quickly and efficiently. Technology does not change so your business can stay the same.
This is what only looking at traditional financialreporting is like. But without digging into more underlying data, it’s difficult to get a complete picture on why. As defined by Wikipedia, Business Intelligence comprises the strategies and technologies used by enterprises for the dataanalysis of business information.
They recognize the importance of modern budgeting tools that can help you present your case to them, because they understand the value in their business lies in making data-backed decisions. In fact, 39% of firms with less than $500 million in revenue have automated their financialreport generation for this purpose. Watch Demo.
The growing variety and complexity of tasks within the finance function has resulted in the creation of a discipline that is supposed to become a bridge between the finance and business to support decision-making process by leveraging data and technology. This relates to FP&A which stands for financial planning and analysis.
AI Advantages and Opportunities for CFOs AI presents key advantages and opportunities for CFOs: AI Enhanced DataAnalysis AI enables CFOs to analyze large volumes of financialdata quickly and accurately, uncovering valuable insights for decision-making. Where will you take AI in your business?
Budgeting and planning software for nonprofits quickly put analytics-based actionable reports and dashboards at every stakeholder’s fingertips to drive faster, more confident decisions. Financial planning for nonprofits does not have to be cumbersome and stressful. The right tools can make all the difference.
This unique blend of comfort and advanced technology ensures finance teams can operate within a known environment while accessing the benefits of modern financial software. This feature addresses one of the biggest challenges in financialreporting and analysis: the siloed nature of data across different platforms.
Compliance: Abide by laws regarding environmental regulations, financialreporting, etc. Complete dataanalysis (DA). The responsibilities of controllers today extend to more than just accounting and forecasting; FCs are now expected to engage in business administration and financial planning.
Disadvantages of Excel for Financial Forecasting. While Excel is not necessarily bad for dataanalysis or financial forecasting, it may not be the best option available to your business. To conduct financialdataanalysis, your business needs to test various hypothetical scenarios. Limited Visibility.
To discuss the topic of financialreporting tips that will help create a smoother year-end close, Planful, in cooperation with CFO.com, invited thought leaders from The Hackett Group to participate in a webinar titled, The CFO Playbook on FinancialReporting: Tips for a Smoother Year-End Close. Cost containment.
The rise and challenges of ERP systems Over the past 50 years, accounting and finance professionals have embraced existing and new technology, from using the first computers to implementing and using advanced ERP (Enterprise Resource Planning) systems. Are there companies in this space solving this problem?
This allows AI to: Help solve complex problems Tackle complicated projects Adapt as needed based on conditions and inputs It’s been in development for decades, but recent advances have made the technology more impressive and accessible to the average person. Enhanced DataAnalysis and Decision Making Tired of number crunching?
In 2022, requirements related to several ESG issues accelerated with the European FinancialReporting Advisory Group (EFRAG) approving the European Sustainability Reporting Standards (ESRS). The standards are designed to bring sustainability reporting on par with financialreporting over time.
Collating detailed financialreports and insights from each location/unit enables you to take calculated steps towards financial optimization. Reducing reliance on manual dataanalysis and automating cost allocations significantly improves efficiency and speed. This is where automation comes into play.
As organizations expand, they will need to rely on more complex reporting functions. Unfortunately, Excel has very defined limits that can make it challenging for businesses to publish their financialreports more quickly and efficiently. Faster publishing for financialreports and dashboards.
Creating financialreports : A CFO can help you create financialreports, such as budget vs. actual reports, to help you understand how your business is performing against your budget. This can help you to be more productive and effective as a business owner, and to better utilize your time and resources.
Leverage Technology Where You Can The importance of tech has only grown since Giving Tuesday’s founding in 2012. Managing the Giving Tuesday Campaign with DataAnalysis and Performance Tracking In the few short years since Giving Tuesday has become a national movement, data analytics and reporting have grown nearly as fast.
"By adopting advanced solutions and embracing proactive data management strategies, CFOs can ensure compliance, transparency, and success in this evolving era of reporting."
To get you started, here are 5 ways you can use AI to transform finance and 5 ways AI can speed your move away from yesterday’s technology for a total of 10 tips you can put to work today. Predictive analytics: Uses past data to determine which scenarios are most likely to occur in the future. Essential Terms.
To that point, recent research found 89% of workers to be more satisfied with their jobs after their employer implements automation technologies. But how, exactly, do you keep your people engaged, data timely, and business intelligence relevant and guiding? FinancialReporting.
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