Over the past few years, terms such as: ‘Modern Finance,’ ‘Continuous Accounting’ and ‘Robotic Process Automation’ have all created buzz across the finance industry. These have been launched as a response to the challenges facing finance around attracting and retaining high quality employees, the rising risks due to the difficulty in certifying accurate data, today, and the expectation that finance has a role in driving the business forward.
Typically, Shared Services Center (SSCs) automation initiatives have been undertaken to reduce costs and improve efficiency.
These goals are achieved relatively easily within the first few years, most immediately through reduced labor costs and centralized activities.
In fact, standardization and centralization deliver up to 50% savings. During subsequent phases, technology automation and outsourcing cut costs further. But, if cost reduction is the only clearly defined goal, organizations will reach a point of diminishing returns.
By leveraging Record to Report technology, you can effectively manage the entire R2R cycle in one place with one single view of all your relevant controls. Software not only provides you with the means of collating all this data in a single view, but also can eliminate those white spaces between key control components and enable you to standardize across your business.
In terms of reconciliations, we tend to spend most of our time simply gathering data before we can even begin to think about reconciling it. Once the data is finally in the right format, the majority of our time is then spent manually going through the matching process, rather than spending that time focused on the areas that are most critical to us, as can be seen in the diagram on the right.
The primary objective of any financial transformation project is to achieve process improvements by improving the quality, effectiveness and efficiency of financial information, ultimately enhancing shareholder value.
Take the example of the close process. It would be incredibly simple to shorten the process by adding more people, however, is this an efficient way to reduce the number of days to close? On the right, the Hackett Group displays that best in class companies actually can be seen closing in fewer days, with greater automation and significant lower audit fees, emphasizing the idea that you really can do more with less.
Enterprise Management is changing how midsize enterprises compete and grow by offering simpler, faster and more flexible business management capabilities at a fraction of the cost and complexity of typical enterprise systems. According to a recent Total Economic Impact (TEI) study by Forrester, Enterprise Management customers can expect a favorable ROI of 177% with total benefits of £1.2M from cost savings over 3 years.
Legacy Enterprise Resource Planning (ERP) solutions are no longer capable of keeping up with today’s fast-moving world – Enterprise Management is the new business reality.
Whether you’re a manufacturer, distributor, service provider or mid-market enterprise, we’ll reveal to you a world beyond ERP.
• Download our new ‘Move Beyond ERP’ eBook to understand the business challenges you have, and how to meet them.
• Understand why businesses are outgrowing traditional ERP and are burdened by its inefficiencies.
• Look at the benefits of Enterprise Management, which provides real-time data intelligence, improved forecasting, and accelerated business processes.
Data inundation and information overload have burdened practically every largescale enterprise today, providing great amounts of detail but often very little context on which executives can act. According to the Harvard Business Review, less than half of an organization’s structured data is actively used in making decisions.
The burden is felt profoundly among finance executives, who increasingly require fast and easy access to real-time data in order to make smart, timely, strategic decisions. In fact, 80% of analysts’ time is spent simply discovering and preparing data, and the average CFO receives information too late to make decisions 24% of the time.
You already know that Salesforce is the world's leading customer relationship management solution. But did you also know that you can transform this already-powerful tool into a complete business management and accounting solution?
Learn more about Sage Business Cloud Financials - the accounting solution built for business leaders who want to manage their entire business in the Salesforce cloud.
Download the ebook today.
There comes a time in a company’s growth when applications that used to work well can no longer keep up with complexities of scale.
This white paper describes 3 warning signs that indicate your disconnected financial applications are holding you back. Also, learn how migrating to a unified cloud solution can improve financial forecasts, enable you to act on more accurate information, increase productivity, and more.
Don’t make this mistake.
In this eBook, we explain the three warning signs you must watch out for if you want to know when it’s time to move your important customer and financial information to the cloud. Then we’ll show you exactly what managing your most important information with a cloud-based accounting solution means for you and your business.
Download it today.
Published By: Workday
Published Date: May 09, 2018
ERP Must-Haves for Finance: Leave behind cumbersome reporting, spreadsheets, and data
that offers zero insights. IDC MarketScape has put together a guide to help you find the best finance and
accounting applications. Read an excerpt of the report to learn today’s must-have ERP capabilities and
why the IDC MarketScape positioned Workday in the Leaders category.
You arrive at the office and watch helplessly as your AP processing team tries to avoid an avalanche of paper invoices while simultaneously juggling non-stop vendor service calls.
The phones are ringing off the hook and the sound and sight of inefficiency is maddening—no one is happy. You try to move, but can’t. Thankfully you wake up and realize it was just a dream.
Wiping the drool from your cheek, you resolve to update your own AP process before it’s too late. This scenario is a familiar recurring nightmare shared by many Accounts Payable Managers, Controllers and CFOs—and for good reason. Without scalable AP and invoice processing, your business cannot flourish or reach maximum potential. In this eBook, we’ll show you how integrating your AP processing with your accounting software will help you save time and money, allowing you and your team to focus on your customers and your business.
Published By: BlackLine
Published Date: Aug 21, 2018
During this webcast, you will learn:
Why the traditional financial close process is so challenging
How to begin the conversation about process improvement
How technology improves accuracy and saves time
Published By: BlackLine
Published Date: Aug 06, 2018
If you’re in the middle of a finance transformation initiative, then you’re not alone. Leaders at enterprise and mid-size finance and
accounting organizations alike are reviewing their current processes, technology, and talent, to build their blueprints for change. With the rise of broader digital transformation projects, finance organizations are first looking to upgrade their own operating models.
Published By: BlackLine
Published Date: Aug 06, 2018
The capacity to be anticipatory (aware, predictive and adaptive) of emerging technology and trends in business, demographics, and the social environment impacting your organization and industry. It is crucial to be #FutureReady
Hubble’s month-end close solution was built to understand all the intricacies of the ERP. Because of this deep understanding and tight integration, accounting and finance professionals can see a single, real-time view of only the items that need to be fixed. It’s simple – when there is nothing there, accounts are balanced. When there is a discrepancy in data, users can just click on the highlighted item and instantly see what’s going on. It can then be fixed straightaway in the ERP.
Published By: DocStar
Published Date: Jun 11, 2018
You arrive at the office and watch helplessly as your AP processing team tries to
avoid an avalanche of paper invoices while simultaneously juggling non-stop vendor service calls.
The phones are ringing off the hook and the sound and sight of inefficiency is maddening—no one is happy.
You try to move, but can’t.
Thankfully you wake up and realize it was just a dream.
Wiping the drool from your cheek, you resolve to update your own AP process before it’s too late.
This scenario is a familiar recurring nightmare shared by many Accounts Payable Managers, Controllers and CFOs—and for good reason.
Without scalable AP and invoice processing, your business cannot flourish or reach maximum potential.
In this eBook, we’ll show you how integrating your AP processing with your accounting software will help you save time and money, allowing you and your team to focus on your customers and your business.
Published By: Magnetrol
Published Date: Nov 05, 2018
With fuel accounting for as much as 80% of production costs, power companies are on the hot seat to identify energy efficiency solutions.
The level control experts at Magnetrol can help you manage controllable losses through effective, accurate feedwater heater level control that may save you significant fuel expenditures.
Our Heat Rate Reduction Tool Kit will show you how we can help reduce your heat. rate.
For Denise Bailey, Principal at Elliot Davis, staying on top of the latest accounting technologies is a critical component of her job – and one that she’s extremely passionate. When evaluating new technologies, Denise puts a premium on security, customer service, and a flexible integrations environment. Read the full story to learn how the firm and its QuickBooks Desktop Enterprise clients have benefited from anytime/anywhere access and enhanced security with a cloud hosting.
Published By: Workday
Published Date: Jun 29, 2015
This white paper tells the story of a revolutionary approach to financial management and accounting systems. It explains how Workday has built a solution that is relevant to today’s challenges and opportunities by re-thinking, re-architecting, and re-building a financial management and accounting solution that leverages the best today’s
technologies have to offer.
DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
Our portfolio of live events, online and print publishing, business intelligence and professional development brands are centred on the complexities of technology convergence. Operating in 42 different countries, we have developed a unique global knowledge and networking platform, which is trusted by over 30,000 ICT, engineering and technology professionals.
Data Centre Dynamics Ltd.
102-108 Clifton Street
London EC2A 4HW