A changing world requires new ways of working-ways that are smarter, faster, and more agile. Nowhere is 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 website post, we provide an instant guide to the changing demands of the finance function, what you need to find out about financial management systems, and the way the right system might help companies adjust to a changing world and identify home based business opportunities.
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How does technology impact a financial system or process?
A great financial system starts using what you can’t see-underlying technology to handle transactions, reporting, and analytics, preferably in a single place which means that your finance team can plan, transact, analyze, and report on data without leaving the system. A cloud-based financial management system makes all this possible.
Think about this: With automated business procedure workflows built into the system, you can quickly 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 a single system, where all data is stored in-memory, enables real-time transaction processing, consolidation, and reporting of financial data in one place. The moment a transaction occurs with accounting impact, it 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 near by 40 percent, while AAA Northern California, Nevada & Utah decreased its quarterly close from 10 days to five days.
In short, a financial management system for today’s ever-changing world should:
Provide a complete, accurate, and real-time picture of your business.
Equip your leaders with relevant, contextual business insights.
Allow you to embrace organizational, procedure, and reporting adjustments without business disruption.
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What specific challenges do finance teams face today?
Finance needs to deliver insight that goes beyond the general ledger details that legacy systems were made to produce. With a broader set of stakeholders and a business landscape that's continually evolving, finance is being asked to supply the enterprise with insight that may actively influence decision-making.
Many finance teams are struggling with that mission. They’re still occupied with traditional, transactional tasks and spend the majority of their time gathering data rather than 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 need, when they require it. For most organizations, valuable data can be 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 had a need to consider their organizations in to 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 economic conditions, and financial market volatility. Finance teams need to be able to act faster with real-time information from over the organization to better manage risk in a changing world.
Finance teams need to be able to act faster with real-time information from over the organization to better manage risk in a changing world.
Just how do traditional financial management systems work?
Legacy solutions were made to automate and simplify the accounting to aid financial reporting. This process offers traditionally been rigid and linear, you start with capturing subledger transactions and ending with posting to the overall 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 this way are only able to support financial reporting based on the way the accounting segments were configured during the initial implementation.
To supply richer business insight and management reporting, organizations require data marts or warehouses, business intelligence solutions, and reporting tools in addition 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-period 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 usually slow, costly, and in some cases, virtually impossible.
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