One of the most common things we hear when we speak to companies about improving their financial close process through automation is “But I already have an ERP system.” It’s true that an ERP goes a long way towards helping manage some of the financial close process. However, there is still a great deal of work that is taken outside of the ERP each period end and managed manually.
Trintech is a global software provider with over 1,700 customers in over 100 countries. Across the globe, we focus on delivering value to our customers through local representation to build a community where we are known as a trusted partner to deliver best practice and enable process improvement.
In our previous eBook, “Part 1: Enabling Financial Transformation through Technology,” we examined the “why” of Record to Report transformation and briefly described ‘how” you can achieve this through the implementation of Record to Report technology.
Now that you understand the “why” and the “how” it’s time to put it into action to ensure a successful Record to Report transformation delivery. But first we need to lay the framework, as the majority of you have probably never embarked on a financial transformation journey before or have experience with a technology purchase or implementation of this calibre.
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.
Published By: Datavail
Published Date: Jan 12, 2018
Your enterprise performance management systems like Hyperion are mission critical. If you’re a Hyperion administrator, manager, or even a finance director, you know a crash, bug, or performance issue can delay reporting and take hours or even days to fix. Fortunately, keeping Hyperion running smoothly – and catching these issues before they happen – is not as impossible or time-consuming as you might believe. Join us for this webinar as we explore and debunk 9 misconceptions of Hyperion Performance Management that are keeping you from effectively managing your platform so financial processes run smoothly.
In this on-demand webinar from the Institute of Management Accountants (IMA), Sherri Liao of The Hackett Group and Jim Collins of IBM discuss the steps your organization can take to link financial planning to operational decision making more effectively. You’ll hear about:
Simplifying and amplifying reporting
Optimizing decision-making: Predictive vs. historical analytics
Aligning finance and operations
Reporting beyond finance to include cross-functional measures of performance
The path to building a World-Class finance organization
Published By: OracleSMB
Published Date: Jan 04, 2018
You may think that your finance group is performing well, but it is critical to always look for ways to improve. Continuous improvement equates to competitive advantage, no matter the department.
Seek out ways to improve the handling of payables and receivables, streamline the procurement process, expedite the financial close process, and effectively analyze all your data.
If you are not sure where to start, read this ebook to learn the four questions you should ask to improve your finance and reporting capabilities and ensure continued growth.
Published By: OracleSMB
Published Date: Jan 04, 2018
Finance has grown beyond recording and reporting. Leaders in fast-growing companies need not only the raw financial data, but the sophisticated analysis to make sense of it all.
In today’s digital world, Finance must move out of the back-office and help drive the direction of the business, as well as improve the bottom line through more efficient processes and increased responsiveness. With the right tools, your finance team can simplify processes and fulfill its goal of adding value.
Published By: TrendKite
Published Date: Apr 25, 2018
Sometimes a perfect storm comes together to signal a radical shift or rebirth of an industry. But it’s not enough to say public relations is in flux or rapidly changing. It’s more impactful to discuss the evolution of the change, understand the potential gaps, and be early to capitalize on opportunities created by these gaps.
The path for change in the PR industry has been tumultuous. And understandably so. The irrationality of basing performance on vanity metrics is so ingrained in the profession that the left-brain, rational piece has been pushed aside. This has created a culture of estimating based on vanity metrics like AVE (ad value equivalency), leading to a dynamic where the C-suite craves that WSJ or TechCrunch story, yet doesn’t believe PR’s reporting on the value of that coverage. When everyone in the marketing stack is crunching numbers and showing real, tangible value, PR is holding onto air. Why keep setting the profession up for failure by perpetuating the cycle of abstr
DEI Communities, based in Omaha, Nebraska, manages apartment communities throughout the central United States. With a healthy portfolio of more than 9,400 units, the company has always placed a high priority on pre-lease applicant screening, which includes a basic criminal background check, eviction check and credit check on all applicants.
A few years ago, however, it learned a valuable lesson – that not all screening providers are created equal. After switching to a new provider– First Advantage Resident Screening–the company discovered some impressive benefits, including better data, more streamlined processes, greater reporting flexibility, reduced bad debt and higher efficiency overall.
The discipline of data quality assurance ensures that data is "fit for purpose" in the context of existing business operations, analytics and emerging digital business scenarios. It covers much more than just technology. It includes program management, roles, organizational structures, use cases and processes (such as those for monitoring, reporting and remediating data quality issues). It is also linked to broader initiatives in the field of enterprise information management (EIM), including information governance and master data management (MDM)
Published By: Asurint
Published Date: Dec 21, 2018
Employers may ask a consumer reporting agency (CRA) to implement internal
systems to evaluate background checks as part of the hiring process. An adjudication
matrix (also known as a hiring matrix) is commonly used by employers to designate
what types of crimes over certain time periods may make an individual ineligible for
employment. An adjudication matrix will typically contain labels such as “clear” or
“ineligible” that designate how the individual’s background check results lined up
with the matrix.
Published By: Claravine
Published Date: Jan 03, 2019
Marketers have long struggled with the simple task of knowing
which marketing spend is truly effective, and how to optimize that
spend. At the heart of the issue lies the challenge of ensuring the
data quality and consistency exists to make decisions based on
Why is this a problem? First, effective tracking is reliant on the
consistent, complete application of campaign tracking codes and
associated metadata, which has traditionally been a manual, ungoverned
process. Adding to this complexity has been the dramatic
expansion of digital marketing point solutions, and the disparate
teams expected to execute across each of these channels and geographies.
The result is what you would expect—highly inaccurate,
incomplete, and inconsistent data that must be manually cleaned
before reporting is possible.
Fortunately a solution exists. Progressive marketing leaders are
implementing Digital Experience Data Management (DXDM), ensuring
the rich, consistent insights critical to ma
Constant market shifts and changing customer preferences add to the challenge of
outperforming your competitors and surpassing stakeholder expectations. But what
can be done to steer your organization down the path to greater success?
By now, we all know it’s not just historical reporting about the past that will provide the
answers needed to drive a business forward. Everyone – from executives and analysts
to frontline staff – must have access to insights about the future that will enable them to
make the best decisions and take the actions needed to keep their organizations agile.
This means the ability to peer into data, explore it, understand it, analyze it and produce
insights that provide those aha moments and take actions on it. Such things cannot be
done with multiple tools that are rigid, limiting and difficult to use. A new breed of
business intelligence is required.
Gone are the days when reports looked at singular issues, took possibly days or weeks
to create, and required
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.
Published By: Workday
Published Date: Sep 19, 2018
The data deluge problem isn’t just about the amount
of internal, operational data being stored, but also the
level of granularity available. The finance and HR teams
of many institutions still operate on outdated systems
that are only able to store aggregate data with complex
details summarized. While these systems may be
sufficient for the purpose of financial reporting, they’re
unable to keep up with the level of complexity needed
to drive business decisions.
This guide outlines the five most important marketing metrics every B2B marketer should focus on, to achieve maximum ROI from Marketing Automation software, in addition to optimizing their lead management process
Today’s financial professionals have access to robust tools that offer a detailed picture of a company’s success in real time. With dashboards reporting in-depth data, a CFO can merely glance at a computer to analyze how well the business is doing in key areas.
Despite the impressive technology available today, many businesses have yet to make a change. In a survey of 1,500 finance professionals, nearly half reported relying on gut instinct rather than hard data to make important business decisions. The survey—commissioned by Epicor and conducted by Redshift Research Ltd.—also revealed that a majority of CFOs and financial decision-makers are still relying on spreadsheets to interpret business data.
In our “Instinct Meets Insight” eBook, you can explore the survey results and learn how a modern financial IT infrastructure lets decision-makers back up instinct with relevant data they can use to help their businesses grow.
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