Despite a business environment that has become increasingly unified and cloud-based, less than 10 percent of business professionals feel that their organization’s accounting framework is adequately comprehensive, collaborative, or efficient. In many cases, what’s missing is a holistic approach to automating key tasks. Instead, personnel throughout the company are forced to work with pages of static spreadsheets and multiple emails just to complete simple financial reports. Enhanced financial control and automation, however, allows companies to experience a significant shift toward a full financial processes transformation, freeing both time and resources.
Structured Finance Procedures
While static spreadsheets and emails can provide basic utility for financial and accounting processes, these outdated tools simply can’t keep up with the huge amounts of data that are gathered in the current business climate. The need to manually enter information into various heterogeneous legacy systems often leads to missing or erroneous information. It also means that there are disparate applications in places like the marketing and IT departments, and numerous ways of utilizing information that may not be compatible with your accounting team’s own system.
A financial performance management solution that has EFCA capabilities, however, improves financial reporting and compliance processes beyond the capabilities of traditional reporting methods and legacy reporting tools. With EFCA, you can streamline the process of gathering, analyzing, and sharing data, inevitably reducing the use of inefficient static spreadsheets and email collaboration, as well as the number of separate data systems in use throughout the organization.
Whether you’re using an on-premise financial performance management solution, a cloud-based system, or a hybrid of the two, automating accounting processes such as detailed financial close activities is key to ensuring business continuity. It’s critical to consider a solution that fully integrates with your ERP so that those managing these processes have confidence in the accuracy of the financials.
The inability to produce complete financial reports is one of the most significant problems faced by today’s organization, and it’s one you may not even know you have. In many cases, the speed and quantity of modern data mean the information you’re relying on may very well be obsolete shortly after it’s been collected. This issue stems from the fact that exporting data from your ERP system and putting it into static spreadsheets not only promotes manual error by way of data manipulation, but also increases the time between collecting the data and putting it to use, reducing its accuracy.
The only way to guarantee the accuracy of your financial reporting is through the unfettered integration of your financial processing solution and your ERP. Data from all parts of the company can be amassed and analyzed in real time, providing the most current version of the truth at any time. Forms and documents are then populated automatically, reducing delays in data availability.
Today’s organizations gather immense amounts of business intelligence (BI). But BI is only as useful as the strategy it enables. For many organizations, this ability to properly plan ahead is hindered by unreliable data and a lack of unified reporting. Without these two things, it’s difficult to spot future opportunities and pitfalls or see the business story behind the numbers. Instead, you’re forced to adapt when changes happen rather than being able to plan for them. Ad hoc analytic capabilities, for example, can help you make quick decisions based on rapidly changing data.
The truth is that even businesses that employ BI tools in order to gain accurate business intelligence and automate financial processes will still struggle if their BI tools don’t have EFCA capabilities or native ERP integration. These solutions go beyond surface level, facilitating higher levels of functionality to provide insights that may have otherwise been missed.
The integration of enhanced financial control and automation technology can allow decision-makers to roll with transitions rather than be bowled over by them. Organizations can also enhance collaboration and ensure end-to-end financial close management that includes increased operational efficiency, real-time visibility, and greater control. In short, you can begin working strategically rather than reactively.