The efficiency of your organization’s finance procedures is one of the most important aspects of high-performance finance functions. As financial data evolves into increasingly intertwined forms, however, organizations will have to prioritize the development of a comprehensive finance system that is able to handle a range of complex financial information and procedures. While the need for both efficiency and increased complexity seems at odds, both are possible with proper integration between your financial system of record, your ERP, and your financial performance management solution.
Examining the Roadblocks
Disparate systems of data coupled with multiple methods of gathering, recording, and organizing data are some of the most significant obstacles for an organization working to achieve optimal efficiency. These inefficient accounting processes make it difficult to discern a single version of the truth, trickling down to a number of areas including:
- Financial reporting
- Reconciliation and close activities
- Disclosure and compliance
The result of each department using their own data practices and reporting from their own perspectives? Incompatible data within separate structures that hinder sharing and collaboration. These multiple systems also increase IT costs due to the staff and resources that must be dedicated to each setup. As a result, many organizations are losing faith in the data they’re relying on to make decisions and develop documentation for regulatory purposes, and wasting a ton of money in the process.
Leveraging Native FCPM Integration
A 2016 Gartner survey revealed that 36 percent of senior finance executives expect to use the cloud for at least half of their transactional systems of record and other financial data by the year 2020. Completing this transformation successfully requires the implementation of tools that can unify disparate bits of data into a single financial data stream.
Optimizing your financial and accounting operations starts with a centralized location to record, analyze, report, and store financial data. This framework needs to incorporate financial corporate performance management technology directly into your existing ERP, enabling enhanced workflow efficiency. The native integration of a financial corporate performance management (FCPM) solution with your ERP enables you to develop and implement enterprise resource strategies that make the most of your interconnected hybrid cloud technology.
A comprehensive view of your entire organization can provide valuable insights into trends that may have been otherwise overlooked, such as a correlation between the success rate of sales calls on Monday morning versus Friday after lunch. Additional context can help you make better business decisions, ensuring that you’re working in the right direction and using all of your resources effectively. The efficiency of cloud-based FCPM solutions can also decrease the need for costly on-premise data warehouses, with storage, evaluation, and sharing all taking place completely online.
Delivering More Reliable Data
The main priority is making better sense of your organization’s financial data by establishing a single comprehensive collection of facts. An integrated FCPM solution can ensure uniform data entry and automated form propagation to cut down on errors and omissions. This can not only save time, but also increase the reliability of your data. Integrations between financial corporate performance management and ERP solutions are essential for developing automated and streamlined processes for gathering, analyzing, and accessing financial data. This system can work both in the cloud and on premise as a central location that’s integrated across the company. You can do more with less, creating an efficient, optimized financial data framework. See our software solution in action.