Critical Capabilities to Reshape Growth
Periods of uncertainty often force organizations to change their working practices through necessity. Many of these adaptations turn into lasting changes and become critical capabilities that can reshape growth. Here we look at six strategic areas for the Office of the CFO and identify critical capabilities that increase productivity, visibility, and accuracy, and drive higher levels of financial intelligence across the organization.
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Financial & Operational
Financial & Operational Reporting
Put Finance in Control with Real-time Reporting
"46% of organizations struggle to respond to ad hoc requests for information."
- FSN Survey
Beyond cyclical, period end reporting, modern finance teams also need to provide more frequent reporting to support cashflow forecasting and cost control. At the same time, as their organizations navigate through periods of uncertainly, finance teams need to be ready to respond to new ad hoc questions and provide fast answers. This requires more agile reporting, which calls for purpose-built tools with a direct, real-time ERP connection and drill down into the details for fast, accurate insights.
Master Your Data with Effortless Analytics
"Only 14% of analytic effort is insightful"
- FSN Survey
To become an analytics leader, finance teams must first master their data to optimize decision making and encourage companywide collaboration. This requires tools that empower finance with easy access to ERP data, so they can effortlessly create analytics dashboards that tell a compelling story. Such visualizations enable self-driven discovery, enabling non-finance managers to access insightful financial and operational data in a form they can readily understand and act upon to speed up decision making and streamline analysis.
Make Continuous Planning Your Competitive Advantage
"70% of planning projects will be extended planning and analysis projects by 2024"
- 2020 Gartner
With organizations recognizing that the old once or twice a year planning cycles no longer cut it and the current focus on business continuity, more frequent planning will become the norm. This heralds the new era of extended planning and analysis (xP&A) systems, which integrate operational and financial planning as this is the best way to plan at scale with accuracy—and enable frontline employees, with deep expertise in their area of the business, to participate as well.
Close & Consolidation
Close Faster with Automated Consolidation
"54% have manual intercompany processing with limited counterparty visibility to support reconciliation and elimination.” "
- Deloitte survey
As organizations become more and more complex, so too does the management of ever-changing corporate structures, such as: entities, divisions, business units, and cost centers in locations all around the globe. Managing the intricacies of the financial close in such goes far beyond the reporting capabilities of legacy spreadsheets and standalone account applications, so often used today. To shrink the close cycle, finance needs a system that automates consolidation and data validation to ensure data is always in sync and available, so you never again have to wait for a batch process to run.
Elevate Tax to a Strategic Asset
"62% of organizations that use a dedicated tax provision application say they can effectively control tax risks compared to 33% of those that use spreadsheets."
- The Corporate Tax Management Software Imperative, Ventana Research
Tax teams have to come to terms with constantly changing tax reporting requirements issued by revenue authorities. Having early visibility into the impacts of such changes is critical for tax teams to operate effectively. This requires empowering teams with technology that allows them to spend less time on manual provisioning and reporting, and more time on strategic, value-adding activities, such as reviewing and understanding the results, considering the implications, and feeding the insights into future tax planning and forecasting.
Harmonize Operational Transfer Pricing
"For the past nine years, transfer pricing has been found to be the leading trigger for tax audits."
The transfer pricing policies of multi-national enterprises will come under greater scrutiny from global tax authorities keen to ensure they are paying their “fair share.” Having the right systems in place to collect and organize transfer pricing data—as well as monitor and evaluate policies on a regular basis—will help organizations identify gaps in targeted profitability before closing the books, defend positions in the event of an audit, while avoiding double taxation and underpayment penalties.