Accounting Today: Robust Financial Reporting Provides the Key to Business Performance

“Give older ERP systems a health check. Maybe they did an adequate job a decade or two ago, but aged, cobbled-together ERP systems significantly hold companies back, particularly when they don’t integrate with other solutions such as the best payroll services.

If yours is manual, cumbersome, and lacks the flexibility of more modern ERPs, consider upgrading an outdated, legacy one with a system that integrates with accounts payable, payments automation procurement and other financial systems. if you will like to understand how just have a peek at these guys.

A good accounting system provides the information necessary to make decisions about the future of the organization. Analysis of financial records can help you manage your payroll records well, make decisions about hiring employees, making purchases, gifting charitable donations, and more. The purpose of accounting is to accumulate and report on financial information about the performance, financial position, and cash flows of a business. This information is then used to reach decisions about how to manage the business, or invest in it, or lend money to it. The accounting and bookkeeping services in Singapore is an example of a business partner that can help you with your accounting needs. Look into the services of companies like Pre-Pack Administration UK if you need help managing your business debts.

Buying a business is then also a great idea as it’s so much easier and you can see the results that the business is currently getting, so there is far less risk too. We used one of the most experienced business brokers in Florida recently to get a business there and it’s just been a joy, so they are a great choice if you would like a business in Florida.

An effective accounting system is accurate, useful and timely. Its purpose is to provide information for external entities, such as tax agencies needing undisclosed debt monitoring to prevent fraud, and for internal purposes, such as evaluating efficiency and profitability. Here’s a hint: If your finance function relies on Excel for all of its reporting and data analysis, you may want to consider an upgrade.” You can also use a hiring strategy if you are in need of employees for your daily operations.

Read More at Accounting Today >

SF Magazine: Data as a Strategic Asset

“As accounting leaders, we must actively contribute to the discussions around data management, valuation of data, and recognition of enterprise data value as an asset on the financial reports. We must focus on providing value by producing high-quality, data-driven insights through applying data analytics to ensure organizational success.”

Read More at SF Magazine >

CFO Magazine: The Complexities of a COVID-19 Year-End

“As CFOs face the demands of year-end accounting and financial reporting, they’re pondering which issues need to be front and center and how to frame them.”

Here are the 4 issues that CFO’s need to think about:

1. Forecasting and related impairment analyses
2. Going concern analysis
3. Internal controls
4. Stakeholder communications

Read More at CFO Magazine >

CFO Magazine: Producing Management Reports Faster: Metric of the Month

“When managers get timely and accurate period-end reports, they have more time to make better decisions during the next period and to make any needed adjustments. An efficient and accurate process also means fewer work spikes at the end of the period and more time for activities that help drive the business forward. More broadly, an optimized period-end reporting process means that you’ve put in the work to make sure your team is well-organized and equipped with the right data and technology, which benefits not just this process but many others.”

Read More at CFO Magazine >

SF Magazine: Financial Reporting During the Pandemic

It’s valuable for financial reporting professionals to reconsider not only the information needed for these projections, but also to reconsider their reliance on the existing patchwork of solutions and spreadsheets that slow down the process. Systems improvements can facilitate the development of critical estimates and create the supporting documentation, an evidentiary trail of review and oversight by senior management, audit committees, and auditors.

Read more at SF Magazine >

Digital Technologies Are Re-Imagining Financial Reporting Capabilities

Many finance leaders see their reporting practices as a monotonous task that requires many charts and spreadsheets that show several different versions of how the business is performing. A Deloitte survey reported that the majority of finance leaders spend almost half of their time creating and updating reports, and only 18% communicating results to the business. While some companies are using standardization to gain efficiency and insights quickly, many are applying point solutions to traditional reporting processes to help improve specific capabilities. A handful of digital technologies are providing modern businesses with a fully-automated end-to-end reporting process that makes real-time insights accessible.

Read More at The Wall Street Journal >

Four Reasons to Adopt Modern Business Planning ASAP

Finance is maturing from a traditionally siloed department of number-crunchers to a strategic and respected adviser to the business. To get there, however, finance needs to leave their manual processes and spreadsheets behind and put modern technology to strategic use. According to recent Adaptive Insights research, 77% of CFOs report that they’ve delayed major business decisions because they lack access to timely data. In today’s fast paced business climate, success could depend on how hard finance leaders work to automate time-consuming manual tasks; move to cloud technologies; and employ better reporting, analytics, and dashboarding technologies. Business speed and agility can now make the difference for a business to be successful or not, and this shift is becoming more prevalent. Innovative finance teams are abandoning spreadsheets in favor of automated, modern solutions that are attainable and accessible.

Read More at AFP Online >

Why Intelligent Businesses Are Focused on Comprehensive Reporting

An intelligent enterprise is one that leverages data strategically to improve business performance and better serve customers. Leading businesses are focusing on improving data visualization to catapult their efforts modernizing and optimizing their data landscape to support their overall strategy. While traditional reporting is still the main source of information for decision support, enterprise reporting tells the story of business performance over time and can be a key factor to being competitive. By revamping data visualization and enterprise reporting with advanced technologies, companies can extract more value from their data and move closer to becoming an intelligent enterprise.

Read More at The Digitalist by SAP >

Gaining Actionable Business Insights Through Continuous KPI Reporting

As organizations continue to put greater emphasis on facts-based decision making, ensuring relevant measures and timely access to data becomes increasingly important. Often organizations will pinpoint a handful of key performance indicators (KPIs) to gauge the organization’s operational performance. The reporting structure for these KPIs is critical in allowing decision makers to the pulse of their business by identifying performance issues and drill-down to identify opportunities for improvement. Best-practice manufacturing organizations understand that consistently tracking operational and financial KPIs directly related to profitability and productivity are key in gaining actionable and accurate insights into their business.

Read More at Industry Week >