The Ledger

CFO Journal: Financial Reporting Considerations: Forecasts and Inflation

“Inflation, as well as supply chain disruptions and labor shortages, are affecting an increasing number of companies in different industries to varying degrees. And if a company’s business model and operations are affected, it’s likely that its accounting and financial reporting will be as well.”

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CFO Journal: Check it Twice: A Checklist for Rethinking Capital Allocation

CFO Journal came up with a checklist for re-evaluating your allocations strategy – and here are some of the items on that list:

“Data. Do you have the data and insights you need to make informed decisions? Work with your stakeholders to determine what those are, where they need to come from, and how you can get them.

Tools. Where could data analytics, scenario planning, and risk-sensing tools improve your decision-making? Which tools do you already have, and which do you need? Engage your stakeholders on what data they need to generate from their business units.”

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SF Magazine: Advancing Digital Transformation

“Accounting and financial professionals have relied on spreadsheets for decades, so it should come as no surprise that there’s a reluctance to adopt other analytics tools. As Pamela Schmidt, Kimberly Swanson Church, and Jennifer Riley wrote in “Breaking the Excel Routine” (Strategic Finance, March 2020), “a bias toward the status quo use of Excel has hampered widespread adoption of more advanced data analytics technology tools.” Furthermore, Molly Boyle points to a need for real change in “The Real Costs of Manual Accounting” (Strategic Finance, September 2020): “The way accounting has always been done isn’t sustainable—especially in the current environment. Manual processes tend to be chaotic and time-consuming…”

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FP&A Trends: The Key Steps to Fostering a Data-Driven Culture

“Technology is not the key issue to implement a data-driven culture within an organisation. The first crucial task is to determine the data strategy and focus on the business problem. To be successful though, embracing the changing culture is the most important aspect of all”

Read More at FP&A Trends >