Today, it’s all about strategy—not spreadsheets—and it’s time for CFOs to recognize that their strategic value to the company goes well beyond just keeping the books. It used to be that the finance department was mainly responsible for entering data, paying the bills, and providing other executives with the historical financial information they needed. Not anymore.
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Every modern business uses software management systems, but the best use systems that bring strategic, operational, and financial data together to support and optimize a performance-driven organization. For software companies in 2015, this requires new attributes, focus changes in metrics, and a comprehensive view of growth.
Professional Services Organizations (PSOs) like financial services, advertising and marketing agencies, legal, and other consulting businesses, now face a multitude of unique challenges to success and growth. The complexities associated with billing rates, different regulatory environments, worker compensation, and workload management continue to be a burden on both cash flow and profitability.
In my last blog post, I covered the importance of performing analysis within the system of record and how increased visibility can help unlock insights to better manage your multi-entity business. In this blog post I will focus on the importance of controls and user permissions in a growing business.
Here at Intacct, we have been closely following the release of the new converged revenue recognition standard—not only because our software solution helps companies address the complexities of revenue management, but also because as a software company, the new standard will have a pervasive impact on our accounting and business processes.
No finance team looks forward to an audit. Luckily, while they can’t be avoided all together, there are certain processes that can be put into place to ease stress and ensure the lowest possible risk of errors.