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Finance organizations need to evolve from a traditional close process to one that is modern and strategic, which allows finance executives to perform key functions in parallel during the close process.
According to a recent global survey commissioned by Oracle and Accenture, the expectations on finance to deliver insights to the business are increasing, especially among high-growth companies which use data-driven information to boost customer loyalty and market share.
As a result, chief financial officers (CFOs) must look at modernizing the close process to deploy resources to planning and analytics, thus, providing much greater value to the business.
The following best practices can help CFOs close the books faster and more accurately:
Streamline processes to achieve standardization: It is important to establish processes that are repeatable, predictable and scalable, and are overseen with a governance layer.
Choose technology that supports your processes: Companies need a global accounting integration and reporting platform to standardize accounting from multiple third-party transactional systems. This ability to bring together financial information from a variety of systems without disrupting existing processes offers greater benefits.
Adopt an integrated business services model: Companies can adopt the integrated business services model approach, which expands on the traditional shared services foundation of solid service management and focuses on multiple functions with process standardization throughout the organization.
Read the complete article to know how organizations can embed a data-driven culture.
Access the complete 5 Minutes on Modern Finance Best Practices Series.
May 23, 2014
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