Cloud ERP | CIO Advisory
Ask anyone in financial services what kind of pain points they encounter and you are likely to get the same answers. The frustrating fact is that inefficiency, uncertainty, and annoyance are almost universal challenges in the industry and have a direct impact on growth. Thankfully, it doesn’t have to be this way. The ideal solution doesn’t just provide tools, it fixes the kind of problems firms face everyday. Here’s how:
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What is popular is not always good. It’s a lesson we learn at an early age, and it’s as true of blockbuster films as accounting software. QuickBooks is an ideal example. It’s a great introductory accounting solution, which is why millions of startups and small businesses rely on it. But what they quickly discover is that QuickBooks is only an introductory solution. As soon as accounting gets a little more complicated, QuickBooks gets a lot more inadequate.
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The financial consolidation process has never been perfect. It’s a time- and labor-intensive process that eats up institutional resources and risks inaccurate or incomplete reporting. Even in businesses with relatively few business units to consolidate, the process commonly takes weeks and creates a lot of disruption and uncertainty along the way. [Read more…]
Accounting has always been important in family offices, but it hasn’t always been urgent. Closing the books on a quarterly or even just annual basis was deemed acceptable. And even if accounting was slow or prone to error, it was considered adequate.
That may have once been true, but accounting standards have risen significantly in recent years. Instead of closing the books in weeks, in-depth reports are expected within days or even hours. The amount of data to consolidate and analyze is exploding as financial and operational data are combined. And compounding these issues is the fact that accurate, up-to-date financials are essential for effective decision making. [Read more…]
As accounting has grown ever more important the role of the controller has grown as well. In addition to being sound financial stewards and effective organizational managers, they must also play a crucial strategic role. Controllers who are able to generate actionable, in-depth insights out of vast financial data give their companies a distinct strategic advantage. [Read more…]
Professional services firms are not behind the times in terms of technology. In fact, one survey showed that 95% of firms rely on best-of-breed technologies. But these firms are also not unique in struggling to use technology to the fullest.
The issue is that while individual capabilities may be strong, cross-functionality and interoperability are weak. Technology serves individual aspects of the enterprise but doesn’t extend across departments, data sets, or workflows. Consequently, tech tools cause as many problems as they solve. [Read more…]
