I recently attended Sage Software’s Partner Summit. Implementation partners account for most of the sales and implementation of finance and accounting applications designed for small and midsize businesses, so they are important to the success of the software vendor. These events are designed to inform partners of product enhancements and the product and technology roadmap as well as provide a perspective on market conditions and trends.
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Topics:
Office of Finance,
Business Planning,
ERP and Continuous Accounting,
digital finance,
Purchasing/Sourcing/Payments,
Consolidate/Close/Report,
AI and Machine Learning
The Office of Finance can be compared to a numbers factory where the main raw material, data, is transformed into financial statements, management accounting, analyses, forecasts, budgets, regulatory filings, tax returns and all kinds of reports. Data is the strategic raw material of the finance and accounting department. It is the key ingredient in every sale and purchase as well as every transaction of any description. Quality control is essential to achieving high standards of output in any...
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Topics:
Office of Finance,
embedded analytics,
Analytics,
Business Intelligence,
Data Management,
Business Planning,
ERP and Continuous Accounting,
data operations,
digital finance,
operational data platforms,
Analytic Data Platforms,
Revenue, Lease and Tax Accounting,
Purchasing/Sourcing/Payments,
Consolidate/Close/Report,
AI and Machine Learning
In 2015, I began using the term continuous accounting to call attention to technology advances that enable finance and accounting departments to improve performance. These advances have continued, making an even more compelling case for adoption of continuous accounting.
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Topics:
Office of Finance,
ERP and Continuous Accounting,
digital finance,
Purchasing/Sourcing/Payments,
Consolidate/Close/Report
The chief financial officer of a midsize organization faces a different set of challenges than those in larger or smaller enterprises. These organizations have grown to the point of requiring capabilities similar to larger businesses, but typically lack the staff or financial resources afforded to bigger organizations. The past decade of IT innovation – especially the expansion of cloud computing – has brought substantial benefits to midsize finance and accounting operations. Rapidly growing...
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Topics:
Office of Finance,
Business Planning,
ERP and Continuous Accounting,
digital finance,
Consolidate/Close/Report
Early last December, just before ChatGPT became the new, bright, shiny object, The Economist magazine ran a story proclaiming that we had finally arrived at the age of boring artificial intelligence (AI). From my perspective, it’s unfortunate that didn’t last and that AI has been relegated back to the buzzword league. AI will be an increasingly important feature of business software through the end of this decade. Ventana Research asserts that by 2026, almost all vendors of software designed...
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Topics:
Office of Finance,
Business Intelligence,
Business Planning,
Enterprise Resource Planning,
ERP and Continuous Accounting,
natural language processing,
continuous supply chain,
digital finance,
Purchasing/Sourcing/Payments,
Consolidate/Close/Report,
AI and Machine Learning
We added purchasing, sourcing and payments to our core Office of Finance focus areas this year to reflect new and important opportunities to use technology to gain effectiveness through greater efficiency. Doing a better job of record-keeping and organizing paperwork – especially in a minutiae-laden process like source-to-pay – may seem trivial. Yet digitally transforming core business processes became essential as the pandemic required organizations to lock down in early 2020, and the need to...
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Topics:
Office of Finance,
ERP and Continuous Accounting,
Purchasing/Sourcing/Payments
The cloud has come to dominate many business software categories, but until recently, enterprise resource planning for manufacturing and product-focused organizations has been a notable laggard. Cloud-based systems can be less costly to operate, perform better, be more secure and shift maintenance and update chores from the IT department to the vendor, freeing IT teams to concentrate on more strategic needs.
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Topics:
Office of Finance,
Operations & Supply Chain,
Enterprise Resource Planning,
ERP and Continuous Accounting,
continuous supply chain,
digital finance
insightsoftware provides applications for finance departments and other business users in midsize and larger organizations, offering a broad range of functions including analysis, internal and regulatory reporting, planning, consolidation, tax provision and treasury. The software brings together applications that enable business users to maximize data collected in existing systems and streamline the performance of a range of office of finance functions, all while limiting or eliminating the...
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Topics:
Office of Finance,
embedded analytics,
Business Intelligence,
Business Planning,
Financial Performance Management,
ERP and Continuous Accounting,
digital finance,
profitability management,
Revenue, Lease and Tax Accounting
Trintech provides finance departments in midsize and larger organizations with software to accelerate their accounting close processes. This record-to-report (R2R) cycle is complex because it involves the coordination of numerous people, many systems and multiple sources of data. There are iterative portions that involve cycles of reviews and multiple levels of approvals. These include reconciliations and adjusting of entries during the close as well as authoring, editing and updating...
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Topics:
Office of Finance,
Financial Performance Management,
ERP and Continuous Accounting,
digital finance
Ventana Research coined the term intercompany financial management (IFM) to define a discipline for structuring and handling transactions within a corporation and between its legal entities designed to maximize staff efficiency and accounting accuracy while optimizing tax exposure, minimizing tax leakage and ensuring consistent tax and regulatory compliance. Technology has advanced to a point where this approach is feasible and cost effective. For that reason, Ventana Research asserts that by...
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Topics:
Office of Finance,
ERP and Continuous Accounting,
digital finance