For businesses to move faster and innovate, it’s essential for workers to increase efficiency and have the opportunity to improve work processes. By automating certain financial tasks, employees can free up more of their time to focus on more impactful work that can help their team and organization.

No matter the type of industry, every company’s finance department does much of the same thing. Usually, they are responsible for managing cash flow, ensuring that financial reports are correct, and executing other basic financial functions so the business runs smoothly.

With the amount of technology at our fingertips, financial teams should…

Regardless of industry, financial condition, supply chain and distribution logistics, workforce composition, etc., all companies are currently facing a variety of financial reporting and accounting challenges. The challenges are prevalent in most companies to varying degrees.

Let’s take a quick look at the financial reporting and accounting challenges that are top of mind for many companies right now.

Forecasting

Companies continue to face challenges related to forecasting as a result of the ongoing uncertainties associated with the COVID-19 pandemic. …

Experienced business owners know that making solid decisions based on accurate financial data is essential. Both the chief financial officer (CFO) and the controller are vital to making this happen.

Small business owners may be handling both financial planning and accounting duties, but any company planning on substantial growth needs a first-rate financial strategy, and to do this, you’re probably going to need two different people to put all their expertise and focus into each role.

Both CFOs and controllers usually have a background in accounting or begin their careers as accountants. …

To provide the best support to the business leaders, FP&A needs to quickly leverage the accounting information at hand. Especially during hard times, business is hungry for insights from financial results and the pressure on FP&A increases tremendously.

This article covers three critical aspects of telling the business story behind the numbers:

1. What is the context behind numbers?
2. Is there a strong collaboration between accounting and finance?
3. What is the main purpose of the story?

Context is King

Financial results without context not only leave room to interpretation but can also result in poor business decisions. Before providing any recommendations, FP&A leaders are…

Times are changing the way processes are run in organizations. Today, companies need a new approach to financial planning and performance management, one that informs rapid realignment of plans and actions and ensures organizational resilience.

The role of financial planning and analysis (FP&A) is heightened in times of crisis, but some companies are finding that — just when they really need them — they lack the accelerated analytics, business insights, and digitally driven solutions FP&A teams can provide.

The contributions required from FP&A during this time include the ability to quickly clarify for business leaders the underlying drivers of the…

As McKinsey pointed out, the financial-planning process for 2021 presents an opportunity to turn hard-earned lessons from the COVID-19 pandemic into an enduring exercise in linking strategy to value.

Of 127 CFOs they recently surveyed, 43 percent cited the need to streamline their overall budgeting processes to react more quickly and efficiently. Meanwhile, 65 percent anticipated more use of rolling forecasts in 2021 and beyond.

While a “perfect” budget for 2021 may not be achievable, a better budgeting process certainly is. The typical budgeting exercise, whether bottom up or top down, can get stuck in endless negotiations and may not…

Regardless of industry, financial condition, supply chain and distribution logistics, workforce composition, etc., all companies are currently facing a variety of financial reporting and accounting challenges. The challenges are prevalent in most companies to varying degrees.

Let’s take a quick look at the financial reporting and accounting challenges that are top of mind for many companies right now.

Forecasting

Companies continue to face challenges related to forecasting as a result of the ongoing uncertainties associated with the COVID-19 pandemic. …

Remote work has been a challenge for many. For the finance function, among the many implications is a newly remote financial close process.

A challenge in executing a virtual close is establishing a coordinated and aligned team, regardless of the distance between its members. That effort starts with sharing the plans for a virtual close beyond the core team, including partners in risk, operations, IT, and lines of business.

The foundational framework of a virtual close ought to include the following steps:

Establish a virtual command center.

Such a team can consist of professionals who thoroughly grasp how to organize and oversee all the activities…