Chief financial officers at midsize organizations are under tremendous pressure to meet financial reporting and compliance requirements, oversee complex budgeting and planning needs, and manage cash flow. Unfortunately, the legacy tools and processes many CFOs are using for financial planning and analysis , however reliable they’ve seemed, may be deterrents to optimal decision making, effective resource allocation, and improved operational efficiency.
The key to an effective finance strategy is unlocking intelligence and insights from traditional data silos. Organizations such as PayPal Giving Fund and Topcon Positioning Systems are finding that consolidating their financial systems onto a single cloud ERP platform improves accuracy, consistency, efficiency, and data integrity. Having a single source of truth for financial data across all teams can make an organization more flexible, scalable, and adaptable.
And as they grow, these organizations need a structured and sophisticated approach to finance and accounting that aligns with the complexity of their operational and reporting requirements: budgeting and planning tools that can help ensure their accurate forecasting and cash flow management.
And organizations that stay with legacy technology may find it increasingly challenging to keep pace with ever-changing regulatory requirements. Best-in-class cloud-based ERP systems allow organizations to identify and meet up-to-date regulatory requirements, reducing their exposure to the risk of noncompliance, which otherwise can lead to fines, penalties, and even reputational damage.