The role of finance in today’s organisations requires a dual approach with finance trying to become more cost and process effective while aiding decision making and performance management. The finance function is evolving and collaborating more with other parts of the business to create further value.

 The lowest performance is achieved by companies who only rely on spreadsheets for  end-to-end financial planning, budgeting and forecasting processes, including collecting information, data storage, and data analysis such as “what if” scenarios.

Best-in-class companies are almost twice as likely to have dedicated applications for planning and budgeting as to rely on features of their ERP solutions. However, notably, in some instances both standalone and separate solutions are used by top-performing businesses.

Best-in-class companies are almost twice as likely to have dedicated applications for planning and budgeting as to rely on features of their ERP solutions. However, notably, in some instances both standalone and separate solutions are used by top-performing businesses.

The CGMA global economic forecast is a leading indicator of global economic growth and contraction that is based on global financial executives’ evaluation of corporate prospects, tangible performance data, and first-hand knowledge of company staffing, spending and financing plans. The survey is conducted quarterly, polling AICPA and CIMA members holding executive positions in both public and privately-owned organizations of all sizes, and across a broad spectrum of industries.

Today’s rapidly changing business conditions mean corporate management has to act on new strategies faster than ever. The shortcomings of fixed annual plans, budgets and forecasts are emerging, as they limit the power to adapt to change. No companies want to forecast just once a year. Many wish to revise forecasts monthly to ensure that financial planning remains continuous, dynamic and relevant.

Today’s rapidly changing business conditions mean corporate management has to act on new strategies faster than ever. The shortcomings of fixed annual plans, budgets and forecasts are emerging, as they limit the power to adapt to change. No companies want to forecast just once a year. Many wish to revise forecasts monthly to ensure that financial planning remains continuous, dynamic and relevant.

In the current climate of business management, the role of CFOs has become increasingly significant. They not only own and manage financial data but also hold key performance management information. CFOs have a say in financial processes, such as planning, budgeting, forecasting and consolidation, which are inherently linked with each other to generate actionable insight for strategic decision-making.

TRG International will be organising an event entitled “Fashionable software for Fashion” on 16 May 2012 at Sofitel Saigon Hotel to illustrate how businesses can streamline their retail operations with a dedicated solution.