Businesses, no matter how big or small, all want to make high quality, impactful business decisions. In order to be able to do so, the business must be equipped with accurate, fact-based and timely data. This is where management accounting comes in.
In today’s ‘VUCA’ world—characterised by volatility, uncertainty, complexity and ambiguity— it is becoming harder and harder to get right. As discontinuity becomes the norm and the most established business models come under threat, business leaders may need to adapt their models or develop new ones. How can organisations achieve sustainable success in a constantly changing environment?
As the world is heading towards an uncertain future, businesses can expect some unexpected events along the way. Therefore, agility needs to be embedded in every business process, including corporate financial planning.
Shortcomings associated with the traditional budgeting approach can undermine the true value of the process. Budgeting should be less cost-driven and more investment-based, i.e. all forecasted costs of a department should be attached to deliverables—the products and services that department delivers to other departments or to the clients. Doing so will make budget decisions investment decisions.
Known as the technology behind Bitcoin, blockchain can be applied in a wide array of applications for business, not just limited to only the cryptocurrency arena. Even though still in its infancy, blockchain technology is believed to redefine the finance function.
Companies spend millions of dollars developing and documenting their processes, policies, and controls, yet have little visibility into whether they’re being followed. With thousands of transactions to screen and systems being accessed by hundreds or thousands of employees whose statuses change daily, the process of monitoring for breaches—either accidental or intentional—can be both expensive and overwhelming. A strategic and automated approach is, therefore, essential.
In July, Workday released its global “Finance Redefined” study, conducted by Longitude, which surveyed more than 670 finance leaders across the Americas, Europe, Asia Pacific, and South Africa to get their vision and strategy on the future of the finance function and finance leadership.
Duplicate invoice payments occur far more frequently than most organisations realise. On average, approximately 0.1% to 0.05% of invoices paid are typically duplicate payments—which for a medium-size organisation with annual costs of $100 million over a three year period, could represent a loss of $300,000.
Infor SunSystems, among the first Infor’s products hosted in the cloud, is about to have some more major upgrades: smoother integration with other systems, better security, and functional enhancements.
Contrary to popular belief, Digital Transformation is as much finance-driven as it is technology-driven. In fact, the CFOs’ role and vision in the entire Digital journey are highly critical. A digital CFO will be responsible for the evaluation of the cost-effectiveness and adding value in the digital processes thus helps enlarge the organisation scale.