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.
The Seventh-day Adventist Church’s objective was to find a flexible financial solution for use in a nonprofit setting in more than 1,500 sites around the world, and to stay up-to-date with current platforms, operating systems, and databases.
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.
Budgeting is one of the most fundamental business processes. However, there have been controversial views regarding to the true value of budgeting, or what it actually brings to companies in terms of ROI. Some people say that the process can be skipped, some say it plays a considerable role, while others remain sceptical about an objective way to measure the ROI of budgeting.
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.
Digital disruption has been creating new norms in the way organisations operate. In the era of Digital Transformation, CFOs are expected to look beyond their traditional roles to become an enterprise-wide strategist, an innovation and a change leader utilising technology and help drive the business. Adopting new digital tools is a must in order to further improve existing capabilities and the overall performance of the CFO.