Recent TRG blog posts

Over the years the Beyond Budgeting movement has made it much more obvious that businesses should rethink budgeting; how the process works and how it should be utilised. Nonetheless, this new management model is not for everyone despite its advantages. Here are 5 things you should consider before adopting beyond budgeting.

Running a team of more than 4,900 financial advisors serving 1.8 million accounts in more than 2,200 locations worldwide is no easy task. For Raymond James Financial - a Florida-based financial services company - managing their employees’ expenses is among the most challenging aspects of their business.

A budget is a quantified version of your strategic goals. Therefore, having a sound budget in place is instrumental in driving your profitability and also in averting any number of adverse consequences that may arise as your business grows.  

Nonprofit organisations operate in a vastly different way from for-profit companies. They do not put any product or service on sales but instead accept contributions in various forms (grants, donations, gifts, etc.) to fund their activities. As a result, having an accounting system in place that allows the organisation and their contributors to obtain complete visibility of the entire organisation performance is utmost important. 

It is safe to say most businesses would resort to cost cutting initiatives in a time of tight margins and high risks. However, a research by McKinsey shows that only 26% of those cost-reduction programs, still yield effective results after four years. CFOs, therefore, are increasingly turning to zero-based budgeting, ZBB, as a more sustainable approach to cost reduction.  

As businesses are rethinking how their management systems should be changed in a post-industrial world, the principle of beyond budgeting has received much attention due to its revolutionary nature. But what exactly is beyond budgeting? And how is it different from the current practices?  

Budgeting plays a vital part in any organisation regardless of size. For some, the process of building a budget is downright tedious, time-consuming, and challenging. What's more, businesses have to worry about not only short-term budgets but also long-term ones. 

Electronic invoicing (e-invoicing) is the transmission, reception, and processing of digital transactional documents between suppliers and buyers. A true e-invoicing method should be entirely electronic in such a way that data from the supplier can be integrated directly into the buyer’s system. E-invoicing benefits both suppliers and buyers. 

In this day and age, it is crucial for hotel businesses to adapt to disruptive trends such as personalised customer experience, IoT, and blockchain. Advancements will also bring new challenges to the hotel finance and accounting team, who must evolve to take on new responsibilities and provide key insight for the CFO’s decisions in the following critical areas.

If your business is in need of full-fledged reporting and financial performance management software with built-in deep analytics, business intelligence, plus the capability to help you gain a holistic real-time view of the entire business performance, Infor EPM might be the one that you’ve been looking for.