Recent TRG blog posts

Intercompany Accounting has always been a highly important process for the parent company to get done right. Though expanding the business is seen as a success, managing the accounting and finance side is not an easy job. Companies have always found the work to be significantly challenging and risky, and Intercompany Accounting is one of the top struggles. If done wrong, the company can deal with serious issues and errors in their final financial statements.

In today’s digital world, data is your most critical asset, and, as such, requires utmost protection from both natural and man-made disasters. This especially holds true for financial data, the blood life of your business. And you cannot do it properly without a disaster recovery plan.

By definition, forecasting is the process of prediction or evaluation of the upcoming events, trends, outcomes, etc. For business prospects, simply guessing what future might hold is very risky and not appropriate for the most. That’s how annual budgeting plans came to be. Although, even with the best data and tools, the business climate is very unpredictable and ever-changing. To fight budget uncertainty, Rolling Forecast is here to save the day.

The traditional monthly close has long been used by companies and some still do. But the problem with this approach is that by the end of the month, everything becomes so cramped up, making it error-prone and labour-intensive. Continuous close, on the other hand, makes things much easier for both the company and the employees.

The financial services industry in the post-crisis era is still rife with challenges, both old and new, including extensive regulatory changes, technology disruptions, and a greater demand for trust and transparency. Financial services firms operating in such a contested environment need an accounting software solution that can deliver top-notch industry-specific capabilities.  

Despite its complexity, financial consolidation - the process of combinining and normalising financial data from different business units (entities) - is often still being performed by outdated tools. This problem is compounded by the fact that CFOs are facing growing reporting and compliance requirements on a global scale. 

A typical finance professional spends the majority of his or her time collecting, validating, and administering data, leaving a tiny window for value-added analysis. CFOs demand forecasts to be accurate, timely, and relevant. Yet, the finance department struggles to satisfy such requests. 

As planning, budgeting and forecasting become indispensable strategic contributors, finance executives begin to realise the need to transform their rigid yearly financial planning by adopting more advanced (both on-premise and cloud-based) analytical tools. 71 per cent of organisations surveyed by FSN in 2017 has been able to reforecast more than twice a year, up from 56 per cent in the previous year, although the forecasting accuracy is still fairly low. 

Hospitality faces unique challenges and has specific requirements, making conventional accounting systems unfit for this industry.  

In a global survey conducted by KPMG¹ in 2016, over two-thirds of respondents, who are all senior executives, said they have some forms of rolling forecast in place. In order to thrive in this VUCA world, accurate forecasting seems more imperative than ever. Rolling forecasting, as a means to achieve that, is now a universal practice thanks to its proven capabilities.