More and more CFOs are taking precautions with better report writing and getting other departments involved with capturing, financial, budget, and procurement activity. Years ago the finance department did all these tasks. Although CFOs know that corporate functions increasingly involve more value-added work, they are nevertheless surprised by how much of their non-finance spend falls into the roll-up of the total combined calculations for the fiscal year. A lot of overhead functions have transformed from what you call “back office” and standard organizations might now look like professional services firms because they’re doing so much more decision-support work.
Accounting. Companies can measure expenses using the categories in the general ledger, but it might be more informative to also measure them based on the type of work that’s being done.
Accountability. In the past, finance tried to control overhead expenses by relying heavily on automation, centralization, and standardization. But controlling the costs of the organization by anticipating or budgeting (or both) is critical to the decision-making process.
Accuracy. Planning, budgeting, compliance, and forecasting are pressing concerns of CFOs. With massive innovations in cloud, social media, mobility, and data, technology is getting much more complicated, and the field of IT vendors is growing rapidly. As a result, Microsoft Dynamics GP is providing more accounting-based analysis, whether it’s analyzing data, reporting, or in general initiating more control for the entire organization with proper planning.
Agility. The pace of business is faster than ever and finance leaders must understand the importance of agility when responding to a changing business landscape. To compete, companies must be nimble enough to rapidly address changing market conditions without the need for major capital expenditures or complex communications.
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Written by Accountnet, Inc.