Achieving real-time visibility has remained a considerable challenge for the finance departments of many organizations. Through
The Need for Real-Time Visibility
Real-time visibility connects disparate elements of an enterprise and aids in the integration of them, allowing an enterprise to quickly scale upwards and empowering decision makers to make the best decisions in limited timeframes. A lack of real-time visibility creates a barrier to full enterprise integration, which can create a snowball effect that vastly increases the amount of time accounting processes take throughout the enterprise. Accounting departments often find themselves using a selection of siloed systems which send data to and from one-another in a complex web of a network or through manual, duplicate entry means. This removes accountability and obfuscates data, as it is not always possible to guarantee the accuracy or timeliness of any information given.
The Management Cycle
Through technology that achieves real-time visibility, the reporting cycle for management is greatly reduced. Analytic information and performance reports can be compiled from multiple sources and immediately reviewed and they remain accurate whenever accessed. Review times for the financial reports are likewise reduced as the information that needs to be cross-referenced and checked is already consolidated. Reports created through these solutions can reduce financial consolidation times and will adhere to regulatory compliance standards.
Real-time visibility improves transparency by allowing access to financial records to those with the appropriate permissions to review them. Cloud enabled solutions can be accessed from anywhere in the world and reports can be sent out immediately. As there is no lengthy review process, these reports will provide detailed, timely information on demand -- something that investors and managers will undoubtedly see as a boon.
A Complete and Integrated Cloud Solution
Not only do cloud-enabled solutions improve access to real-time data, but they also create a single integrated and complete solution rather than a sequence of siloed or disparate elements. Having a single integrated, complete solution is necessary for the most accurate real-time reporting and will vastly reduce the complexity and overhead of a technology solution. It also improves upon security and offers a rapid, easy deployment, simplified training and innovative environment.
Real-time visibility is a critical component to the success in the modern landscape and can be easily achieved through the deployment of cloud services. The cloud enables not only real-time visibility but more immediate access to accounting functions, improving processes, facilitating productivity and reducing expenses throughout the organization.
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