The role of the CFO is always changing, but the need for a clear vision and helpful technology remains the same. Especially to juggle new balls in the finance ecosystem, such as regulatory changes, artificial intelligence, and blockchain. Finance must add these balls to its mix while still juggling its "traditional" responsibilities of internal controls, compliance and closing the books quickly.
Speaking of "closing the books", this act or mode has become an everyday occurrence instead of monthly. Being in a continuous "close mode" can make things particularly difficult when trying to balance everything across the board. That's where an ERP (Enterprise Resource Planning) solution, like Netsuite, comes in to help CFOs continuously close with a unified platform.
NetSuite automates revenue forecasting, allocation, recognition, reclassification, and auditing through the rule-based event handling framework. What does this mean for a company and their CFO? Well, whether a company conducts sales transactions that consist of products or services, or both, and whether these transactions occur at a single point in time or across different milestones, NetSuite's revenue recognition functionality automates the scheduling, calculation, and presentation of revenue on the financial statements accurately and in an automated fashion expediting the monthly close process.
In simple terms, it makes your company's financial tasks easier no matter how you conduct business.
Think of NetSuite as a self-driving car. Like a self-driving car that lets the driver know everything happening around the car, in real-time, NetSuite offers the same. While the driver (user) can adjust and see what's happening through the windshield and mirrors, the car (NetSuite) handles other less-important elements, like steering, by itself.
NetSuite's industry and role-based dashboards act similarly, giving users real-time visibility into only those elements of their business that need focus at any given time. And NetSuite's Intelligent Insights will ensure CFOs are looking at the right parts of their business at the right time.
The modern CFO needs to keep up with changes, becoming a strategic business partner, while still delivering on core accountabilities. But sometimes, it's tough to focus on becoming a strategic business partner while still doing all this other stuff. In order for CFOs to cope with the ever-changing landscape of their position, they need a platform that doesn't compromise between scalability and control.
Learn more about the future of finance and how NetSuite can help your business grow with their informative whitepaper - The Future of Finance is in the CFO's Hands. You'll be able to understand exactly what it takes to be a modern CFO and the technology that's out there to help you succeed.