Are you a data-driven CFO? Instantaneous and deeper financial insight is required by today’s CFOs, as they are driven to take a more analytical approach to monitoring and measuring the development of important strategic drivers. Today’s CFOs want to scrutinize real-time operational data. They no longer want to deal with lagging indicators of performance. They are tired of imprecise metrics. Today’s CFOs want to experience the agile advantages of a modern cadence of information dissemination.
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They want real-time reporting.
Traditional financial reporting focuses attention on results over varying periods of time. The annual financial statements are the universal standard, but have always been presented with the external financial stakeholder in mind. Quarterly financial statements served a similar purpose, but now also include the Board of Directors who commonly meet four times a year to review financial performance. Monthly financial statements have historically been used by management as one of the primary gauges of organizational performance; after all, most operational issues show up at one point or another in the financials. The preparation of each of these annual, quarterly, and monthly financial statements relies upon a financial close process. The financial close process is designed to achieve an accurate cut-off and validate the balances in the general ledger. The accounting staff will undertake a variety of checks and balances and account reconciliations to ensure financial reporting integrity is protected – but all this takes time.
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Today’s businesses need to move quickly.
The advent of cloud-based financial accounting software has enabled the dawn of real-time reporting and analysis, with cloud-based solutions pulling data from different points throughout a business. Modern dashboards are interactive for the user and add more value than a static printed report. The true insight comes from a user’s ability to drill into the various metrics on their screen and interact with the underlying data. This data can be sorted, spliced, and drilled further, all the way back to the transactional level, to give users a deeper and richer understanding of the underlying cause and effect of what has happened. Executive dashboards are to businesses what cockpit control panels are to pilots. It’s the business equivalent of dials and meters, all designed to provide a user with a snapshot of the status of the business using KPIs.
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Are you making the most of financial accounting software? Are you optimizing cloud accounting? Are you pulling real-time reporting data from your interactive dashboard? Are you leveraging Intacct’s best-in-class cloud ERP software to bring cloud computing to finance and accounting for your organization? Are you really a data driven CFO? The Intacct experts at CompuData can help you leverage Intacct’s cloud-based ERP solution to make the most of advanced analytics for real-time business decisions.
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Contact CompuData today to get leverage Intacct to be a data-driven CFO!