Finance transformation (or more broadly finance and accounting transformation) is not a nip and tuck, but an invasive surgery to remake the accounting and finance function. The finance transformation encompasses finance strategy to finance operating model, from an efficient finance and accounting service delivery to rich employee experience, from a redefined finance organizational structure to finance systems re-architecture.  Some companies may even aspire to become a real-time enterprise with a notional daily close of the record to report and procure to pay value streams.

In this post, we will examine the holistic and encompassing nature of the Accounting and finance transformation (F&A Transformation) with additional links to more detailed perspectives spanning the transformation lifecycle. The goal is to reduce the amount of risk and failures that afflict finance transformation programs.

The CFO (Chief Financial Officer) Finance Transformation Innovation Agenda:

Finance transformation innovation agenda is a list of essential items on accounting and finance executives docket in pursuit of finance transformation in the digital age.

Each company is different with regards to the current state of finance Transformation and not all items on the change agenda may be applicable. Similarly, the points are also influenced by the type of industry, the geography, the structural issues, the regulatory burdens, and the competition for talent.  Read More…

Finance Transformation Drivers:

The finance transformation drivers, as the name suggests, are the critical macro and micro factors that are necessitating a rethinking of the finance operating model, a reimagining of the accounting and finance service model, a re-engineering of accounting and finance processes, and re-platforming finance systems. Read More

Finance Transformation Framework:

Transforming accounting and finance functions are often an in-depth and invasive exercise, particularly as it impacts one of the most valuable resources of a company – its finances and cashflow. Furthermore, the scope and the extent of transformation – operating model, processes, systems – could exponentially increase the complexity and cost. Hence, leveraging an integrated Finance transformation framework will help lessen the risk and improve the odds of success. Read More

Finance Transformation Approach:

Today, the need for the business to manage finances better, foster an ability to be nimble in business models, and regulatory burdens are driving the need for transforming the stodgy and old finance function into a hip, agile, transparent, responsive and employee-centric service and a prudent strategy and sound planning is critical to success. Read More

Finance Transformation Roadmap:

An Accounting and Finance Transformation Roadmap is a step-by-step navigation to get your enterprise from the point of departure to the point of arrival, by taking a set of actions, implementing some activities and achieving some outcomes, in a planned sequential manner. Read More

Finance Systems in the Cloud:

Enterprise Finance and Accounting (F&A) software replacement is an arduous task with significant implications that reverberate across the enterprise.  The finance function is a cornerstone of enterprise business operations, particularly in a highly competitive capital markets and margin compression in most industries. How do you know if and when it is time for a finance software systems transformation? Moreover, the new generation accounting and finance SAAS software solutions are changing the systems landscape.  Read More

Finance Capabilities Model:

Accounting and Finance Business Capability Model is an essential tool in transforming the finance function in the digital age. A map of finance capabilities can be the foundation of the process to identify the desired state of finance area and align them to business capabilities.  Read More

CIOPages.com offers a variety of Accounting and Finance Transformation toolkit comprising of deliverables, assets, and artifacts. Please peruse if any of them will be useful to you as you embark on a Finance and Accounting transformation.

  • Accounting and Finance Transformation Toolkit

    Finance and Accounting Transformation Toolkit Enterprise Edition

    Finance and Accounting Transformation Toolkit is a comprehensive and in-depth set of deliverables which can be can be used by any enterprise embarking on a finance and accounting process and technology transformation, and customize to their unique needs. What do I get in a Finance and Accounting Tra...