By: Ciopages Staff Writer
Updated on: Feb 25, 2023
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 service delivery to fostering 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.
For CFOs transforming the finance function into the digital age will help in evolving from a keeper of historical accounting records to becoming a strategic support function that enables new business models, providing decision support, and enabling corporate actions (mergers, splits, carveouts and the like).
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.
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…
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…
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 cash flow. 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…
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…
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…
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…
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.
Individual License: Where we offer an individual license, you can use the deliverable for personal use. You pay only once for using the deliverable forever. You are entitled any new updates within 12 months.
Enterprise License: If you are representing a company, irrespective of size, and intend to use the deliverables as a part of your enterprise transformation, the enterprise license is applicable in your situation. You pay only once for using the deliverable forever. You are entitled any new updates within 12 months.
Consultancy License: A consulting or professional services or IT services company that intends to use the deliverables for their client work need to pay the consultancy license fee. You pay only once for using the deliverable forever. You are entitled any new updates within 12 months.
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