Finance and Accounting Transformation Drivers
What Finance and Accounting Transformation Drivers will necessitate a systems replacement and process reengineering? Finance and Accounting function is a cornerstone of your business operations. How do you know if and when it is time for a Finance and Accounting transformation? Here are a few drivers for any enterprise to consider to help make a restructuring and transformation decision of the finance and accounting function.
- Your strategy and decisions are not driven by timely finance and accounting data
- Can’t measure or fathom the synergies from the recent mergers/acquisitions
- Don’t know how much cash is there or there is not an effective way to harness cash
- Budgeting is based on anything but facts and data
- Forecasting is based on hunches
- Cost of managing the finance function far exceeds the value
- Navigating the multiple GAAP reporting maze is impossible
- The finance function is replete with non-standard and ad hoc reporting
- Internal controls are either lax or cumbersome and complex
- Multiple accounting and finance systems. No true golden copy.
- Convoluted processes that take an army of consultants/contractors to fulfill
- Cost of compliance and violations of regulations galore
- Effort and Cost of finance and accounting systems maintenance is spiraling out of control
- Spreadsheet and Access databases galore
- Finance function feels like a recorder of what happened in the past, not an influencer of what to come next.
Do you have any other Finance and Accounting Transformation Drivers to share?