Home > Insights > Finance and Accounting Transformation Factors

Finance and Accounting Transformation Factors

Finance and Accounting Transformation Factors

By: Ciopages Staff Writer

Updated on: Feb 25, 2023

Finance and Accounting Transformation Factors

Finance and Accounting Transformation Factors outline the factors that make F&A re-engineering and re-architecting a strategic imperative. Finance and Accounting Transformation is no longer an option, but has become an inevitable consequence dynamic markets, the advent of digital solutions, regulatory mandates, and need for finance and accounting to be at the vanguard of insight-driven strategic decision-making. New regulations and laws combined with the demands of the current economic climate are causing CFOs to shift their focus. Finance departments are having to laser-target their attention toward multiple operations simultaneously, including toward:

  • Managing cash flow
  • Accuracy and regulatory transparency
  • Driving business performance
  • Improving customer experience
  • Working capital efficiency

There are a variety of finance and accounting transformation factors accelerating the need for this shift in focus, making it all the more important that effective finance and accounting transformation practices be developed. Let’s take a quick look at four of these factors.

Finance and Accounting Transformation Factors

Competing priorities

Companies are often asking their finance workers to deliver more work than possible. They want them to not only perform their regular day-to-day job duties but to also move forward on the path of transformation at the same time. In doing this, the outcome is typically not sustainable in a positive manner and leads to a negative impact on all financial operations. Some organizations will even endure an untimely turnover of the pertinent key resources that are needed to uphold their organizational structure.

There are a variety of internal and external factors driving the need for this shift in focus, making it all the more important that effective finance and accounting transformation practices be developed.

Fast growth

When a company is on the fast track to growth, it can be incredibly difficult to meet the increasing demand for the products/services it is selling; this leads to a greater need of raw materials, and unfortunately, it often means producing a higher quantity of products in a short amount of time. And not only do raw materials need to be increased and products manufactured in a shorter time span, but marketing and distribution efforts must be improved as well. To meet these goals, funds have to be increased, which means working capital must be better managed and appropriately invested.

Insight-driven Decisions

Today’s technology is enabling insight-driven decisions to be contemplated and implemented like never before. When new ideas are put into action, this often requires much internal reconsideration and transformation, especially in relation to the financial department as funds must be allocated to bring the idea to life. Examples of expenses that must be covered include the design and manufacturing of a new product, hiring new talent, and carrying out new branding strategies.

Regulations and Compliance Burdens

As new laws and legislation are implemented, this transforms operational practices and increases the need for finance and accounting transformation. Regardless of the industry, a company is operating in, new laws and regulatory burdens greatly impact its social responsibility. When laws and regulatory standards are not met, this can lead to large fines and penalties, both of which have a major negative on financial operations.

Once you know the factors which are triggers for change, you can include them in the finance transformation business case and roadmap.

One way to identify the driver is by benchmarking with your peer group on key finance KPIs.

What other finance and accounting transformation factors made you embark on a finance transformation?

Licensing Options:

We keep the licensing options – clean and straightforward.

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.

Product FAQs:

Can I see a Sample Deliverable?

We are sorry, but we cannot send or show sample deliverables. There are two reasons: A) The deliverables are our intellectual property, and we cannot share the same. B) While you may be a genuine buyer, our experience in the past has not been great with too many browsers and not many buyers. We believe the depth of the information in the product description and the snippets we provide are sufficient to understand the scope and quality of our products.

When can I access my deliverables?

We process each transaction manually and hence, processing a deliverable may take anywhere from a few minutes to up to a day. The reason is to ensure appropriate licensing and also validating the deliverables.

Where can I access my deliverables?

Your best bet is to log in to the portal and download the products from the included links. The links do not expire.

Are there any restrictions on Downloads?

Yes. You can only download the products three times. We believe that is sufficient for any genuine usage situation. Of course, once you download, you can save electronic copies to your computer or a cloud drive.

Can I share or sell the deliverables with anyone?

You can share the deliverables within a company for proper use. You cannot share the deliverables outside your company. Selling or giving away free is prohibited, as well.

Can we talk to you on the phone?

Not generally. Compared to our professional services fee, the price of our products is a fraction of what we charge for custom work. Hence, our business model does not support pre-sales support.

Do you offer orientation or support to understand and use your deliverables?

Yes, for a separate fee. You can hire our consultants for remote help and in some cases for onsite assistance. Please Contact Us.