Finance Business Requirements is a compilation of a list of accounting and finance needs to enable strategy, structure, process and technology transformation of finance and accounting functions. As expectations from accounting and finance functions grow exponentially, companies of various sizes and in diverse sectors are embarking on a finance transformation that fundamentally alters the operating model, re-engineers the processes, and re-platforms the accounting and finance systems.
The scope of the Finance Business Requirements:
The finance value streams such as Record to Report, Procure to Pay, and Data to Decision are some of the foundations of modern accounting and finance functions. Companies may choose to transform one or more of these value streams and the associated finance business capabilities. Depending on the scope of these value streams and the capabilities involved, the depth and breadth of the finance business requirements list will vary.
The focus of typical Finance Transformation:
- Strategy and Planning
- Forecasting and Analysis
- Capital Allocation
- Treasury Management
- Capital Structuring and Fund Raising
- General Ledger
- Accounts Payable and Receivable
- Financial and Regulatory Reporting
- Analytics, KPIs, and Dashboards
Technology enablement needs can range from migration to the cloud, conforming to architecture standards, replacing accounting and finance platforms, integrating disparate applications, and at times defect fixes (major or minor) to existing systems.
Types of Finance Business Change Needs:
- Operating Model Changes: The finance operating model is on fundamental expectations from finance, and how the accounting and finance functions are structured, and how they provide finance and accounting services. Most of the operating model changes are strategic necessitating changes in strategy, structure, culture, policies, and processes. Depending on the extent of the operating model change, the requirements may cascade to other areas for implementation.
- Process Restructuring: Many processes, whether they are technology-enabled or manual, are often convoluted and cumbersome. The manual processes change requirements are primarily about eliminating unnecessary steps and improving the flow, handoffs, and visibility. The system-based process changes are typically a part of the system requirements.
- Technology Enablement: Technology enablement encompasses the re-architecture to particular systems replacement. Technology enablement needs can range from migration to the cloud, conforming to architecture standards, replacing accounting and finance platforms, integrating disparate applications, and at times defect fixes (major or minor) to existing systems. These type of requirements are compiled as the typical business requirements matrix. Depending on the SDLC methodology, the way the requirements are expressed may vary. Often, teams document business requirements, functional requirements, architecture requirements and design requirements as a part of the technology enablement needs.
- Change Needs: Change management is often either overlooked, an afterthought, or under-invested in most major transformation. The change requirements are typically a part of the change management plan.
There are several business requirements gathering methods to document the technology change needs.
Additionally, please review CIOPages.com finance business requirements for a finance systems transformation.
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$25.00 – $75.00
$25.00 – $75.00