It’s no secret that CFOs want to be more strategic. So what’s holding finance back? It’s the old-world tools they’re using for routine tasks, such as the financial close and reporting, which add risk and drain time and resources.
Take financial consolidation as an example. Many companies use spreadsheets to manage intercompany eliminations and allocations, which is time-consuming and error-prone—and this manual work slows down the entire close. According to Ventana Research, only 38% of companies can close their quarterly books in six days or less.
So how can you improve your process to execute faster and provide critical financial information sooner? Here’s a three-step guide.
IPO Expert Ron Codd (Above) is the newest member of the Adaptive Insights Board of Advisors.
Looking for a list of today’s fastest-growing, most successful tech companies? Simple. Just follow the career path of Ron Codd, the former CFO of PeopleSoft and new Senior Advisor to Adaptive Insights who has left a remarkable trail of revenue growth and IPO success everywhere he’s been.
From advisor to IPO expert, Ron’s keen eye for market opportunities has helped four different companies go public, and he’s not done yet. He is currently working with several of the fastest-growing companies in Silicon Valley – including Rocket Fuel and FireEye – as a member of each company’s Board of Directors, and now as a Senior Advisor to Adaptive.
I had the chance to speak with Ron shortly after he came on board. We covered everything from his Silicon Valley experience, to why he chose to join Adaptive, to advice he has for business leaders eyeing an IPO, all of which are detailed in this exclusive Q&A.
A common use of our Adaptive Insights product is to track a wide range of personnel data, from monthly salaries, to benefits expenses, to headcount by department. If you’re in the process of uploading your personnel data, here are some key details to consider, as well as a guide to efficiently setting up modeled sheets to meet your personnel planning needs.
Before creating your sheet, consider who will need to have access to this data. Will HR plan for the entire company, or will each department manage new hires? If HR will be planning headcount centrally, create your sheet as a user sheet, where access is restricted by user. If budget managers will be responsible for headcount planning, create your sheet as a level-dependent sheet.
Once you answer this question, administrators can determine which roles can access the personnel sheet via the Access Salary Detail permission section. When this is complete, the next step is to import headcount to the Personnel sheet in the current year’s budget, which is what we will focus on today.
There are several scenarios during which you may want to create a new version of your financial plan in Adaptive Planning. You may lock the budget after finalizing the data and then create a duplicate version for financial forecasting or what-if analysis. Then, you can grant separate permissions for each version to control who has access and who can edit data within each version.
Whatever your reason, today’s product tip will run through the quick and simple steps to help you create a new version in Adaptive Planning. First, let’s break down the fields to complete to create that new version.
Over the last decade, Adam Bluemner has focused his career on keeping up with the technology trends and business needs of corporate executives across a wide range of industries. Through his publications and through his work as Managing Editor of Find Accounting Software, Adam has helped thousands of businesses achieve success through smart software investment.
Most recently, Adam has researched the evolution and adoption of cloud-based business software, as well as which factors are leading businesses to increasingly adopt cloud solutions. We caught up with Adam last week and asked him about the benefits of cloud-based technology, specifically for corporate finance leaders. Here’s what he had to say.
Adaptive: How can finance leaders leverage cloud tools to become the drivers of key decisions within their business?
In today’s business world, those with access to the most dependable, real-time data that enables them to make fast, informed decisions have the greatest competitive advantage.
And there’s one question that any business leader can ask and answer in order to determine whether or not their business is built for long-term success.
Is your business built with analytics at its core?
It’s a seemingly straight-forward question. But nothing worth answering is ever that easy. Think about what it actually takes to make analytics a core part of your business, and you’ll find this question contains multi-layers.