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.
There’s no time like the present to invest in modern technology. The longer you wait, the more entrenched your company will become in clunky tools that are out of touch with today’s business needs.
As it relates to financial planning, budgeting, and forecasting, old-world processes can lead to costly errors, leaving the finance team scrambling to fix spreadsheet mistakes and sucking up time gathering data rather than analyzing it and providing valuable insights to decision-makers.
So how do you know if it’s time to switch to a modern finance system? Here are three of the most telling signs:
It’s only appropriate that today, on the morning of Game 1 of the World Series – we’re here discussing the business finance benefits of Adaptive Revenue: The newest addition to the Adaptive BI & CPM Suite.
No, Adaptive Revenue is not directly related to the game plan for the Giants or Royals tonight in Kansas City. It won’t help Bruce Bochy or Ned Yost fill-out their lineup cards or make that crucial pitching change decision in the late innings.
But it IS the only fully integrated solution that corporate finance pros can use to complete that rare FP&A triple play.
Analyze financial performance and revenue across the business.
Adaptive Planning and Adaptive Consolidation have several features to streamline finance processes within companies using multiple currencies. Auto detection of the user’s locale. Auto recognition of accented and ideographic characters that are not part of the ASCII (A to Z) set. Numbers in sheets and reports displayed in the proper format according to the user’s locale. Dates displayed in the geographically correct manner.
The list goes on. And today, we’ll briefly run through how Adaptive simplifies three otherwise complex components for companies budgeting, planning, and consolidating using multiple currencies.
As you’ll see below, finance professionals face many obstacles during the financial consolidation and reporting process, including:
An average of 11 days to close the books each month.
Consolidation of multiple subsidiaries
Antiquated financial reporting spreadsheets leading to crippling financial errors
The list goes on and on. But as this infographic explains, Adaptive Planning is here to help with a cloud-based planning, budgeting and forecasting software solution that has helped businesses cut their time spent on financial consolidation by as much as 70%! Check out the full story below, and then click on the infographic to watch our new financial consolidation video
for more advice on accelerating your close process and freeing up time to focus on more strategic, revenue generating initiatives!
Click on the image above to download Saugatuck Technology’s latest cloud finance industry report.
Saugatuck Technology’s Aug. 2013 Cloud for Finance Value and Performance: Consolidation, Analytics, and Planning industry research paper clearly outlined the cloud-based benefits that help finance leaders solve many of the efficiency and accuracy problems around planning, reporting and forecasting that legacy applications fail to meet.
So what sets certain cloud finance tools apart from others? Saugatuck didn’t leave that up for interpretation either, outlining the seven essentials of cloud finance tools that all corporate finance teams should look for.
We could sit here and talk all day about the types of financial consolidation, collaboration, and automation challenges that Adaptive Planning helps businesses to solve every day, from SMBs to major enterprises.
But as the saying goes, seeing (or in this case reading) is believing.
So instead of taking our word for it, take it from Vail Resorts. The Broomfield, Colorado-based hospitality and property management company is not only the leading mountain resort operator in the United States; but also one of countless companies that serve as real-world proof of Adaptive’s usability, automation and integration features, and overall value.