A successful finance transformation creates several benefits. These benefits include better utilization of corporate talent that is re-directed to address business management challenges and opportunities. Direct cost savings can be garnered through consolidation efforts of disparate financial functions and removal of redundant processes or IT solutions. Further cost savings can also come from areas such as:
* Migrating to one IT platform
* Moving finance departments to one business model
* Reductions in finance cost-to-revenue ratios
* More efficient business processes
* Savings realized through headcount reductions
These types of cost savings are the result of a successful finance transformation, resulting in finance roles, such as the Controller and the CFO, becoming high-performance players. Finance functions also become lower cost components of the enterprise overall. But, for most enterprises the problem in finance transformation is not a desire to achieve these savings, but where to start and how to begin.
Both CFOs and Controllers will also need to turn to trusted partners, for finance transformation support for important and recurring routine accounting functions as well as more strategic finance efforts. In the past, these partners have been mostly large enterprise software vendors and large business service providers or consultants. While these types of partners may understand the problems of finance, their costs and one-size-fits- all approach does not serve most enterprises well.
The need for consistent and reliable IT solutions and services is one critical aspect of any finance transformation project. An IT partner who offers access to finance applications for processes such as accounting, payroll and audit reports while also offering services that keep business process current and compliant with GAAP (or IFRS) practices, provides a large portion of necessary support for a successful finance transformation.
The new breed of IT provider, like Corefino, addresses the basic needs of finance that impact Controllers and CFOs alike. By looking at the need for finance efficiency and daily operations management, Corefino allows Controllers and the finance group overall to free itself from predictable transaction processing and establish financial directions for the enterprise. This solution removes non-value add processes from the enterprise scene and creates the framework for the strategic relationship between the Controller and CFO to deepen.
* Migrating to one IT platform
* Moving finance departments to one business model
* Reductions in finance cost-to-revenue ratios
* More efficient business processes
* Savings realized through headcount reductions
These types of cost savings are the result of a successful finance transformation, resulting in finance roles, such as the Controller and the CFO, becoming high-performance players. Finance functions also become lower cost components of the enterprise overall. But, for most enterprises the problem in finance transformation is not a desire to achieve these savings, but where to start and how to begin.
Both CFOs and Controllers will also need to turn to trusted partners, for finance transformation support for important and recurring routine accounting functions as well as more strategic finance efforts. In the past, these partners have been mostly large enterprise software vendors and large business service providers or consultants. While these types of partners may understand the problems of finance, their costs and one-size-fits- all approach does not serve most enterprises well.
The need for consistent and reliable IT solutions and services is one critical aspect of any finance transformation project. An IT partner who offers access to finance applications for processes such as accounting, payroll and audit reports while also offering services that keep business process current and compliant with GAAP (or IFRS) practices, provides a large portion of necessary support for a successful finance transformation.
The new breed of IT provider, like Corefino, addresses the basic needs of finance that impact Controllers and CFOs alike. By looking at the need for finance efficiency and daily operations management, Corefino allows Controllers and the finance group overall to free itself from predictable transaction processing and establish financial directions for the enterprise. This solution removes non-value add processes from the enterprise scene and creates the framework for the strategic relationship between the Controller and CFO to deepen.
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