The need for consistent and reliable audit-ready financials is an established imperative, but whats not been defined well among organizations nor established, support-wise, by vendor partners is a finance transformation framework for Controllers. Controllers direct the preparation of financial reports, such as income statements, balance sheets, and analyses of future earnings or expenses, that summarize and forecast the organizations financial position. Controllers also are in charge of preparing special reports required by regulatory authorities. Often, controllers oversee the accounting, audit, and budget departments. So to achieve finance transformation for routine accounting, an enterprise will have to address three parts:
* Finance Support and Expertise
* Technology Solutions and Infrastructure
* Best Practices Framework for Improved Business Processes
These three parts are crucial to deliver different elements of support to the Controller, as shown in Figure 1. Finance staff is needed to deliver accounting expertise for everyday issues like expense and revenue accounting, cash management and tax preparations support. Technology solutions provide avenues (e.g., Software-as-a-Service, cloud computing configurations) for real-time access to data and financial information across business units. Finally, improved best practices and workflow frameworks support solid business process improvement for accounting, financial reporting and internal control, among other finance processes.
As important as this formula is to elevate the Controller and transform finance it is not easy to achieve. For many enterprises, these three elements that address people, IT and business processes are not best served via a traditional ERP approach. The buy-install-maintain software cycle is unfortunately still a large part of many job descriptions for Controllers and leading the integrations of new ERP systems can turn talented financial talent into second rate-IT personnel. To avoid this problem, enterprises need to look beyond traditional ways to help the controller achieve a big-picture view of finance. Therefore what is now needed for enterprises that cannot afford or dont want to allocate time and personnel to the black hole of standard ERP is a new approach and model.
What have emerged from this inefficient scenario are new IT solutions that are in turn creating new IT markets. Vendors, such as Corefino, have created unique offerings to not only address Controller issues but that resonate favorably with CFOs who are looking to achieve finance transformation.
By offering a hybrid IT solution-service approach to clients, Corefino directly speaks to Controllers and CFOs to remove problems from their overflowing plates of responsibility. This new type of finance model offers the professional expertise of business process outsourcing with the latest IT solutions for cloud computing and Software-as-a-Service, which addresses immediate controller needs but also broader financial goals. This type of support is crucial for a finance transformation that will create a more strategic position for finance as well as the individual roles of the Controller and the CFO.
* Finance Support and Expertise
* Technology Solutions and Infrastructure
* Best Practices Framework for Improved Business Processes
These three parts are crucial to deliver different elements of support to the Controller, as shown in Figure 1. Finance staff is needed to deliver accounting expertise for everyday issues like expense and revenue accounting, cash management and tax preparations support. Technology solutions provide avenues (e.g., Software-as-a-Service, cloud computing configurations) for real-time access to data and financial information across business units. Finally, improved best practices and workflow frameworks support solid business process improvement for accounting, financial reporting and internal control, among other finance processes.
As important as this formula is to elevate the Controller and transform finance it is not easy to achieve. For many enterprises, these three elements that address people, IT and business processes are not best served via a traditional ERP approach. The buy-install-maintain software cycle is unfortunately still a large part of many job descriptions for Controllers and leading the integrations of new ERP systems can turn talented financial talent into second rate-IT personnel. To avoid this problem, enterprises need to look beyond traditional ways to help the controller achieve a big-picture view of finance. Therefore what is now needed for enterprises that cannot afford or dont want to allocate time and personnel to the black hole of standard ERP is a new approach and model.
What have emerged from this inefficient scenario are new IT solutions that are in turn creating new IT markets. Vendors, such as Corefino, have created unique offerings to not only address Controller issues but that resonate favorably with CFOs who are looking to achieve finance transformation.
By offering a hybrid IT solution-service approach to clients, Corefino directly speaks to Controllers and CFOs to remove problems from their overflowing plates of responsibility. This new type of finance model offers the professional expertise of business process outsourcing with the latest IT solutions for cloud computing and Software-as-a-Service, which addresses immediate controller needs but also broader financial goals. This type of support is crucial for a finance transformation that will create a more strategic position for finance as well as the individual roles of the Controller and the CFO.
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