On April 27, 2022

Integrating Strategic Plans into Operating Plan

Strategic plans and operating plans are both crucial for major financial shifts or changes, but the key is integrating from strategic planning to action-based operating plans. Strategic Planning Strategic planning involves discussing what the long-term goals are for your business or company. This includes deciding on a strategy to achieve that long-term vision. In the
On April 5, 2022

The Importance of Account Reconciliations

Though an essential part of reporting and the financial close, account reconciliations can be considered a secondary function. The truth of the matter is that organizations need better internal controls and quicker identification and reporting of weaknesses in the data required for accurate financial processes. The Challenges of Reconciliations Without account reconciliations, the accuracy and
On February 4, 2022

What is Profitability and Cost Management?

Regardless of the type of business you manage, you must be able to measure its profitability at any given time to determine if you are to meeting your goals. Software that deals with profitability and cost management helps you measure how well all your tools are working and how the entire process is progressing. Basically,
On October 4, 2021

What Is Driver-Based Planning?

When accountants gather reports for management and stakeholders, they can use several different methods of showing how the company is doing at any given point. Forecasting methods are critical and usually use methods such as key performance indicators, or KPIs, and driver-based planning. Since the stakeholders have goals, key results must take place for those
On August 27, 2021

Streamlining Your Financial Close and Consolidations Process

Financial consolidation is more than just adding numbers. It’s a critical but complex process. Specific calculations and adjustments are required for accuracy within the various methods of consolidation. While it’s a routine process, it can take valuable time and resources unless your organization stream-lines the financial close and consolidation. Your current system may rely on
On November 5, 2020

Trends in 2021 for CFOs to Consider

If the companies have learned anything from the COVID-19 crisis, it is that things can change almost overnight. Where once employees accepted working in the office, the necessity for remote workstations because of the pandemic were seen at every level of business. As we move into 2021, it needs to be recognized that COVID will