As organizations adjust strategic investments with an eye toward capturing revenue growth, today’s CFOs need every advantage to help their businesses to make profitable decisions. With the advent of cloud-based business systems, finance leaders are able to make better data-driven decisions by tracking enterprise finance management with the help of financial process automation tool that better manages, control and analyze cash flow forecast, capture data, streamline processes, gain improved control over costs and risk, and ensure compliance.
The traditional business intelligence systems used by many organizations cannot provide the timely insight needed nor deliver it to large numbers of front-line users where it has the greatest effect and also require considerable development effort, take too long to deploy, and involve significant cost and risk.
Automate Business Narratives
Financial Data is the raw and unprocessed facts that are usually in the form of numbers and can be quantitative or qualitative. Data primarily exists in computer-friendly formats and mostly lives in databases and spreadsheets. This analytic anarchy causes a range of challenges, such as getting reports from multiple sources with conflicting answers, resulting in a costly manual and time-consuming reconciliation efforts and reduced confidence in the data.
To automate these business narratives, the focus must shift from simply providing reports to delivering value-added services―such as spend analytics, cash flow forecasting, and customer or product profitability insights―which can enable proactive guidance for the business. In addition, the right systems and tools must be put in place.
Actionable Data-Driven Approach
To overcome challenges, CFOs need to deploy an agile, sustainable data-driven approach which enables end-to-end data transparency and governance to ensure quality data that is consistently defined and available to financial analysts when they need it. This enables finance departments to move past existing roadblocks and expand analytical capabilities, while also taking advantage of new opportunities and reducing IT costs.
Enterprise finance reports are structured and prepared data that has been processed, aggregated and organized into a more human-friendly format that provides more context. Enterprise financial information is often delivered in the form of data visualizations, reports and dashboards. Financial Insights are generated by analyzing information and drawing conclusions. Enterprise financial data and information set the stage for the discovery of insights that can then influence decisions and drive change.
How Structured Is Your Enterprise Finance Data?
Finly’s proprietary software collects rich data from various business functions and collates into one single data set and enables better enterprise financial insights into the general ledger, tracking travel expenses, allows other functional units to understand product or customer profitability, provides visibility into budgeting and forecasting, and highlights how business costs and employee or procure to pay correlate with increased revenue. All of this can be achieved by integrating various Finly with enterprise accounting systems such as SAP, Oracle, Tally, & Microsoft ERP.