Modern chief financial officers face numerous challenges in today’s mercurial environment. Accelerated technological transformation, regulatory change and increasing competition are among the most pressing concerns for these financial stakeholders, according to analysts for Deloitte. However these challenges, despite their scale and severity, are observable and therefore fixable through proactive means. On the other hand, there are various other roadblocks that unfold on a smaller scale and conceal themselves behind the big picture. Eventually, these seemingly minor impediments multiply and transform into outwardly irreparable obstructions that cause significant dysfunction.
However, CFOs dealing with these problems are not doomed to smother beneath compounding inefficiencies. There are solutions for addressing such unexpected challenges, and Sage Intacct is one of them. This transformative, cloud accounting solution gives financial leaders within businesses of all sizes the power to head off minor issues before they snowball into more serious headaches that are capable of doling out as much damage as encroaching technology, sweeping regulatory change or rapidly rising competitors. Here are some examples of how Sage Intacct helps CFOs deal with unexpected issues that lay the groundwork for large-scale harm:
One widely-covered survey conducted last year revealed that 97 percent of CFOs lose sleep over reporting, according to Accounting Today. Why? Antiquated corporate accounting workflows make these executives feel as though they are in the dark regarding financial matters. While very few CFOs are probably working without recent figures, many are most likely not receiving as many updates as they require, especially considering the ever-changing state of the modern economic environment. Financial leaders need access the latest budgetary data to effectively do their jobs, and aging reporting processes based on aging accounting technology or manual methods are simply not capable of facilitating this kind of responsive data flow. Sage Intacct, on the other hand, is perfectly suited for the challenge.
The solution can mine multiple data sources to offer real-time financial insights, which are delivered via an easy-to-use dashboard. Here, CFOs can view shareable reports and access visualizations that deliver budgetary data through digestible tables and graphs. These features allow accounting professionals at all levels to gather financial data at a moment’s notice, keeping CFOs informed and decidedly out of the dark.
Deficient expense management
Billing and expense management are critical concerns for most businesses. Yet, many fail in both areas. Why? A significant number of firms maintain difficult-to-manage billing and expense management systems that make it hard for employees to track and log their time and reimbursable costs. This issue compounds an already fraught financial record keeping equation, as workers fail to accurately account for their time even when conditions are ideal, according to research covered in Harvard Business Review. Collectively, American companies lose 50 million hours of work per day due to billing issues. That translates to more than $7 billion daily in lost revenue. For firms that rely upon ineffective billing and expense management tools, the cost is even higher. Of course, businesses that adopt Sage Intacct do not have to worry about this issue.
The software simplifies billing and expense filing activities, giving users the option input their hours and expenses any time from any device. Once this data enters the system, managers with approval rights receive instant alerts. This streamlined system supports accurate billing and expense management workflows, allowing businesses and employees to receive due compensation for their work, something that should sit well with CFOs and other members of the executive team.
Lacking integration capabilities
Financial operations do not unfold in isolation within today’s businesses, most of which maintain numerous business systems that support a variety of activities, from production to customer service. Budgetary variables such as cost of production and revenue drive all of these actions, meaning internal divisions leveraging disparate systems must collaborate with the accounting department to ensure all of their workflows are fiscally sound. For companies that do not maintain strong digital connections between financial systems and other software, this work can prove difficult, requiring copious manual data entry. This inefficiency increases the likelihood of error, drags down time to market and puts pressure on CFOs. Sage Intacct prevents this kind of chain reaction from occurring by being designed to connect well with multiple systems.
Organizations can take advantage of the software’s out-of-the-box integration tools to facilitate data flow between accounting and mission-critical applications in other departments. In the end, this functionality eliminates the need for manual data re-entry and helps ensure financially sound operations across the organization.
These are just some of the ways that Sage Intacct can empower CFOs to address unexpected process kinks that can lead to more serious damage down the road. Is your organization interested in adopting Sage Intacct in an effort to take care of such challenges? Here at The TM Group, we have been managing Intacct implementations for decades, providing businesses of all sizes with customized services designed to eliminate problems big and small, expected and unexpected. Connect with us today to learn more.