To achieve an accurate and complete picture of your business, modern CFO’s are looking at how to improve their financial processes.
Some are still suffering from issues with data integrity, version control and are struggling to retain a truthful version of their data.
To make better business decisions, financial professionals are looking to obtain a unified solution that allows them to trust their data and spend less time correcting human errors.
For many financial professionals, the task of producing their company’s financial reports is both a painstaking and stressful process. This is often due to outdated systems meaning that the risk of errors is ever looming. In the last few years alone, we have seen how dramatic the effects of spreadsheet errors can be, both in terms of job security and cost to the business; Mouchel and its £4.3 million profits write down fiasco is a prime example.
The political climate across the western world is changing. Brexit, Donald Trump’s inauguration and upcoming elections elsewhere in Europe have all led to increased economic volatility. As a result of this, 90 per cent of CFOs now claim the level of uncertainty facing their business is above normal, high or very high
. To effectively manage a fluctuating economic climate, finance teams must look towards the vast amount of data they generate to provide a detailed overview of their financial footing.
Simon Read, Managing Director at Talentia Software UK, discusses why both a proactive and strategic approach to decision making are pivotal in times of uncertainty