">
BlogBanner.jpg

Compliance Reporting and Financial Transformation Go Hand-in-Hand

Posted by Bramasol Financial Transformation Team on Tue, Dec 12, 2017 @ 06:35 AM

FinancialTransformation-HotTip.jpgOften times the day-to-day world of CFOs and their staff can feel like living in a blizzard of multi-tasking in which they are buffeted by winds blowing in many different directions. 

They are faced with a constant juggling act between the demands of regulatory changes, compliance reporting, audit requirements and the all-important role of providing strategic financial management of the company.

In working closely with many companies on implementing regulations such as ASC 606, IFRS 15, ASC 842, IFRS 16 and others, at Bramasol we have consistently worked to help CFOs deal with the specific compliance reporting mandates within a broader context of Financial Transformation.

For example, for RevRec, we have pioneered new integrated methods enabling companies to use SAP RAR in conjunction with SAP ERP/ECC, SAP S/4HANA Cloud, SAP Cloud Analytics and third-party legacy software to aggregate, prepare and analyze the relevant revenue detail for disclosure reporting purposes. We have also created a series of specific pre-built reports for statutory compliance that enable CFOs to make the required disclosures as an integrated part of running the enterprise.

Bramasol’s end-to-end integrated solutions for revenue recognition compliance fit seamlessly within any existing operational and financial systems while providing the detailed information, audit trail, aggregation methodologies and advanced analytics to support statutory disclosure reporting. 

Read the eBook on RevRec Disclosure Reporting

DisclosureReporting1.jpg

 

Read More

Topics: FinancialTransformation-Hot-Tips

Five Tips from CEOs & How Financial Transformation Can Help Achieve Them

Posted by Bramasol Financial Transformation Team on Tue, Nov 21, 2017 @ 06:17 AM

FinancialTransformation-HotTip.jpgAs we look toward the start of 2018 and face a new year full of challenges, it's a good time to reflect on how we to keep improving our companies and our personal lives.

This blog post from Korn Ferry outlines 5 Tips from CEOs at the WSJ CEO Conference:

  • Agility – you must remain agile and be able to move quickly and execute that change decisively
  • Culture – comes from the top
  • Keep Learning – If you aren’t learning you are stagnating
  • Stay Focused on Goals – focus is the only way to know where to put your energy to maximize chances of success and impact
  • Maintain Work-Life Balance

CEO-Five-Tips.jpg

So what does this mean for us in the world of SAP and “finance transformation?”  Simply, this:  Leveraging dashboards and analytics supports all of these.

Agility – In an ever changing world the pace of change accelerates and real time is no longer fast enough.  You need insights that lead to action.

Culture – By focusing on analytics and objective measures you promote decision making that is objective and insightful.  And with a single source of truth, such as in SAP Analytics Cloud, you can promote a learning organization and dialog that solves problems not debates the source of data.   You can even leverage predictive analytics to help drive further insights and discuss plans.

Learning – While learning comes in many forms, the use of statistics and analytics to promote a learning organization is essential.  The success of learning comes not simply from telling people they should take courses, read books and watch videos, it comes from creating a culture of learning.  Learning from our mistakes, learning from our successes and learning by asking questions and having the data and tools you need to support and encourage the learning.

Focus/Focus on Goals – the use of analytics and tools requires you have a set of specific goals against which you are tracking your goals.  Whether the goals are corporate, such as Price Earnings Ratio, Profitable Revenue Growth, Market Share or Cash Generation or department focused such as Cost Per Lead, time it takes to produce book close or similar, goals are essential to maintain focus.  Metrics, tools and analytics are essential to measuring progress against the goals and maintaining that focus.

Work-Life Balance – by having clear statistics and easy to use tools we can free people up to do the real work in less time.

Visit here to learn more about Financial Transformation

Read More

Topics: FinancialTransformation-Hot-Tips

Leveraging the Transformative Advantages of Continuous Close Processes

Posted by Bramasol Financial Transformation Team on Mon, Nov 6, 2017 @ 06:33 AM

FinancialTransformation-HotTip.jpgCorporate finance professionals face many challenges. They need to reduce the amount of time spent on inefficient month-end/year-end closing processes, improve their ability to extract timely and accurate financial information and streamline overall operational end-to-end business processes. On the regulatory front, CFOs also must deal with, Revenue Recognition Changes (ASC 606 and IFRS 15), Lease Accounting Changes (ASC 842 & IFRS 16), Financial Instruments Impairments & Disclosures (IFRS 9) as well as on-going changes in the global regulatory environment.

The accelerating set of new challenges and changing compliance requirements threatens to overwhelm the inherent limitations of existing legacy finance and ERP systems.

Most conventional finance management technologies have been in existence for decades and, while they offer a familiar environment, they have significant limitations when it comes to keeping pace with today’s complex and dynamically changing corporate challenges.

Some of the chronic problems that arise from these limitations include:

  • Too much time and energy spent on inefficient month end close processes
  • Difficulty acquiring and accessing accurate data for financial reporting
  • Time wasted reconciling reports based on conflicting data sets

As Elizabeth Milne, Solution Marketing at SAP, put it in a recent blog post on Continuous Accounting:

"Transforming the financial close is not a one-time project; it’s a continuous incremental journey, and the dividends to making even the first few steps to improvement can be substantial. This approach not only cuts the cycle time of the close and reduces risk and audit fees, but also lowers the internal financial and accounting resources dedicated to close tasks. This is an era where CEOs and the broader executive team are looking for finance to move beyond crunching the numbers to interpreting them and acting as a business partner and advisor. Freeing up finance from manual effort and duplicative work and reallocating them is essential to making that shift."

As companies undertake Financial Transformation to become more nimble, react quickly and take advantage of market trends, one key area they're focusing upon is the creation of a Single-Source-of-Truth that eliminates the time-consuming hassles of reconciling various disparate data sets.

Bramasol is a co-innovation leader in the implementation of the SAP S/4HANA Cloud, which provides a high-performance, in-memory, and extensible Digital Core for unifying transactional data and analytics within a single-source-of-truth environment along with a wide range of best-of-breed functionality.

 

Bramasol Cloud Based Digital Core Approach Key Benefits (2).jpg

SAP S/4HANA Cloud is a real-time ERP suite for digital business that provides a high-performance and highly flexible platform for addressing the full range of business requirements. It is built on the advanced in-memory platform, SAP HANA, and offers a personalized, consumer-grade user experience with SAP Fiori, as well as tight integration with analytics, communications and collaboration functions.

Key benefits of leveraging this cloud-based Digital Core approach include:

  • Drive to continuous close
  • Consolidation of data source for reporting
  • Improved visibility for compliance with new standards for Revenue Recognition, Leasing and Financial Impairments
  • Real-time cash management

Join the growing number of companies that have already discovered how the transformative capabilities of S/4HANA Cloud can give you real competitive advantages.

Click Here to learn more about Bramasol's Financial Transformation solutions.

Read More

Topics: FinancialTransformation-Hot-Tips

Hot-Tip: Cloud Analytics and S/4HANA are Driving Financial Transformation

Posted by Bramasol Financial Transformation Team on Fri, Oct 13, 2017 @ 07:16 AM

FinancialTransformation-HotTip.jpgFinancial Transformation is happening now, driven by new cloud-based technologies that bring together analytics, transactional data and best-of-breed applications within a unified Digital Core.

Most conventional finance management technologies have been in existence for decades and, while they may offer a familiar environment, the lack of unified solutions create significant limitations when it comes to keeping pace with today’s complex and dynamically changing corporate challenges.

Some of the chronic problems that arise from these limitations include:

  • Inefficient separation of analytical capabilities and transaction data
  • Inability to accurately aggregate disparate data for decision-making
  • Lack of support to business transformation initiatives
  • Dependence on IT staff for creating specialized and ad hoc reports
  • Loss of productivity due to users juggling multiple systems and data sources

Because of these issues, most companies are forced to spend an inordinate amount of time coping with mundane but necessary challenges such as “keeping the lights on” and juggling data sources just to keep their head above water. Industry surveys indicate that 72 percent of time is spent on such problems.

Companies that have proactively begun Financial Transformation programs are already experiencing important benefits including:

  • Ability to adopt Best Practices 
  • Real-time and predictive analytics
  • Faster closing processes
  • Improved support for compliance requirements
  • Enhanced productivity through “native” workflow integration

The newest eBook from Bramasol shows how the SAP Digital Core overcomes the challenges of outdated legacy systems by combining transactional data, cloud-based analytics capabilities and integrated best-of-breed applications within a seamless ecosystem that optimizes productivity, ease-of-use and extensibility.

This eBook also includes a step-by-step use-case example showing the seamless interaction of SAP Cloud Analytics and SAP S/4HANA Cloud ERP operational functionality. This example simulates an Oil & Gas industry situation with a revenue discrepancy and illustrates the flow between analytics and operational processes.

Click Here to Download eBook: "Leveraging Cloud-based Analytics, User-Definable Dashboards and S/4HANA Cloud for Financial Transformation".

Read More

Topics: analytics, financial transformation, FinancialTransformation-Hot-Tips

Subscribe via E-mail

Request RevRec Consulting Support
Join the Rev Rec Ready LinkedIn Group

Latest Posts

Follow Me