According to the Big 4, over 50% of companies experienced a delay in compliance with ASC 606 and 842 due to accounting issues. Those same companies struggled to produce their disclosures and reporting. Underlying this are the technical accounting expertise and disciplines needed for success.
Webinar Video - Technical Accounting Tips for Optimizing Disclosures and Reporting for ASC 606 and 842
As we move into Fall, there are a number of important events coming up for CFOs and other finance leaders, where you'll get a chance to network with colleagues and talk with experts in creating and implementing solutions for treasury, compliance, disclosure reporting and other related finance management issues. Bramasol is proud to be a participant and in some cases an enabling sponsor for the following key conferences. Please plan to join us.
Choosing Treasury Solutions for Sustained Success: Understanding the Trade-offs of Standalone vs Integrated Approaches
Treasury functions are not easily isolated from the rest of operational applications that are typically spread throughout an organization – nor should they be. In fact, almost all treasury processes can benefit greatly from becoming more integrated with other business processes.
However, all too often, companies are enticed by the promises of standalone treasury and risk management applications that claim to be inter-operable but fall short of providing true seamless integration with core ERP business and finance applications.
The strategic importance of treasury has been increasing steadily in recent years, thereby leading to a proliferation of new capabilities from both standalone application vendors and broad-based ERP/finance systems providers.
Companies are also coming under more pressure from shareholders and regulators to increase their transparency and improve financial performance. These expectations are leading to significant changes to the treasury functions as activities are increasingly being centralized.
At the same time, most companies are experiencing more complexity with regard to changing compliance requirements, diverse global operations, regional and local regulatory mandates, international trade and foreign currency issues, geographically diverse banking relationships and escalating risk factors in the financial arena.
So, the key question that now arises is “what is the best approach for both today and for tomorrow?”
Two Fortune 500 companies recently reported saving between 5 and 10 percent on inventory carrying costs while others gained millions in cash flow from a focus collections and payables.
The latest Association for Financial Professionals® (AFP) 2019 AFP Risk Survey - The Evolving Treasury Ecosystem, examines the challenges that companies are facing regarding their treasury operations, with an emphasis on how they are looking to leverage new technologies.
The future of real estate management is here. Learn how SAP's Cloud for Real Estate solution combines leading edge visualization tools and animation with deep Real Estate and Leasing functionality to bring you the world's best solution.
As public companies have worked over the past two years to comply with new ASC 842 and IFRS 16 leasing standards, they have taken a variety of paths to achieve the initial compliance requirements. Depending on each company’s specific requirements and the extent of their lease portfolios, their journey to compliance may have been comprehensive or might have taken a limited approach with a “path of least resistance” philosophy to minimize disruptions.
However, those companies that took a limited approach using standalone solutions or spreadsheets are now discovering they’re stuck in a dead-end with regard to integrating and optimizing lease compliance within their overall business operations.
As the leading experts in SAP Leasing Solutions for ASC 842 and IFRS 16, we've seen it all and we know what works. Integration can be hard. Data validation is required far more than you expected and reporting is anything but a snap, especially if you need data from your ERP as well as your leasing solution.
Imagine the power of an ERP based Treasury Solution combined with the scalability, flexibility and security of a cloud based solution. It is here! Join experts from SAP and Bramasol as we explore the latest features of the SAP Cloud for Treasury Solution.
One of the critical success factors of any SAP project is having clear definition around the roles and responsibilities for each project participant and key stakeholder. Regardless of how thorough and detailed a project plan may be, misunderstanding of team member roles and responsibilities is bound to cause significant issues.
A basic and effective practical approach to remedy this common problem is to define and document project roles and responsibilities via a RACI model. Integrating the RACI model into your projects deployment approach creates a powerful combination that boosts and expands project results. Further, incorporating a RACI model in your SAP services Statements of Work (SoW) can help support compliance with implementation partner contractual boundaries.