“Real-time data” is a very popular term in the world of reporting and analytics. Timeliness of reporting can deliver good returns to the business. Companies reporting in real time are better positioned to do strategic planning and attract investors.
Over recent years, several changes in the compliance landscape, such as ASC 606 / IFRS 15 on Revenue Recognition and ASC 842 / IFRS 16 on Lease Accounting, have radically altered the requirements for what data must be disclosed and how disclosure reporting is handled.
At the same time, major shifts in business models, such as the rise of the subscription economy and the move from product-focused sales to experience-focused solutions are fundamentally changing the ways that revenue is generated.
In addition, most companies are looking for ways to speed up their closing cycles in order to provide investors and other stakeholders with accurate and timely information in a shorter period of time.
Webinar Video- Creating the Foundation for Finance Transformation: Data Strategies from BackOffice and Bramasol
Recent Studies from the Big Four show that data integrity and security are top concerns for CFOs embarking on Finance Transformation projects.
Whether you’re a CFO or a financial controller, you know how much time and effort you and your team spend deep in concentration to get your monthly accounting figures to balance. Your accounts payable and accounts receivable work doesn’t get much attention unless things go wrong, but all the time you need to stay on top of your tasks to keep things running smoothly.
Accounting has traditionally been a backwards looking profession. Let me be clear that I did not just call accountants backwards people, but in general their mandate has been to document, audit and verify what has already happened.However, things are changing rapidly in the world of accounting. As I covered in a recent blog post on The Changing Role of the CFO, there is a major shift toward broader and more forward-looking responsibilities within the Office of the CFO and the accounting profession in general.
Some of the forces helping make these changes a reality are enterprise-wide integration of advanced analytics, unifying financial information in a single-source-of-truth, movement toward continuous-close processes and the rise of Machine Learning.
Bramasol, the leader in compliance and finance innovation solutions, is pleased to introduce a new, purpose-built application, Analytics for Revenue Recognition Disclosure Reporting. This application is being introduced at SAP TechEd in Las Vegas, NV on October 2, 2018 and is available for purchase through the SAP App Center.
If you think of today’s businesses as being like complex organisms, then it becomes easier to understand the critical role of advanced analytics in monitoring organizational health and supporting growth. Just as your body’s nervous system, immune responses and circulatory network provide continuous sensory feedback to identify problems and maintain healthy functioning, your company’s analytics processes are critical for organizational adaptation and survival.
Financial 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.