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Chapter 4: Building a Modern Finance Operation
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Chapter 4:
Building a Modern
Finance Operation
03
ow is the time to say goodbye
to process-focused finance
models. Digital has blown it up. Traditional finance activities—
including transaction processing, control and risk management, and
reporting, analytics and forecasting—have been redesigned and
reconfigured. The cloud elevates finance to
the insight engine for your
business using three essential elements:
Management Insight with Analytics Competency Centers.
Analytics “gurus” do more than analyze financials. They assess
product, customer, expense and project trends. Employees use
self-service to explore data “in the moment”
to understand the
financial impact of operational events and decisions. No more
relying on finance to do it for them.
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Compliance and Control with Communications and Control
Centers.
These centers are focused on control,
compliance,
communications and risk management to consolidate the
fundamentals of finance operations: statutory accounting,
compliance, tax, treasury and investor relations. They are
nimble,
responsive and cost-effective, aligning specialized
teams around streamlined work processes. For example, one
telecom provider is consolidating its fragmented income,
property and sales tax organizations.
A digital data warehouse
automates most routine tax reporting and compliance. This way
tax professionals can now focus on optimizing the tax structure
of the organization to better support the business strategy.
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Operational Agility Leveraging Integrated Business Services.
These teams deliver complete services to employees,
customers and suppliers across functions.
They bundle
accounting and transaction processing typically performed by
finance with tasks from other business areas. Global
consulting firm Accenture estimates that by 2020 more than 80
percent of traditional finance services will be delivered by
cross-functional teams working
within integrated business
services teams.
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Your Complete Guide to Modern Finance
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