Corporate 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. They are also facing an increasingly complex compliance landscape with new accounting, reporting and disclosure requirements.
On the regulatory front, CFOs also must deal with, Revenue Recognition Changes (ASC 606 and IFRS 15), Lease Accounting Changes (ASC 842 & IFRS 16), Treasury and Risk management, Financial Instruments Impairments & Disclosures (IFRS 9) as well as on-going changes in the global regulatory environment.
Most conventional finance management technologies have been in existence for decades and, while they 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.
And this accelerating set of new challenges and changing compliance requirements threatens to overwhelm the inherent limitations of existing legacy finance and ERP systems.