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From number cruncher to business leader
The role of the CFO has grown increasingly complex. Today, the CFO needs to focus on business strategy and operations while enabling the drivers of performance and creating an environment for innovation. It is more than simply crunching the numbers. CFOs around the globe agree that technology centred around data, mobile and cloud is the key to successfully meeting these challenges.
The standard CFO stereotype of a number cruncher, controlling costs and delivering forecasts is no longer valid. The role has changed. The modern CFO needs to balance technological knowledge with strategic vision. They need to understand every level of the business to enable innovation and be leaders of change. Technology - data, cloud, mobile - offer the key to CFO success.
Tools used for the budgeting & forecasting:
Spreadsheets are the most common tool for handling the budgeting process. The main pain points of using spreadsheets are:
- Time-consuming manual entry
- Errors in entry
- Incorrect or outdated numbers
- Inability to drill down
- Not easy to create what-if-scenarios
CFOs also lack confidence in the accuracy of their budgets (cash flow, bookings, revenue, expenses) due to manual spreadsheets.
Visma.net ERP offers several services that help the CFO with budgeting processes and helps with ease the pain of organisational involvement.
Visma.net Insights provides managers with access to Profit/Loss and KPIs that are related to their business area.
Visma.net Planning helps with budget and forecasting and integrates seamlessly with Visma.net ERP Finance.
The CFO’s responsibilities are shifting towards more strategic planning with the use of deep business insights.
Understanding every level of the business requires the right tools for the job. Accurate insights into to a business performance, in-depth data analysis and trustworthy financial data are vital for forecasting.
Performing data analysis and making data-driven decisions on time is the difference between success and failure. Many CFOs are still making decisions based on gut feeling, due to difficult data extraction from their current financial software package.
The right tools for reporting and making a data-driven analysis can play a crucial role. With advanced, customisable reporting and analytics, the task of building a strategy and monitoring its success is made immeasurably easier.
Visma.net ERP helps make your finance function and wider operations more efficient. There are several tools built-in, such as the analytics report feature. The explore functionality helps build inquiries that investigate data with advanced drill-down capabilities.
Visma.net Insights helps monitor your business with the right KPIs for your business.
Closing the books
The month-end closing process is an important part of producing timely and accurate financial statements.
Most CFOs find themselves caught up with closing the books and have little or no time for other important tasks.
Accounting documentation should be linked to the original transaction, without having to search for the status of a purchase invoice or other accounting documents.
The amount of time used to close the monthly statements depends on the quality of recording and processing each transaction.
The state of standardisation and automatisation reflect the time spent on the monthly close. Ideally, daily routines should be as automated as possible and should reflect all accounting information.
Visma.net ERP significantly cuts down the time it takes to complete month-end closing.
Visma.net Autopay automatically runs in the background, sending and receiving payments. All you are left to do is handle vendor invoices deviations from unmatched transactions.
Sending out customer/supplier statements is a monthly activity that can be scheduled to run automatically. Fixed assets can be created directly from the purchase invoice and set into appropriate deprivation schedule monthly, quarterly etc.
Accrual and a deferred transaction can be set to run on a schedule every day, month or quarter for minimising the manual entry of transactions and for better control.
Visma.net ERP offers standard functions and features that removes tedious manual work from your month-end closing.
Provide employees with insights
More CFOs are beginning to the feel the pressure from employees asking for answers regarding questions from internal employees, customers, suppliers, etc. The business climate is changing rapidly with no promise of slowing down, meaning employees need to make decisions faster.
The CFO needs to maintain processes, compliance, security, and privacy as well as provide employees with the insights and data they need.
Visma.net ERP empowers CFOs and enables everyone involved, from the board members to the AP clerk. A wide range of users can be controlled and maintained by the accounting department.
It is designed for a modern way of working, giving the CFO the tools needed to manage the organisation in a secure and controlled environment.
Eliminate manual steps
Standardisation and automation are key for the CFO who wants to eliminate manual steps. Tedious tasks such as bank reconciliation can be automated, meaning the only task left is handling transaction deviations.
Visma.net ERP offers as today several services like Visma.net AutoInvoice and Visma.net AutoPay that can help automate manual work. A feature like the Scheduling inside Visma.net ERP can help perform in the background so process and data flow around automatically between modules.
With Visma.net ERP, CFOs can spend more time predicting the future instead of getting stuck in reporting on the past.