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CFOs Need a Full View on (Non) and Financial Data: IT SP

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Vusi Melane
Vusi Melane
Staff Writer

Chief Financial Officers- CFOs of multinational corporations, especially those operating across diverse regions, face significant challenges in ensuring accurate audits across their entire business. Time zones, cultural disparities, and logistical hurdles, including numerous product systems, make achieving a unified financial view a daunting task. In many instances, it’s nearly impossible, emphasizing the critical need for appropriately implemented technology that considers people, processes, and company culture.

This is according to Lead Consultant for Braintree– an IT SP- Service Provider based in South Africa, Craig Fidler.

The time element

Fidler says, “The considerable time required for various business units and regions to collect and prepare data for reports can severely impact operations. For instance, a multinational financial services company may have diverse business streams, each with its own regulatory and compliance obligations.”

“This results in a time lag, where manual input prolongs reporting timelines, risking compounded inaccuracies due to human intervention.”

“The gold standard is a real-time, automated view of an organization’s finances across all operations and time zones. While challenging, achieving this is feasible with the right technology and expertise. Businesses should partner with consultants who understand CFO challenges, ideally with CFO experience, to ensure a comprehensive understanding of the pressures involved.” he adds

“Every investment carries cost implications. Enterprises, especially those with diverse business streams across borders, must weigh the benefits of a flexible, scalable operating system against the costs of misaligned financial and reporting systems. The necessity is clear.”

Cloud computing

“Since the emergence of cloud computing, businesses have undergone profound transformations. Investing in cloud technologies ensures future-proofing, while clinging to outdated methods hampers competitiveness and efficiency.”

“Microsoft Dynamics 365 has the potential to revolutionize businesses seeking harmony in financial and reporting systems, provided it’s implemented by experts who understand the technology and appreciate reporting nuances, while ensuring buy-in from all levels of the organization.”

“Achieving organizational buy-in requires upfront investment in both design and implementation phases. It’s essential to involve finance teams and other stakeholders from the project’s outset, fostering trust across business units, time zones, and cultures.”

“A successful implementation begins with the goal of elevating finance to a strategic partner. This entails restructuring the business and implementing a unified platform for seamless data flow, supported by standardized processes and internal controls.”

“Digital transformation is not merely wishful thinking; it’s achievable. Leveraging automation capabilities, such as those offered by D365, enables real-time insights and decision-making, facilitating efficiency and accuracy across the business.”

Fidler concludes by saying that gone are the days of struggling with legacy systems. “In today’s digital age, there’s no excuse for struggling with legacy systems. Multi-tiered enterprises can partner with knowledgeable experts to incorporate world-class technology, improving efficiency, accuracy, and financial management—a necessity for CFOs managing large, multi-territory enterprises.”

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