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 With the evolving digital landscape the importance of robust security measures cannot be undermined, especially for areas related to finance and investments. For CFOs and other finance leaders, some of the biggest challenges lie in decision-making in low-exposure areas, like security and compliance related to services. Being a board member of a company that has earned SOC 2 certification indicates that the company’s fiduciary duty to investors and other stakeholders is properly aligned with the industry standard that meets the fundamental pillars of IT information security and privacy. Because the certification eliminates a layer of complexity in assessing the IT operating effectiveness, system, and organization controls. CFOs who oversee assets thus understand the importance of SOC 2 compliance in their governance and management roles. This blog discusses SOC1 and SOC2, its significance, and its ramifications for CFOs and other finance leaders. What is the SOC 1 report? SOC 1 rep...

Are you struggling with your month-end close process due to outdated reporting processes? If you’re finding that consolidation and reporting take longer than expected and no access to real-time data leading to missed opportunities, then you’re not alone. Due to the delayed financial reports and lack of trust from the management, business decisions are taken based on old data affecting the overall efficiency. While Excel has been a go-to tool for finance teams, its limitations in handling large volumes of data and ensuring accuracy can hinder efficiency. With the recent automation technologies, CFOs are turning to business intelligence to speed up their reporting and data analysis processes by choosing to automate financial reporting. Let’s get started by understanding how financial consolidation software eases the financial reporting woes and when you can jumpstart the migration i.e. from Excel to automation. Crushing data burden of manual financial reporting: A CFO’s view According to...

  Numbers tells the truth, but do they give you the clearer and bigger picture? Imagine you’re in a boardroom, pouring over the latest financial statements. The data is telling you about revenue, profit margins, and costs. But what if you need to understand the strategic direction, the risks on the horizon, or the impact of your company’s initiatives? This is where narrative reporting steps in. Narrative reporting goes beyond the raw numbers to provide context, insights, and a more comprehensive view of a company’s performance and prospects. It combines financial data with qualitative information, helping stakeholders see the complete picture. It’s a form of communication that goes beyond traditional financial statements. Let’s dive in. What is Narrative Reporting? Narrative reporting involves the use of storytelling techniques to convey complex financial information in a clear and engaging manner. It typically includes: Management Commentary:  Discussions from senior manageme...

 Disparate systems and manual report preparation will hold you back from your core responsibility as a financial leader. Group reporting comes with several challenges like creation and computation of different reports, elimination of inter-company transactions to do variance analysis, consolidating all at one place, and preparing a stack of all the consolidated financial statements. Well, the advancement of technology offers you the opportunity to transform your finance operations by adopting financial consolidation software and automating repetitive financial reporting processes Financial Acceleration in Changing Times According to a recent study by Gartner, 79% of CFOs rank leading finance transformation efforts as a top priority. Undoubtedly, manual report-making takes up a huge chunk of productive hours for the finance department resulting in less time for the CFOs to do the actual work such as forecasting and analysis based on the real numbers in the reports. These numbers bri...

 Introduction The growing business scale in the era of big data and digital transformation demands something more than classic techniques of making decisions. Imagine this: Your team is working overtime to close the quarter, but despite your best efforts, numbers aren’t adding up. The financial reporting system you rely on is slow, clunky, and doesn’t give you the insight you need to make critical decisions. What solutions will fix this recurring monthly problem? How will I get actionable insights to make better forecasts? What will help me to consolidate the processes and operations? You might be wondering about these questions after the gruelling report-making days are over.  This blog is about helping you understand better what is EPM, what is BI, how they differ from ERP and what works best for my organization. The right tool could make all the difference, but choosing wisely requires a deeper understanding of how each works. Let’s break it down and help you make the right...

 Well isn’t this that time of the month? With gruelling spreadsheets, scattered data, multiple to and fro emails, manual entries of transactions, and to top it up missed deadlines to share reports. Sounds terrifying indeed. Due to the increasing demands of external factors, many CFOs are thinking about ways to make their organizations more efficient, responsive, and capable of implementing change more quickly. For many finance executives, this means employing intelligent technologies to move their companies from conventional functionality to dynamic capacity. “According to a survey, in 2025 the role and value of the finance organization will be less about manually handling transactions and more about automating and streamlining processes.” To evolve and evaluate the finance function, it is crucial to outline the improved workflow for efficient financial close process, and forecast cycles, and to actively evaluate how time is allotted and spent for forecast submissions. Let’s look i...