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6 Things Keeping CFOs Up at Night
Today, the title CFO is almost certainly synonymous with “sleepless nights”. As organizations grow, the pressure put on CFOs to produce faster closes, cleaner audits, smarter revenue management, deeper analysts, multinational consolidations, and much more, grows with it.
While many CFOs many not want to admit the things keeping them up at night, many of these challenges can be addressed with the right financial solution. Below we discuss some of the secret truths worrying finance teams and ultimately how Intacct can help your business respond to them.
Confession #1: “Our business relies too heavily on spreadsheets.”
Spreadsheets may be easy, dependable, and multipurpose, but too many businesses take unnecessary risks relying on them for complex tasks like revenue management or multi-entity consolidation. The consequences of this dependency include lost productivity, questionable accuracy, and lengthy stares from your auditors.
Confession #2: “Producing accurate and timely management reports seems impossible with our current system.”
Any financial system can produce basic financial statements. But when it comes to keeping the boardroom and outside stakeholders happy, CFOs need to be able to present accurate, timely, and detailed analyses on what’s really driving business performance. Unfortunately, with typical on-premises or lightweight accounting solutions, this means relying on staff to extract data from multiple sources in multiple formats and data definitions.
Confession #3: “Our consolidations are labor-intensive, time-consuming, and error-prone.”
When a growing company has multiple entities, tax IDs, and currencies, it can seem like timely financial consolidations require superpowers to complete. Manually collecting spreadsheets, checking formulas, converting currencies, performing intercompany eliminations can all add up to a frustrating, lengthy closing cycle. And as your company grows, the challenge of bringing financial information into a unified, cohesive view becomes exponentially greater.
Confession #4: “We fail to bill 100 percent of our time and expenses.”
Manual methods for tracking time and expenses are a major contributor to revenue leakage—the often-invisible profit killer. Using spreadsheets or jotted notes on receipts to record employee expenses or track project-related purchases can result in massive amounts of non-billable time and unrecoverable costs that impact your bottom line.
Confession #5: “Our on-premises accounting system doesn’t give us the business agility we need.”
No two businesses are alike—so there’s no reason to endure the outdated one-size-fits-all approach to financial software. With on-premises software, you’re trapped by major capital investments, lengthy implementations, difficult configurations, expensive customizations, and a significant maintenance and support burden.
Confession #6: “Our finance system doesn’t talk to our other key applications.”
Top-performing businesses know that the key to efficiency is no silos, no walls, and no barriers. But when you’re bogged down with cumbersome data extracts and manual rekeying, business agility suffers. You need easy, real-time access to information from sales, manufacturing, payroll, budgeting, marketing, and other areas to accurately manage the entire corporate financial picture.
Intacct offers a best-in-class cloud ERP solution built for growth and success
Don’t let your current accounting solution hold your business back—or interrupt your sleep. Intacct helps CFOs and their teams move beyond the constraints and inflexibility of spreadsheets and outdated on-premises systems.
For more information on how alleviate unexpected business challenges with the right financial management solution, check out our whitepaper on CFO Confessions.