How CFO's Can Optimize Reporting Processes

how-cfos-can-optimize-reporting-processes

"Chief Financial Officers (CFOs) need a software platform that helps them combine financial and non-financial data to gain a deeper understanding of their business," according to Matt Rizai, Chairman and CEO of Workiva. Cloud-based software that enables data consistency and controls can help CFOs improve productivity, transparency, and accountability in business processes, he suggests.

If a company is using outdated software and manual processes, finance and accounting teams get mired in time-consuming administrative functions, such as collecting and aggregating data, ticking and tying numbers, and managing rolling versions and emails.

It can be difficult for CFOs to find enough time to do thoughtful analysis of their data due to the numerous deadlines they face. If a company is using outdated software and manual processes, finance and accounting teams get mired in time-consuming administrative functions, such as collecting and aggregating data, ticking and tying numbers, and managing rolling versions and emails.

With increasing regulation and growing demand for accountability, CFOs should look for technology that improves productivity and optimizes both internal and external reporting processes.

CFOs need visibility into the changes that happen in their business reports and processes every step of the way. They should expect a process that controls collaboration, links data and provides a full audit trail. This process helps build trust from internal and external auditors.

Advances in technology for financial reporting are changing how CFOs and their organizations control, monitor and understand their business data with a single, trusted source.


For the latest information and news, visit The Workiva News Room.

For the full article, click below.

Article: How CFO's Can Optimize Reporting Processes
Source: 
Chief Financial Officer Summit