Three Techniques Data-Savvy CFOs Use To Meet Timing Demands
By Paul Johnson
CPA, CGMA, MBA
It’s no secret that demands from financial services for more data in a shorter time frame are increasing rapidly. As consumer expectations and preferences change as quickly as the tides, business is expected to keep pace with that fluctuating demand.
According to an Aberdeen study, 64% of business managers noticed their decision-making time shrink. Aberdeen also found in a separate study, that 28% of business managers found they needed decision-making data within one hour of a business event, and another 42% needed data within a day.
In light of those statistics, it’s clear that now more than ever, that if financial services CFOs are to keep up, they need faster, and more in-depth, yet accurate methods for data retrieval and analysis. With Sage Intacct, they can do it in three innovative ways.
1. Faster book closings for real-time reporting
When books close faster, monthly and quarterly financials more quickly provide answers for faster decision-making.
- Faster book closings leaves room for more frequent reporting, which lends greater insights into company performance.
- More frequent reporting means more proactive reporting, and a closer examination of the most important accounts more regularly helps to reduce errors and the volume of work required at month-end.
2. Aggregate data from disconnected systems to boost analysis
CFOs that have the most answers will pull data from outside of their financials. They examine operational data for a more comprehensive analysis of company performance, and they do that through the cloud.
With the cloud, CFOs can see a more panoramic, yet in-depth view of performance. The cloud can join financial systems with the other key solutions a company uses, from anywhere in the world that has an internet connection.
- This method reduces data entry and improves accuracy, without breaking a connection with data, as spreadsheets do.
- Templates can be used to repeat the analysis without repeating setup, or having to reconcile data throughout the company’s various solutions.
3. Use dashboard reporting to speed decision-making
Customizable dashboards mean CFOs can set their unique KPIs to display in real-time, all at once, from one screen. The data that drives your decisions is available 24/7/365 with financial and non-financial data, for strong growth strategy, and more comprehensive, accurate answers.
Strong cloud-based financial management solutions, like Sage Intacct, help uplift data driven CFOs to do more in less time with everything they need to get up and running with their financials to meet demand.
We want to help you stay on top of your data to get the answers you need when you need them. Give us a call – we are here to help!