How streamlining group accounting will help you make smart decisions quickly
McKinsey research shows that executives spend almost 40% of their time making decisions and, during uncertain times, the timeline to react to events shrinks dramatically. As a result, Group Finance Directors need on-demand group-wide reporting and business intelligence. But managing group finances is inevitably complex; multiple companies, locations and Special Purpose Vehicles (SPVs) may have different accounting systems, processes, reporting requirements and currencies.
That makes good, fast decision-making even more challenging.
Spreadsheets may feel like a quick fix; but they’re not the answer
The temptation is to simply export all that complex accounting data into multiple spreadsheets to manipulate into the financial reports you need. However, this approach carries significant business costs and risks because:
- It’s inefficient, repetitive and error-prone; it takes up a great deal of your finance team’s time and affects employee morale
- There’s a lack of clarity and visibility; you’re not getting live data or a single version of the truth
- The whole process is complicated; it’s hard for you, your Board and stakeholders to find the information you need.
There is an alternative to copy and pasting data across multiple spreadsheets. Flexible financial management solutions (FMS) – once the preserve of large corporates – are now available as cost-effective Software as a Service (SaaS). This enables finance teams to close month-end quickly, share financial information across multiple stakeholders, and facilitate informed and fast business decisions.
Find out how Group companies can streamline their accounting and reporting – and make better, faster decisions
Download our eBook: Getting Better Visibility of your Group Finances.
Join our free webinar: How to Streamline Group Accounting and Reporting on Thursday 24 June, 11am
Darren Cran, COO at AccountsIQ, will outline:
- How capturing the right data and processes with the right controls will give you one version of the truth
- The flexible GL structure and 6 dimensions (BI codes) to give you the analysis capability you need
- The best reporting method for each decision maker, so you can react swiftly to market conditions
- How to standardise board reports to equip the finance team with deep-dive analysis.
He’ll be joined by Alastair Manson, Finance Director at Tindle Newspaper Group, who will share how he has benefitted from multi-dimensional, streamlined and consolidated reporting by moving to AccountsIQ.
With AccountsIQ our controls are better, the information is far richer, the system is more robust and reporting is timely. It gives us better information on which to make decisions. By reconfiguring our operation and moving platform, we will likely save £300,000 to £400,000 pounds a year.”
Book your place on our webinar: Thursday 24 June, 11am