Modern CFOs are tech-savvy and deploy a best-in-class approach to automation. Modern accounting software is best-in-class, excelling in accounting and ERP functionality where the “all-inclusive legacy” accounting and ERP systems failed countless times and lead to systems that were strong in one area and very week in many other key areas.
Technology has changed the business world forever and will continue to do so at an exponential rate. CFOs must adapt and use modern accounting and ERP systems to transform accounting and finance into strategic assets of their respective companies.
To many businesses still rely on error prone manual closing processes which require many hours of reconciliations and labor intensive spreadsheets. A better approach involves using modern accounting and ERP systems that are designed for finance and have features and functionality to eliminate the need for excessive spreadsheets. Systems that have built in dashboard features, strong reporting capabilities for multi-locations and entities, dimensional GLs, and real-time insight into business performance are the future of accounting and finance.
Agile cloud solutions are quickly replacing outdated slow developing on-premise systems that are costly to maintain and upgrade. The modern CFO is quickly getting onboard.
Best-in-class means organizations adopt a strategy of using systems that are the best in their respective areas and that are designed to integrate easily with other best-in-class solutions. Case in point, Intacct Cloud ERP, the only financial management solution recommended by the AICPA, easily integrates with Sales Force, the leading CRM application.
Modern CFOs allow their organizations to reap the benefits of using the best systems available for each functional area and not aiding one area or department at the expense of another.
As a young controller, I implemented one of the best mid-market accounting solutions available at the time. We experienced many years of efficient accounting and financial reporting with this system.
Management however pushed me to implement an all-inclusive manufacturing ERP system better designed for our industry. I did so reluctantly and the company quickly realized they had an OK manufacturing system but a bad accounting and financial reporting system. A better approach would have been to find the best system for the manufacturing operations that had the capabilities on integrating with the better accounting and financial reporting systems we already had in place.
The lesson learned was large ERP software publishers for years promised efficient enterprise wide solutions that became too costly and difficult to implement and rarely lived up to expectations. That’s all changed with the advent of modern accounting and ERP systems.