A single version of the truth: Why today’s CFO can’t waste the next decade herding reports

CFOs real time numbers
Today’s CFO can’t wait days for an “accurate” report—information needs to be accessible today and it needs to be infallible.

The term ‘herding cats’ has long been used in the management world to denote the futile attempt to control or organize a class of entities which are inherently uncontrollable. Have you ever tried to get one unwilling cat into its carrier? Now multiply that by hundreds.

It’s entertaining to think about, and is why the “Cat Herders” ad still appears on the list of most memorable “Big Game” advertisements two decades later. However, the phrase still holds true: some things are harder to control than others—especially when put into large, dispersed groups.

For today’s CFO, the roles may change, but some remain the same.

As we discussed in our last blog, today’s CFO has a more important, diverse, and exciting role than he or she did even a decade ago. Knowing this, even as the role evolves from ‘head number cruncher’ to core influencer and organizational catalyst, some of the responsibilities remain. It’s still on you to build a financially sound strategy built on historical data, current results, and projections.

However, say you’re trying to build out the budget for 2020 right now. How would you define the process of sifting through email chains and watching your team trying to piece together reports? Is everyone on the same page? How long will it take to complete, how accurate is the information, and if there is a disparity, how can you find out whose information is right? Is it akin to herding a certain feline?

The speed of business is increasing, and opportunities pop up and fall by the wayside faster than ever. Today’s CFO can’t wait days for an “accurate” report—information needs to be accessible today and it needs to be infallible.

Centralize your system, see changes in real time, and take charge of your strategy

Now more than ever, CFOs are expected to have real-time numbers at their fingertips. In fact, they must also be able to generate reports and offer their insights on that data in near real-time, as well.

The key is to have the flexibility to access the data you need from your ERP database in whatever manner is most convenient to you—whether it be for export to an Excel file, as a graphical display on your dashboard, as part of a report, or even as data that will be passed to another application for more analysis.

The right ERP system can deliver this, empowering organizational leaders to understand where the business was, is, and will be. Armed with the right ERP system and analytical tools, you can get to your data and make sense of it, giving your organization the insights it needs to not only survive, but to thrive.

Ready to learn more? We invite you to download two free guides from our friends at Acumatica: Top technology challenges for the modern CFO and cloud ERP buyer’s guide for the modern CFO.

Few solutions provide today’s CFOs with the flexibility and adaptability they need as well as Acumatica, and as a leading Acumatica Partner, we can help you on your journey to this powerful software. Let’s get in touch.

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