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DADs Address the Mother of All Data Problems

Posted by Robert Kugel on 25 September 2020
An important recent development in software designed for the Office of Finance is the addition of what we’re calling a data aggregation device (DAD) for analytical applications. A DAD automates the collection of data from disparate sources using, for example, application programming interfaces (APIs) and robotic process automation (RPA). With a DAD, users of the analytical application have... Read More

Topics: Office of Finance, Analytics, Business Intelligence, Data, Financial Performance Management, Price and Revenue Management, robotic finance, Predictive Planning, AI and Machine Learning

Updating FP&A’s Mission - A New Approach for the 2020s

Posted by Robert Kugel on 14 September 2020
In this Analyst Perspective from Robert Kugel, learn how FP&A can redefine its mission to achieve the long-stated goal of making it more of a strategic partner with the rest of the organization. This means fully adopting integrated business planning, a high participation, collaborative, action-oriented approach to planning and budgeting built on frequent, short planning sprints. Short planning... Read More

Topics: FP&A, Office of Finance, Budgeting, Business Planning, CFO, financial planning, forecasting

Scenario Planning is a Strategic Imperative

Posted by Robert Kugel on 28 August 2020
A great deal has changed in how finance and accounting departments operate since the start of 2020. To cope with unprecedented conditions, many departments have found that significant changes to their processes and operating methods are not only possible, they’re necessary. With workers unable to be in office, organizations have learned how to work virtually using videoconferencing, and adopted a... Read More

Topics: Office of Finance, Financial Performance Management, robotic finance, Predictive Planning

OneStream Wins Our Innovation Award in Office of Finance with Analytic Blend

Posted by Robert Kugel on 13 August 2020
One of the challenges of being a practically minded technology analyst is squaring the importance of “the next big thing” with the reality of what most organizations are doing. For decades it’s been the case that “the next big thing” in the world of information technology is easily several years ahead of where most organizations are in their use of technology. And before most organizations can... Read More

Topics: Human Capital Management, Marketing, Office of Finance, Analytics, Business Intelligence, Sales Performance Management, Financial Performance Management, Price and Revenue Management, Digital Marketing, Work and Resource Management, Digital Commerce, Operations & Supply Chain, Enterprise Resource Planning, ERP and Continuous Accounting, robotic finance, Predictive Planning, revenue and lease accounting, Subscription Management, intelligent sales, AI and Machine Learning

Workiva Chains Liberates FP&A

Posted by Robert Kugel on 04 July 2020
Workiva recently introduced Chains, a visual workflow tool for the Workiva platform. Individuals use Chains to create and manage linear sequences of tasks that they otherwise would have to execute manually, for example, automatically updating a report with the most current dataset. Chains is like old-style Excel macros in its simplicity; users configure sequences with a drag-and-drop visual... Read More

Topics: Office of Finance, Financial Performance Management, ERP and Continuous Accounting, Reporting, XBRL, iXBRL, document management

2020 Reporting: Improving Visibility, Transparency and Perspective

Posted by Robert Kugel on 26 June 2020
FP&A and business analysts can make reporting more effective by reimagining how, what and when their company does its reporting. They should provide the users of their reports the information they want in a form they want it. They should be thinking about how they can make reporting more effective by rethinking how data is presented, how interactive it is, and what visualizations are used.... Read More

Topics: FP&A, Office of Finance, CFO, Financial Performance Management, financial reporting, financial standards, tax planning

The Corporate Tax Management Software Imperative

Posted by Robert Kugel on 19 June 2020
Recent events are forcing corporations to adopt dedicated software for tax provision, transfer pricing and tax analysis. The fiscal damage that the global pandemic is inflicting on countries is likely to result in a more aggressive tax enforcement environment. This will further pressure organizations to establish centralized control and oversight in managing income taxes in corporations. This... Read More

Topics: Office of Finance, Financial Performance Management, ERP and Continuous Accounting, tax; tax provision; transfer pricing

Move Finance to the Cloud

Posted by Robert Kugel on 29 May 2020
In a recent note on virtualizing the close, I observed that finance and accounting organizations that can operate in a virtual mode are better able to adapt to changing circumstances and overcome obstacles. Having systems that people can readily access remotely to collaborate and execute processes virtually makes it easier for departments to meet their commitments with confidence. The core... Read More

Topics: Office of Finance, Financial Performance Management, ERP and Continuous Accounting, Predictive Planning

The Central Ledger: Restructuring Accounting with Technology

Posted by Robert Kugel on 22 May 2020
Sometimes it takes a while for technology to fundamentally change how work is done. That’s because several innovations usually have to come together before a transformation can occur. For instance, Karl Benz created the first practical motorcar in 1885, but consumers would have to wait until the 1920s for the modern automobile. Computerized accounting systems originated in the 1950s but it’s only... Read More

Topics: ERP, Office of Finance, close, closing, CFO, controller, Financial Performance Management, ERP and Continuous Accounting

Virtualizing the Close

Posted by Robert Kugel on 24 April 2020
The global pandemic crisis was, in effect, an unrehearsed stress test measuring the resiliency of the department. The crisis highlighted the importance of sustaining confidence in the accuracy and control of accounting processes, not just efficiency. Virtualizing the close means using technology to substantially reduce the amount of manual processing and paper involved needed to complete the... Read More

Topics: Office of Finance, Continuous Accounting, Fast close, CFO, Digital Technology

The Bottom Line Is the Bottom Line

Posted by Robert Kugel on 17 April 2020
The Chief Financial Officer can enable her or his finance department play a more strategic role in company operations by adopting what I call profitability management. In the interest of time I’ve made this a very high-level description that’s intended to be just an introduction to the topic. Profitability management is a cross-functional effort. It integrates finance and sales to achieve an... Read More

Topics: Office of Finance, Continuous Accounting, Integrated Business Planning, CEO, CFO, Financial Performance Management, Foreca

Rating CFO Performance in Audit Costs

Posted by Robert Kugel on 14 April 2020
For decades I’ve heard people talk about cutting audit costs to reduce administrative overhead but based on my observations, I was skeptical — mostly because, until recently, the documented success stories haven’t been about going from good to great so much as going from awful to average. That’s changing. I recently wrote about a company that had set out to cut its external auditor’s fees. The... Read More

Topics: Office of Finance, audit, Continuous Accounting, Financial Performance, CFO

Fortune Favors the Prepared

Posted by Robert Kugel on 07 April 2020
I like Louis Pasteur’s observation that “fortune favors the prepared mind.” So-called black swan events happen regularly and can have a very negative effect on a business. Of course, risk is inherent in any commercial undertaking; organizations don’t succeed by being overly cautious and reckless ones usually fail after awhile. Those that are consistently successful are ones that manage risk... Read More

Topics: Office of Finance, Continuous Accounting, Integrated Business Planning, CEO, CFO, Financial Performance Management, Foreca

Fortune Favors the Prepared

Posted by Robert Kugel on 02 April 2020
I like Louis Pasteur’s observation that “fortune favors the prepared mind.” So-called black swan events happen regularly and can have a very negative effect on a business. Of course, risk is inherent in any commercial undertaking; organizations don’t succeed by being overly cautious and reckless ones usually fail after awhile. Those that are consistently successful are ones that manage risk... Read More

Topics: Human Capital Management, Office of Finance, Continuous Planning, Workforce Management, Financial Performance Management, Work and Resource Management, Predictive Planning

Make Automating Finance and Accounting a Priority

Posted by Robert Kugel on 01 April 2020
We find in our recent Change in the Office of Finance benchmark research an indication of the value of using automation to execute finance department functions. Our findings reveal an increase in the use of automation by finance organizations over the past five years and a concomitant improvement in performance. For example, 46 percent of companies close their monthly books within four business... Read More

Topics: Office of Finance, Financial Performance Management, Price and Revenue Management, ERP and Continuous Accounting, robotic finance, Predictive Planning, revenue and lease accounting

Workday Does Source-to-Pay

Posted by Robert Kugel on 19 March 2020
In late February I attended Spark, the Scout annual user group meeting. This was the third and likely the last such meeting, as Scout was recently acquired by Workday. Scout’s users represent a new breed of purchasing managers and executives looking to change the role of the purchasing department. This change is critical for businesses. Saving money is the essential job of sourcing and purchasing... Read More

Topics: Office of Finance, Financial Performance Management, Digital Technology, Digital Commerce, Operations & Supply Chain, Enterprise Resource Planning, ERP and Continuous Accounting, purchasing, procurement, Sourcing

Three Essentials for a Digital Office of Finance

Posted by Robert Kugel on 03 March 2020
One of the objectives of our recent Change in the Office of Finance benchmark research was to assess the technological capabilities of finance and accounting departments. The research confirms that today we are on the verge of a major technology-led shift. Technology that’s already available can have a greater impact on how the finance department operates over the next 10 years than it has over... Read More

Topics: Office of Finance, Financial Performance Management, Price and Revenue Management, ERP and Continuous Accounting, robotic finance, Predictive Planning, revenue and lease accounting, Subscription Management

The Next-Generation CFO

Posted by Robert Kugel on 24 February 2020
I was invited to sit on a panel at CFO 3.0 events held in San Francisco and New York hosted by Sage Intacct. This event is about the evolution of the role that started with the archetypal CFO 1.0, the green-eye-shade-wearing bean counter. Lacking usable technology, he or she was limited to keeping the books in good order and simply reporting what just happened. Today’s CFO 2.0 relies on... Read More

Topics: Office of Finance, Financial Performance Management, Price and Revenue Management, ERP and Continuous Accounting, robotic finance, Predictive Planning, revenue and lease accounting

The Office of Finance in 2020: Ventana Research Agenda

Posted by Robert Kugel on 14 February 2020
Ventana Research recently announced its 2020 research agenda for the Office of Finance, continuing the guidance we’ve offered for nearly two decades on the practical use of technology for the finance and accounting department to help these organizations derive greater value and improve their performance. For decades organizations have discussed transforming Finance from a backward-looking “bean... Read More

Topics: Office of Finance, Financial Performance Management, Price and Revenue Management, ERP and Continuous Accounting, robotic finance, Predictive Planning, revenue and lease accounting

The Office of Finance is a Numbers Factory

Posted by Robert Kugel on 04 February 2020
Yes, it’s an easy metaphor, but a worthwhile one to consider. For the Office of Finance, figures are its raw material. They are transformed and assembled into financial statements, forecasts and reports. Like a factory, there are blueprints (accounting standards, models and forms) that show how the parts are to be pieced together. There’s quality control in the form of internal audit. And there... Read More

Topics: Office of Finance, Financial Performance Management, Price and Revenue Management, ERP and Continuous Accounting, robotic finance, Predictive Planning, revenue and lease accounting

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