Data Hurdles and Software as a Solution for CFOs

Managing data is not a piece of cake from years CFOs has been struggling to put everything aligned. Data security is to be kept on every step, and a single mistake can lead to tons of mishaps.

Let’s have a look at significant hurdles causing a constant headache for finance departments. Additionally, let’s have some light on how software automation can build a better culture to drive growth, minimize risk, and identify new opportunities.

Anything existing little odd to your environment can be a hurdle for your routine tasks.

Data:

Data stored in the ERP systems, accounts, or any finance software is from where the issues arise. No matter whatever formulas are being utilized, there be Tons of Excel sheets to be handled.

Connecting data is the biggest challenge for every IT firm, and a continues to search for a proper way to communicate or deliver a report to a CFO. Employees keep searching for what should be a straightforward act of accessing these ERP systems.

Complexity and Mismatches

Financial reporting includes a lot of complex layers to deal with, such as currencies, countries, and differing terminology/semantics. It’s hard to deal so many aspects at the same time and to justify differences.

These differences cause lots of mismatches, and it gets very technical to integrate, consolidate, and understand the relationships between data and databases.

Timings and Adjustments

Meeting Deadlines, chase-ups, and late submissions had been a continues to struggle even after heavy investment in ERP, accounts, and finance systems. Fast reporting is a struggle and making adjustments, reviews, and redrafts remain a lengthy, manual, and labor-intensive task.

Error Correction

Lots of errors are reported in the financial reports yearly even on daily bases. Detecting and correcting these errors in financial reports is a major hurdle.

Security

Security and data governance are active parts of every organization. Compliance to GDPR and numerous financial and auditing standards which vary from territory to territory always need to be considered.  Again, its a manual task which is time-consuming.

How can software help to eliminate these hurdles?

In the last few years, software automation had widely spread into the world of finance and data processing; these are meant to tackle all the hurdles mentioned above.

Following four key ways can help in automating data management with software’s usage and can relieve the ‘data headaches’ that surround financial reporting. The software can handle major problems and ease the life of CFOs.

1. Automation of data integration is a significant step forward. Software’s can consolidate all your data automatically, and there are rare chances of anything being missed. Tasks that finance team might take to complete in weeks or months can turn into quick, app-based clicks.
2. For reporting software can deliver a central, consolidated ‘data hub’ from which efficient and accurate analysis can be pulled at any given time.
3. Data modeling, with the help of software, can become a fast, intuitive rather than manual, laborious system. Data management software’s come with a friendly user interface which makes easy to generate complex financial data for reporting at the user-/IT-level, without the need for technical experts.
4. Security and governance a major aspect, and if all data management is automated, the then only useful result will be overarching on a system that will control, audit, and log all activity.  From password and access control to reconfiguring mismatched data, everything will be protected and secure to operate.