Quality Data is Essential to a High-Performing Finance and Accounting Department
The Office of Finance can be compared to a numbers factory. The main raw material—data—is transformed into financial statements, management accounting, analyses, forecasts, budgets, regulatory filings, tax returns and all kinds of reports. As with any other factory, quality control is essential. But while much attention is paid to the department’s processes, too little is given to the quality of the raw material, the data.
Technology can improve and ensure the quality of data used throughout finance and accounting departments. The right technology can ensure accuracy, timeliness and completeness of data while enhancing the productivity of controllers and accounting, financial planning and analysis (FP&A), external reporting and tax.
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