Continuous Accounting - Ventana Research

A new era for Finance and Accounting

ERP technology is changing, enabling more streamlined operations, immediate access to information and a more rapid close. “Continuous accounting” is a management approach that utilizes new ERP technologies to improve performance.

Definition

Continuous accounting is an approach to managing transactions recording and accounting that takes advantage of current ERP technology to streamline and restructure the accounting function; it can provide more real-time information and insight while simultaneously cutting administrative overhead.

Research Fact

Only 43% of finance departments play an active role in management, with just 25% having a high degree of automation of core functions

Best Practice

Continuous accounting is a discipline that enables finance executives to build a more strategically engaged department.

If you’re thinking of replacing your ERP system without considering the full potential of the technology, you’re probably wasting your money. We are vendor agnostic. Our guidance starts with your business objectives and connects them to the software that best suits your needs.

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Research Perspective

Let’s Talk about the Business, Not Just the Budget

People have been complaining about budgeting forever. Technology helps the CFO and finance organization produce a detailed budget and analyze “the numbers” with less effort than was required in the past. Dissatisfaction remains, however, because technology hasn’t addressed the challenge of increasing the business value of budgeting, especially to the budget owners. It hasn’t changed the conversation to a dialog centered on the business plan first rather than concentrating on the financial outcomes of that plan.

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Viewpoint

Software Drives the 21st Century Tax Department

he challenges facing tax departments are mounting. Governments worldwide are scrutinizing companies’ reporting more closely in an attempt to raise revenue. In response, corporate boards and executives increasingly are demanding greater visibility into direct (income) tax positions and their implications.

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Viewpoint

Continuous Planning Provides Action, Agility, and Accuracy

Today’s corporate planning is flawed. For example, our benchmark research finds that companies often react too slowly to changing market conditions. They miss opportunities to sell more and wind up allocating resources to less productive or less profitable activities.

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Using FloQast to Accelerate the Close

Despite widespread agreement that shortening the monthly and quarterly close is important, over the past decade our research has found no progress toward achieving this objective. Perhaps one reason is the available technology, which some companies have found too expensive, too cumbersome and too inflexible for their needs.

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Performance Management Supports Continuous Accounting

Continuous improvement is a pillar of continuous accounting – an approach to managing finance and accounting organizations that makes improving the department’s effectiveness practical by increasing its efficiency. A business culture that has embraced and internalized continuous improvement sets increasingly rigorous objectives, reviews performance vis-a-vis those objectives and makes addressing shortcomings a departmental priority.

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White Paper

Beyond Keeping the Lights On

CIOs and senior IT leaders such as directors of global applications and enterprise architects constantly face the challenge of reducing technology costs while continuing to deliver consistent value to the business. The IT organization must always be seeking opportunities to automate the infrastructure and processes used throughout the enterprise to improve efficiency.

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ERP & Continuous Accounting

Robert Kugel, CFA

A new era for Finance and Accounting

Definition

Research Fact

Best Practice

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Some of our Latest Research

Research Perspective

Let’s Talk about the Business, Not Just the Budget

Viewpoint

Software Drives the 21st Century Tax Department

Viewpoint

Continuous Planning Provides Action, Agility, and Accuracy

Viewpoint

Using FloQast to Accelerate the Close

Viewpoint

Performance Management Supports Continuous Accounting

White Paper

Beyond Keeping the Lights On

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