ERP & Continuous Accounting

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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Self-Assessment

The Effective Close

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. How well are you doing? Take the self-assessment and find out.

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Research Perspective

Making Tax Provision the Solution, Not the Problem

The tax provision and tax reporting processes being used by organizations are receiving greater attention from CFOs and audit committees for two important reasons. One is an intensified determination to shorten the accounting close. The other is to address the need for greater transparency in tax planning, provision, disclosure and compliance. For decades, spreadsheets were the tool of choice for managing tax provision because they were the most practical option available.

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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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Webinar

Robotic Finance: The digital transformation of finance departments is finally within reach

Robots are not about to take over finance and accounting, but a set of emerging technologies will enable any department to finally redefine itself as a forward-looking strategic partner to the rest of the company. This webinar, aimed at finance and accounting professionals, presents a concise assessment of the direction of four key technologies that together constitute robotic finance: artificial intelligence and machine learning, robotic process automation, bots and natural language processing, and blockchain distributed ledger technology. Robotic finance hasn’t arrived with a bang, but it will have an impact and will evolve rapidly over the next five years. CFOs are generally right to avoid the bleeding edge of technology. However, they should prepare their department to be a “fast follower” of this technology innovation to ensure their company’s continued competitiveness as well as to move Finance to a more strategic role.

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Viewpoint

Planning and Budgeting under ASC 6060 and IFRS 15

New rules governing revenue recognition for contracts will go into effect for publicly held companies in 2018 and for private ones in 2019. The Financial Accounting Standards Board, which administers Generally Accepted Accounting Principles in the U.S.

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Research Perspective

Performance Management Isn’t Only for Executives

Performance management is a strategy and a set of methodologies and processes for managing the performance of the organization and its business network; its purpose is to achieve a common set of goals and objectives. At its core, then, performance management is about aligning day-to-day processes and activities with organizational strategy. This makes it of obvious value to savvy executives and finance professionals: It communicates to all stakeholders an agreed-upon strategy and helps align the organization around it.

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ERP & Continuous Accounting

Robert Kugel, CFA

A new era for Finance and Accounting

Definition

Research Fact

Best Practice

How we can help

Education

Assessment

Advisory

Some of our Latest Research

Self-Assessment

The Effective Close

Research Perspective

Making Tax Provision the Solution, Not the Problem

Research Perspective

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

Webinar

Robotic Finance: The digital transformation of finance departments is finally within reach

Viewpoint

Planning and Budgeting under ASC 6060 and IFRS 15

Research Perspective

Performance Management Isn’t Only for Executives

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