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Source: Data collected during the FutureCFO Conference series in 2024, Cxociety Research Coming into 2025, as finance leaders face mounting pressure to do more with less while driving growth and maintaining compliance, they are turning to digital solutions and holistic approaches to reshape and modernise financial processes.
Now, picture the opposite: instant access to real-time financial insights, automated compliance checks, and AI-driven forecasts guiding your next move. This is the power of Financial Information Systems (FIS). From Spreadsheets to Smart Systems Traditionally, businesses used basic spreadsheets to manage their finances.
As businesses navigate their way around various technological advancements, finance teams are faced with the task to integrate analytics and automation into their existing processes, determining at the same time which specific system to transform first for maximum operational impact.
Developing specialised expertise expertise—whether in fundraising, M&A, technological transformation, or another key area—can set you apart as a leader.” A great finance leader sees the bigger picture, understanding how financialdata aligns with organisational goals and drives growth.
In a 2023 Treasury & Risk survey, over 70% of CFOs emphasized the importance of flexible technology in keeping their treasury operations efficient amid increasing volatility. Treasury functions are no longer isolated; they require seamless communication between ERP systems, banks, and financialdata providers.
In navigating the current world that is ever-changing, evolving constantly with various technological advancements that almost always force their way in to day-to-day routines of organisations, it is a no-brainer that the Finance function has shifted its focus on artificial intelligence for some time now.
Heres How to Prepare The financial landscape for nonprofits is shifting, and the pressure is mounting. With government funding and donor contributions facing heightened scrutiny, nonprofit leaders must ensure their financialsystems are rock solid.
This could involve investing in tools and technologies that help their F&A employees execute work tasks and better manage their time, whether it be automation for repetitive, time-consuming tasks, or collaboration tools that help teams find more productive and enjoyable ways to connect.
The branding will reflect the financial institutions and not Google. Our approach is going to be to partner deeply with banks and the financialsystem,” Google VP of Product Management Caesar Sengupta told WSJ. “It survey indicated that 58 percent of respondents said they would trust financial products from Google. “If
Less Stress Leads to More Success: Why a Faster Monthly Close Is Key Faster and more accurate closing cycles ensure your advisors, CFOs, and controllers have up-to-date financialdata to base important decisions. Regularly reconcile accounts: Instead of waiting until the end of the month, reconcile your accounts regularly.
The accounting industry is undergoing profound transformation due to rapid technological advancements across all sectors in the market. The days of manual data entry into ledgers and journals, a process prone to human error, are long gone.
financial services sector as consumers embrace digital technology for the banking and retail industry. Adoption of digital payment technologies is poised to grow significantly among U.K. financialsystem could find several “digital payment trails” based on those transactions. consumers in the coming years.
NICE Actimize, a company that offers corporate software to safeguard financialsystems, is targeting corruption and bribery for its enterprise clients. As the owners of the books, the accountants are the first line of defense to identify anything that may look suspicious,” Willbrand added.
In commentary sent to PYMNTS from Plaid, CEO Zach Perret said that “we draw inspiration from the work that the networks have done and look forward to collaborating with Visa and Mastercard at the intersection of commerce and financial services.
As shown below, everything that is needed can be combined within a unified architecture that leverages the inherent scalability of S/4HANA Public Cloud and SAP Business Technology Platform (BTP). Manual Processes: Reliance on manual data entry and spreadsheet-based reconciliations can be time-consuming and error-prone.
billion-strong, high-spending consumers and their willingness to adapt to new technologies, trends and products may represent the economy of the future for many banks and businesses, but it is notoriously difficult for firms to enter and compete in this market. Confronting the Chinese Privacy Myth .
Accounts payable solution Anybill is getting closer to existing partner Intacct in an effort to streamline the flow of financialdata between the two platforms. An announcement on Tuesday (March 22) said Anybill has extended its venture with Intacct, which provides ERP software.
Ervina Waty : Here are some key changes that CFOs might need to put in place: Enhanced Data Governance and Quality Control CFOs should implement stronger data governance practices to ensure the accuracy, consistency, and integrity of financialdata.
CFOs play a pivotal role in strategic decision-making, ensuring the financial health and stability of the business. Evolution of the Virtual CFO Concept With the rise of remote work and advancements in technology, the concept of a virtual CFO has gained significant traction.
The company’s Bank API streamlines common financial processes, including loan applications, to help banks make faster and more informed decisions. We’re really on a mission to democratize the financialsystem,” Westerlund told PYMNTS. Delivering a More Accurate Financial Profile.
Budgeting involves allocating resources and setting financial targets for various departments or business units within the organization. Financial Analysis: FP&A professionals conduct in-depth analysis of financialdata to assess the organization's performance and identify areas for improvement.
banks have begun to develop and deploy their own APIs to facilitate data sharing with FinTech firms, too. . “The world we live in today is more receptive to [data sharing] than it was even a year or two years ago,” Rathmann continued. On-demand access to financialdata is critical today, he said, but rarely accessible.
They should demonstrate an extensive understanding of accounting and finance regulations and best practices for financial management in a nonprofit setting. . A bachelor’s degree in accounting, finance, or other related fields prepares them to analyze financialdata and advise the nonprofit on financial decisions.
The nonprofit industry has a lot to gain from this payment technology, claims a new whitepaper from vendor management consulting firm Vendor Centric. Because virtual cards are just that — virtual — they automate the payment and reconciliation processes, connecting payment data directly into financialsystems.
That not only limits spend visibility, explained Anthony Rotoli, CEO of procurement and spend management technology provider ESM Solutions , but can expose higher education organizations like universities to risks, including fraud. Many entities in this space, however, struggle to gain a clear picture of where the money is going.
Lately, companies have been discussing the role of banks in this pairing-up of old and new; financial institutions provide their capital and consumer base, while alternative FinTech players provide the innovative technology and the underlying infrastructure to connect small businesses with loans.
Spreadym works as a corporate performance management system, so users can easily handle plan vs. actual analysis, what-if analysis or model several scenarios for future cash flow. Read more here about the advantages of using EPM and CPM systems among the traditional Excel based templates.
This evaluation helps in monitoring performance, identifying deviations, and taking corrective actions to achieve financial goals. Financial forecasting relies on historical financialdata, market trends, economic indicators, industry analysis, and assumptions about future conditions.
Most FP&A professionals were aware of these gaps before the crisis, but the disruptions presented by COVID-19 have highlighted how vital a strong and dynamic financialsystem can support our rapidly changing business needs,” said Tricor’s Tam. For Sofitel’s Lee, the issues lie with governance.
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