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Modernizing Your
Finance Team
With Technology
Creating performance reporting that cuts
across departments is key to quicker executive
decisions that enable growth objec...
There are a handful of external influences that
every company will encounter on its roadmap
to profitability.
Here we examin...
• Worldwide economic health
• Market volatility
• Equity markets are no longer overvalued
• Debt is becoming less attracti...
Challenge:
Cybersecurity attacks are becoming more frequent,
opportunistic, and sophisticated.
Most strategies have shifte...
Due to the changing landscape of policies, regulations, and
enforcement, CFOs now spend more time on regulatory affairs.
K...
Solution:
Given the uncertainty of the macroeconomic and
regulatory environment, transformative initiatives are
critical t...
$
$
$
$
$
$
$
$
$
Digitization, robotic process automation, cloud, and new
self-service analytics tools are technological ...
Performance management helps bring value in the areas
of strategy, key performance indicators (KPIs), and
cost reduction.
...
It has never been more important for CFOs to integrate business
strategy and execution with enterprise risk management (ER...
For private companies, the previous transformations
are key to creating a path to liquidity, whether that
path is going pu...
Keep the books
Identify and track key
external metrics
Implement timely budget
preparation and review
all processes
Appoin...
The most important modern finance business imperative is the
adoption of weekly and monthly performance reporting and
integ...
It's key that modern finance applications be delivered in the cloud:
• Accessible by any employee, anytime, anywhere
• Rapi...
Platform Requirements to Support Modern Finance
2
Through data experience, users can better gather, organize, extend,
and ...
To author smart documents within the data experience platform, a repeatable reporting
framework is required:
• Multiple us...
Distribution of reports for review is often overlooked:
• Digital review should occur within the workflow
• Comments and ma...
Wdesk from Workiva provides a modern finance platform for
performance reporting:
• A data experience platform and repeatabl...
Get the complete story.
Check out the full white paper from this series. It covers all of
these topics in depth, including...
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Modernizing Your Finance Team With Technology

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This slideshow explores what modern finance is and what it takes to get your team there. To find out more, visit workiva.com/solutions/financial-reporting

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Modernizing Your Finance Team With Technology

  1. 1. Modernizing Your Finance Team With Technology
  2. 2. Creating performance reporting that cuts across departments is key to quicker executive decisions that enable growth objectives. This SlideShare introduces some of the underlying issues of this strategy, including: • The importance of modern finance to business strategy • How to modernize the finance department • Software needed to enable that transformation
  3. 3. There are a handful of external influences that every company will encounter on its roadmap to profitability. Here we examine a few of the challenges and how they can be addressed—including possible process improvements to modernize the finance function. Business Imperatives for Modern Finance $ C B A
  4. 4. • Worldwide economic health • Market volatility • Equity markets are no longer overvalued • Debt is becoming less attractive Macroeconomic Factors$ $ Challenge:
  5. 5. Challenge: Cybersecurity attacks are becoming more frequent, opportunistic, and sophisticated. Most strategies have shifted from building a castle moat to keep intruders out to building internal safeguards to protect critical data once they get in. Cybersecurity
  6. 6. Due to the changing landscape of policies, regulations, and enforcement, CFOs now spend more time on regulatory affairs. Key changes include: • Fair Labor Standards Act (FLSA) • FASB/IASB Revenue Recognition • Fair-value measurements • Lease accounting • Foreign Corrupt Practice Act (FCPA) Policy and Regulation Uncertainty Challenge:
  7. 7. Solution: Given the uncertainty of the macroeconomic and regulatory environment, transformative initiatives are critical to adding value across the business and to being a better business partner. Transformation Initiatives
  8. 8. $ $ $ $ $ $ $ $ $ Digitization, robotic process automation, cloud, and new self-service analytics tools are technological game changers for finance. Re-engineering processes for greater efficiency is the main way to free up funds for investing in value creation while continuing commitment to competitive cost structure. Re-engineer Processes Solution:
  9. 9. Performance management helps bring value in the areas of strategy, key performance indicators (KPIs), and cost reduction. Improved performance management will make the finance function, and the enterprise as a whole, more agile. Improve Finance Performance Management Capability Solution:
  10. 10. It has never been more important for CFOs to integrate business strategy and execution with enterprise risk management (ERM) under the performance management umbrella: • CFOs must ask themselves which internal and external risks they regard as most worrisome for business performance • CFOs need to pay increased attention to high-impact, low-frequency risks Performance-Based Risk Management Solution:
  11. 11. For private companies, the previous transformations are key to creating a path to liquidity, whether that path is going public, being acquired, or continuing to operate as a private entity. IPO Readiness—Getting Your House in Order Solution:
  12. 12. Keep the books Identify and track key external metrics Implement timely budget preparation and review all processes Appoint auditors Select legal counsel Adopt long-term incentive program Audited annual report (10-Q like) Appoint relevant public company board members and set up committees Complete historical audits Appoint dedicated IPO leadership team Select bankers and banker due diligence Choose exchange Assess need for additional technical accountants for SEC reporting and investor relations personnel Retain SOX resources and develop Section 404 compliance plan Implement investor relations program and begin providing investor guidance Implement SOX 302 certification and sub-certification processes Implement accounting policies Document key business processes and remediate control deficiencies Practice actual to budget quarterly Conduct more frequent reporting, including monthly performance reporting Set human resources policies and procedures Identify human resources, legal, and IT risk management Keep rolling forecast Budget to actual monthly with department heads Prepare to draft S-1 Prepare mock earnings releases and call scripts Hold quarterly board meetings with committee reports Execute first 10-Q and XBRL tagging Execute on first earnings release 12-18 Months 3-12 Months 6 Months18-24 Months Transitions Internal Processes This table shows the key characteristics and timeline of IPO readiness, which we like to call getting your house in order.
  13. 13. The most important modern finance business imperative is the adoption of weekly and monthly performance reporting and integrated monthly management review to support high-velocity, informed decision-making. Technology that provides an integrated data platform and a repeatable reporting framework to automate this kind of performance reporting is absolutely essential. Business Process Improvement
  14. 14. It's key that modern finance applications be delivered in the cloud: • Accessible by any employee, anytime, anywhere • Rapid deployment delivers lower implementation costs • Designed for business users, not IT Platform Requirements to Support Modern Finance Cloud-based infrastructure1
  15. 15. Platform Requirements to Support Modern Finance 2 Through data experience, users can better gather, organize, extend, and share business data: • Scalable, high-performance, as-reported datastore for single source of truth • Data collection subsystem for collection and organizing unstructured data • Smart documents with flexible linking and query connections for connecting narrative and numerical data Integrated data-experience platform Cloud-based infrastructure
  16. 16. To author smart documents within the data experience platform, a repeatable reporting framework is required: • Multiple users edit the document at the same time without version control issues • Document and presentation formats that can be linked to the as-reported datastore • Table templates designed for accounting and finance formatting • A full audit trail to track all submitted updates from any user • Permissions that can control access at both the document level and section level • Task assignment to manage input from all involved parties across the enterprise • Blackline reports that show changes between revisions Platform Requirements to Support Modern Finance 3 Repeatable reporting framework Cloud-based infrastructure Integrated data-experience platform
  17. 17. Distribution of reports for review is often overlooked: • Digital review should occur within the workflow • Comments and markup should be aggregated and displayed • Multiple content types should be supported Platform Requirements to Support Modern Finance 4 Repeatable reporting framework Digital review and mobile access Cloud-based infrastructure Integrated data-experience platform
  18. 18. Wdesk from Workiva provides a modern finance platform for performance reporting: • A data experience platform and repeatable reporting framework combining numbers and narrative • Improved control of processes to mitigate corporate risk • A secure cloud-based platform for finance, internal controls, and risk A Smart Platform for Modern Finance
  19. 19. Get the complete story. Check out the full white paper from this series. It covers all of these topics in depth, including a critical analysis of current software on the market. workiva.com | info@woriva.com | +1.888.275.3125

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