Companies which design, produce and sell Business Intelligence software have claimed that the use of their platforms has increased productivity in Financial Planning and Accounting by anywhere from 20% to 50%. What’s more is that these companies claim that the use of their software not only increases efficiency but provides insights into the business in a way which was just not possible earlier.
Each passing year creates a new record in terms of corporate costs associated with government and industry regulation compliance. Some of these costs are unavoidable – they are just the cost of doing business. However, a good chunk of the costs is the result of suboptimal handling of certain aspects and this is directly caused by improper training and a lack of understanding about risks, regulations and compliance.
Finance professionals spend a great deal of their time with the planning, budgeting and forecasting (PBF) process. It is an important aspect of business planning since it not only provides management with measurable goals and targets but also offers a broad outline as to how to achieve those goals. In fact, the CFO and the finance department in some organisations can drive business with active aggressive planning & budgeting.
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