Shortpaper: Future-Ready Technologies for the finance team

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Shortpaper: Future-Ready Technologies for the finance team

NZD $20.00

Many finance teams have underinvested in twenty-first-century systems and relied too heavily on spreadsheets. Far too much time and
money has been reinvested in upgrading the general ledger (G/L) and far too little on monthly reporting, forecasting, budgeting, accounts payable, drill-down and consolidation software. This shortpaper answers the questions “Which systems should I invest in?” and “How should I go about it?”.

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Far too much money is reinvested in upgrading the general ledger (G/L). In a modern company, the G/L only does the basic task of holding the financial numbers for the year. Monthly reporting, latest forecast numbers, budget numbers, and even the drill-down facility available to budget holders often reside outside the G/L package, so why reinvest?

We begin with the notion that spreadsheets should be banned from core finance routines, as they have no place in forecasting or budgeting. Spreadsheets were not designed for many of the tasks they are currently used to accomplish.

We then proceed to take a look at seven key technologies that should be understood and evaluated for use in a future-ready finance team, including reporting tools, and upgraded accounts payable systems.

Also included is an analysis of planning and forecasting tools, what makes a tool useful, and how the decision for selecting and implementing such a tool should be made.

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