The year-end close process is a critical period for many accountants, marking the culmination of a year’s financial activities and the beginning of a new fiscal era. This period is often fraught with stress as professionals strive to ensure accuracy, compliance, and timeliness in preparing financial statements and reports. The detailed work required in accounting, combined with the need to adhere to both internal and regulatory deadlines, often makes this period particularly challenging. The importance of staying well-organized during the year-end close cannot be emphasized enough; it is the ..read more

This post is the fourth edition of our ‘The Rise of the AI-Powered CFO’ series. CFOs are on the front lines of navigating a complex web of risks that can impact their organizations. From fluctuating market conditions and credit risks to regulatory changes and operational failures, the range of challenges is vast and varied. Traditionally, managing these risks has relied heavily on manual processes, extensive spreadsheets, and the seasoned intuition of financial experts. As the volume, velocity, and complexity of financial data grow, the shortcomings of traditional methods are becoming more ev ..read more

In the earliest economies, goods and services were exchanged directly, and that was practical only in small communities with simple needs.  As economies grew and trade expanded, the use of currency facilitated more complex transactions, including those between businesses.  With the establishment of banking systems, businesses began using checks to settle transactions, providing a safer and more practical method than carrying large amounts of cash. The latter half of the 20th century saw the introduction of electronic payment methods, namely electronic funds transfer (EFT) and wire t ..read more

This post is the third edition of our ‘The Rise of the AI-Powered CFO’ series. As financial technology and artificial intelligence continue to advance, the role of the CFO is evolving. Traditionally, CFOs were responsible for overseeing financial operations and providing insights based on historical data. However, with the abundance of data available and the increasing complexity of business environments, today’s CFOs are expected to be more than just number crunchers. The rise of AI-powered software solutions is transforming CFOs into strategic partners, leveraging intelligent forecasting and ..read more

As the burnout continues to affect employees across industries, one of the major challenges in the accounting industry is talent shortages. The growing demands and pressures in this field have resulted in high turnover rates and difficulty in finding qualified candidates for open positions. Recent Avalara research indicates that 84% of surveyed CFOs in the United States and United Kingdom are facing a significant talent shortage within their accounting and finance teams. Among them, 47% believe that employee burnout due to long hours and menial tasks, as well as professionals changing careers ..read more

How many invoices does your finance team manage? Keeping track of invoices and payments is one of the most essential tasks for maintaining financial stability. According to the 2019 Automation Trends Survey conducted by Webexpenses and the Association of Certified Accounts Payable Professionals (ACAPP), 48% of businesses handle around 500 invoices each month. Sounds like a lot? And with the increasing number of clients and transactions, it can quickly become overwhelming and time-consuming. That’s why having an efficient system in place is important for streamlining the process and avoiding a ..read more

This post is a part of our series titled The Rise of AI-Powered CFO. Stay tuned for more editions. We all know that one of the key responsibilities of a CFO is budgeting. But traditional methods of budget management, such as manual spreadsheets, periodic forecasting, and static financial planning, are quickly becoming obsolete. Though once revolutionary, these methods now struggle to keep pace with the dynamic nature of global markets and the increasing complexity of financial processes. They lack the flexibility and responsiveness required to adapt to real-time changes. On top of that, manua ..read more

It’s not a secret that securing effective financial leadership is crucial for sustainable growth and success. A CFO guides the financial direction of an company, making the recruitment process for this position of utmost importance. However, finding and recruiting the right CFO can be a very challenging task. The traditional methods of relying on headhunter firms or LinkedIn job listings may not always be the most efficient or cost-effective approach, and in today’s economy, many may feel that they do not have the resources or budget to manage the hiring process. But the good news is that ther ..read more

Enterprise Resource Planning software provides an operational backbone for companies by streamlining daily operations and management. It integrates various functions into a single system, providing real-time insights and data visibility across the organization. This holistic approach to business management facilitates better decision-making, improves productivity, and reduces operational costs.  Naturally, as companies reach a certain size or complexity, they often outgrow their current ERP solution. That is why there are three tiers of ERP software, to suit the needs of companies of all ..read more

As businesses worldwide continue to grow and expand their operations, efficient and streamlined processes become essential to keep track of business functions such as finance, supply chain, production, and human resources.    Enterprise Resource Planning (ERP) software provides an operational backbone for companies by streamlining daily operations and management. It integrates various functions into a single system, providing real-time insights and data visibility across the organization. This holistic approach to business management facilitates better decision-making, improves prod ..read more