The Covid-19 crisis is currently pushing the digitalisation of the financial function to the top of the priority list. In fact, a recent Aberdeen Study highlights the importance for companies to implement a complete Corporate Performance Management (CPM) solution.
Today’s CFOs are confronted with multi-dimensional and exponential complexity. This complexity, therefore, concerns organisational, transformation and optimisation technological and strategic challenges to support the company’s organic or external growth.
A major problem of the financial function is not having the real-time data flow from the various organisational teams inside the companies. This lack of accurate information impacts negatively on the finance department, as it slows down the entire decision making process. Aberdeen study shows that changes in business model are at the heart of the pressure from the finance function to adopt a CPM data strategy.
Finally, finance teams also face internal process issues associated with business model changes that drive them to adopt a CPM solution.
At the top of the list is the need for the finance function to improve their budget forecasting capabilities. To do so, budgeting and reporting & analysis software is the ideal solution.
At the same time, accounting software supports multiple languages as well as consolidation and closing. Closing software supports improvements within the closing deadlines.
However, despite the current need for digitization and the possibilities we find in the market, many mid-sized companies continue to use time-consuming financial management methods and processes. The result? On their daily basis they have delays and errors continuously.
Combining the right technologies to optimise the company’s financial performance
If we do opt to use tools that digitize financial processes, it is also important to make the right choice. In fact, choosing inadequate financial tools can lead to a number of problems when financial teams develop strategies to review the business model. The most recurring defect comes from the tool, when it is no longer able to meet the initial needs. 39% of the CFOs responding to the Aberdeen Group survey consider the pressure of high performance technology to be of prime importance to the finance function. Only 18% of those surveyed do not consider this to be a priority.
According to the Aberdeen survey, 49% of financial services companies have a licensed solution, 26% have an off-site solution and 23% have a SaaS (Software As A Service), cloud or on-demand solution. In the current context, it is crucial to take into account the need to rapidly deploy a high-performance and comprehensive solution.
Talentia supports your finance function digitalisation
Designed for companies of all sizes, Talentia CPM software makes information more reliable, increases team productivity and improves decision-making processes. The tool ensures process transparency and provides a dynamic and collaborative framework to reduce delays and improve financial department performance.
Talentia CPM is also designed to adapt perfectly to the current needs of financial departments. It is a great help to gain more agility in the team, in front of an uncertain and changing context, due to the COVID-19. So, the solution covers all the areas to simplify the department complexities: reporting, budgeting, consolidation, and internal controls.
Reporting and Budgeting
The financial software provides reporting and budget monitoring with integration of operational data and automatic update of management reports. It also allows multidimensional and dynamic analyses that can be directly adapted by users.
Concerning budget preparation, the tool manages campaigns involving operational staff in the process for more accurate forecasts.
For statutory consolidation, the tool intervenes in the management of local (IFRS) and international standards. Talentia CPM automatically transforms local data into consolidated information with audit trail and traceability of restatements.
The platform is a collaborative portal that enables all intra-group transactions to be reconciled with the currency of the transaction. The tool has a functionality to alert on unreconciled positions and the automatic generation of exchange rate differences.
Finally, simplify and secure your internal accounting control processes. Talentia CPM finance software integrates task planning, automation controls, supporting documents, and easy communication of the revised dematerialized file to editor