More Clarity About Your Financial Data
The challenge: keeping pace with change
The world of finance managers such as CFOs and controllers is changing at a rapid pace. Finance departments are therefore under constant pressure to prepare realtime information and reliable analysis to support strategic business decisions. Dramatic changes in business models and numerous new regulatory requirements with ever shorter cycles for financial statements and reporting are forcing companies to take another look at their procedures and processes. Because one thing is not in dispute: taking a wait and see approach is becoming an incalculable risk for enterprises. Only businesses that recognize the need to implement modern financial performance management solutions in this era of digitalization will have a clear competitive advantage.
What exactly is financial performance management?
Financial performance management (FPM) refers to software solutions that assist a finance department with compiling consolidated financial statements, financial planning, analysis, and reporting. FPM software gives CFOs and controllers a comprehensive overview of financial data – whether it is previous figures, actual data, or planned financial data. The insights gained from this comprehensive set of data create a basis form taking important strategic decisions that affect the organization as a whole.
The reality: huge drain on time while still not delivering any clear insights
Finance teams still spend too much time on manual data entry based on endless Excel lists to compile consolidated financial statements and undertake planning and reporting tasks. They also spend too much time on managing complex processes and systems. The focus is on collecting, consolidating, and validating data, before they can even make a start on analyzing the figures. The result: [...]
- The challenge: keeping pace with change
- The reality: huge drain on time while still not delivering any clear insights
- The solution: professional software that gives you a clear picture of your finances
- Checklist: When do you need FPM software?
- Here is what analysts are saying: BARC honors LucaNet as an FPM market leader.
- Practical tips: How LucaNet makes your life easier in the finance department.
- Summary: The time is right for financial performance management