As leaders, CFOs should be able to answer a few key questions about their company’s financial health, to feel confident that business is sailing smoothly on its successful course. Find out what you need to focus on to mitigate risk and plan for your company’s future financial health.
1. Can I answer confidently that we would have a clean opinion if we face an audit?
Whether your company is in its early stages or is a firmly established business, audits are the standard to gauge the integrity of your financial management practices.
If you don’t aim to engage in a full accounting audit, qualifying for a clean audit opinion can help maintain your company’s reputation for financial integrity and compliance. It ensures that your billing, tax, and fraud checks are in place.
Companies that aim for clean audit opinions can use a financial management software solution designed to keep businesses on track with financial management integrity, fiscal transparency and regulation compliance. A cloud-based financial management solution like Sage Intacct is specifically designed to help their companies comply with ASC 606 and IFRS 15 guidelines.
2. Are we analyzing the best metrics to measure our profitability and productivity?
As today’s businesses grow and change, so do their KPIs. CFOs can stay on top of margins by periodically re-visiting their metrics for relevance, value, and accuracy.
CFOs that spot productivity trends most effectively use cloud-based dashboard features like you’d find with Sage Intacct, to provide the most accurate data, in a snapshot showcasing your data. From one screen you can customize your metrics and change them at any time, with no waiting until month’s end to get fast answers.
3. If we hit an obstacle or disaster, do I know where we could financially streamline to mitigate risk?
Risk management is part of preparing for the future, and CFOs need a Plan B to protect against unforeseen events. Having deep insights into the details of your company’s financial health ensures that you can mitigate risk effectively.
Sage Intacct’s best-in-class financial management solution offers wide windows into your financials with their unique tagging feature to easily organize, search, and categorize your chart of accounts no matter how detailed. You can even drill down to source transactions in reporting to catch sight of acute obstacles before they escalate.
Whether you need to rewind into specific transactions to gather a history, or project forward to estimate how your financials will sustain today’s events over the course of time, a best-in-class cloud-based financial management solution can help.
Contact us. We can offer guidance with your questions about the right cloud solutions to help you lead your company with financial confidence and clarity.
There’s More!
Check out our free whitepaper “Confessions of a CFO”, which highlights critical aspects of financial management that CFOs have concerns about and what the best solutions are.