With technology changing the playing field for Accounting departments across the nation, companies today are looking for tech-savvy CFO. Someone who can see the value in cloud-based ERP systems, and seamless integrations with a best-in-class philosophy.
How do you become tech-savvy in 2017?
By embracing the promise and power of technology and keeping up with changing regulations to ensure compliance.
While the newest regulations (ASC 606) will not be active until 2018, the companies that will be successful are already talking to their CPA firm of choice on how to be compliant. We spoke with Cathy Patton, CPA, from Hughes Pittman & Gupton, LLP regarding what she has heard from her clients. She shares that many CFOs are already asking what they need to do now to be compliant so that when the regulations go into effect they will continue to flourish.
In order to stay compliant with the regulations, many companies need to move to a cloud-based ERP solution that has Revenue Recognition capabilities. Also, having access to dashboards that are updated in real-time allows for a quick and easy understanding of where the current finances are at any given time. With custom dashboards for key players in the company, the CFO can easily share information with the CEO, COO, Controller, Accounting team, and Managers of departments. Dashboards help individual department heads to see how they are performing against their budget as well as other key performance indicators.
A cloud-based system allows tech-savvy CFOs to have access to up-to-date data no matter their location. They can check expense reports, AP, dashboards, and create reports even while traveling.
Having a modernized system allows a CFO to keep up with competitors, and become an advisor to the company. There is not a single company that can afford to be left behind in the age of technology.