CASE STUDY

Finance Transformation:

No Code Accounting Rules in the Cloud

Many businesses still rely on outdated finance architectures based on inflexible systems, siloed data stores, manual workarounds, and spreadsheets, all bootstrapped together with hardcoded interfaces and expensive legacy technology.


Watch 'CFO Insight - industry expertLisa Wardlaw’s perspective on the challenges driving Finance Transformation'

Firms want to move to a digital, data-driven finance systems architecture that supports business agility and user control, but they also need to operate within a safe IT approved environment that includes the finance disciplines of audit and transparency.

“Never has there been more need for finance departments to become digitally dextrous.

Lisa Wardlaw

Historic under-investment in finance systems means many finance processes are inefficient and error-prone.

“Never has there been more need for finance departments to become digitally dextrous,” says Lisa Wardlaw. “We need to decide what goes into our general ledger and what goes into our ERP systems, but because of the cost of processing and of booking debits and credits, we have reduced and eliminated this over time down to very minimal processing.”

“The future for accounting systems is finding a way to do the data lineage outside traditional ERPs, right down to debits and credits,” Lisa predicts. “As that trend permeates the front-end, we have solutions like FastPost that can be the intersection with accounting debits and credits and can also handle the volume of processing at an individual transactional level.”

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