One of the biggest challenges for finance teams to overcome is the lack of visibility across their organization, especially when it comes to financial data. This places companies at a disadvantage when it comes to managing financial risk, especially for those trying to understand their position in the market and move forward into a period of growth.
Here are three challenges that offices of finance face when it comes to mitigating their financial risk, and how to solve them.
Demand for A Shorter Close
Finance teams today are constantly pressured to produce more results with less resources and speeding up the close process is often at the top of the priority list. However, without full visibility into financial processes, it can be extremely difficult to fulfill this demand, as finance leaders cannot easily pinpoint how bottlenecks are created or track the overall progress of close activities over time to identify opportunities for greater efficiency. Ultimately this can lead to higher financial risk if left unexplored.
Missing Actionable, Business-Critical Insights
Part of the finance department’s responsibility is providing the financial reporting that is necessary to drive the entire organization into the future. In times of uncertainty, the importance of accurate data insights is paramount, as internal and external stakeholders look to the office of finance to provide reason and guidance. However, when these insights are missing or based on inaccurate data, leadership risks the possibility of making a wrong decision that will negatively impact the company in both the short and long-term.
Lack of Full Organizational Visibility
The ability to compare financial reporting to derived data from other areas of the company such as sales, marketing and revenue is invaluable to the future of an organization. How does your month-end impact the entire organization’s financials? Which areas of the organization are more productive than others, and which require immediate attention? Being able to answer these questions, and identify departments across the company that need help, allows leadership to capitalize on this potential for growth and strengthen the organization.
Solve These Challenges with Adra Analytics
The newest component of the Adra by Trintech Suite, Adra Analytics, is a financial tool that enables the office of finance to improve and accelerate their close process. With the support of Adra Analytics you can improve visibility and decrease the financial risk for the entire organization. Dig into the details of your financials by looking at data from Adra Balancer and Task Manager and evaluating the provided trend analysis by period so your finance leaders can see the specific aspects of your close that require improvement. For example, finance teams can monitor how long it takes to finish reconciling accounts, comparable to other periods.
Additionally, Adra Analytics integrates with sources such as your ERP, Financial Planning and Analysis and CRM software, and consolidates all the data side-by-side in a single platform. Develop and track organization specific KPIs and compare across regional departments or the entire organization. Adra Analytics works with data tools such as Power BI, Tableau and Excel and includes Power BI templates already created that can be further configured exactly how your organization needs.
Adra Analytics gives back control of all your financial processes and provides the business-critical insights the organization requires to move forward. Learn more about how Adra Analytics benefits your organization.
Written by: Ashton Mathai