As 2016 comes to an end and the books close on December 31, accountants and financial analysts know what’s on the menu first for 2017: the annual year-end closing period and audit. Whether your company is public or private, the year-end closing process can be stressful, lengthy and downright messy, especially if the wrong information systems are at the table.
If your budgetary planning process hasn’t evolved over time, you may still be working with a manual, time-intensive process each year that inspires resignation and dread from planners and line managers alike. To adjust for accelerating technological and market forces, you may want to transform this yearly low-return exercise into a rolling forecast that truly helps your company effectively plan and measure performance.
Like many companies that rely on the SAP enterprise resource planning (ERP) solution, Aigle ― and the company’s Hong Kong office in particular ― was concerned that reporting from SAP is time consuming and difficult.
At an auditor’s recommendation, your company may have been asked to better manage its spreadsheets. It may have even learned the hard way how spreadsheets can be dangerous. The risks are not unfounded. According to sources, more than 90 percent of spreadsheets contain errors, yet more than 90 percent of spreadsheet users are confident their spreadsheets are error-free.
This was our fifth year participating at SAPPHIRE NOW and ASUG Annual Conference, the largest global business technology event, and being part of the daily conversations in terms of addressing the current challenges and future opportunities for SAP users.
Each year as we attend COLLABORATE, the annual Oracle Applications Users Group conference, we anticipate checking the reporting pain scale of this large group and advising on how to alleviate the aches. Our team also appreciates the opportunity to attend sessions and hear what’s coming from Oracle so we can respond to any new offerings that might simplify or complicate reporting or other processes like budgeting and journal loading.
For any dynamic organization, accurate and fast financial reports from ERP systems like Oracle E-Business Suite and SAP are critical to decision-making and strategy. Unfortunately, finance teams often find month-end closing, ad-hoc analysis, reconciliations and other reporting tasks time-consuming and frustrating because of the shortcomings of standard ERP reporting tools.
Whew – it’s over! Yearly financial planning, that is. And many corporate finance teams are breathing a collective sigh of relief. You can put those challenges of pushing and pulling budget data from your ERP system behind you, at least for another few months or so, right? Budgeting is out of sight, out of mind ― for now.