Your Company might be struggling to consolidate its financial statements into one source of truth. It may be greatly impacting your ability to undertake value-adding financial analysis, strategic forecasting and financial planning.
Output errors plaguing your Company’s financial model
A financial model is an important resource for management in companies. It can deliver a high-level snapshot into the financial performance of your Company. However its value can be compromised by unchecked financial output errors, which a best-practice financial model will normally flag. There are ways to overcome financial output errors.
The challenge of managing your Company’s legacy spreadsheets
You Company might be faced with the continuous amendments and revisions of its financial models. Often there is a need to completely re-engineer the model from scratch, which is not only time-consuming but is susceptible to material error.
How your Company can better analyse its financial statements
Your Company might be like this; a myriad of different financial information across many systems, which makes analysing the overall financial performance very difficult. Often different business units may be using different accounting systems.
The ability for your Company to update its strategic plan effortlessly
Some stakeholders may perceive historical strategic plans as redundant for the new financial year’s planning. Macro and micro factors may have changed significantly for your Company, in terms of business units or cost/revenue drivers, which the legacy strategic plan may be unable to model.
The challenge of costing a service contract
As discussed in Article 1, on the surface costing a service contract may seem straight forward; however there are a number of factors to consider. Your Company needs to understand the importance of full-costing versus incremental costing of a new service contract.