More than three decades ago, articles arose touting the need for CFOs to become strategic: “a business partner and not just a bean counter.” Finance professionals must operate the traditional finance functions, while broadening their horizons to embrace modern innovations and strategies. This requires constant transformation, as the world continues to evolve. If CFOs can master this juggling act, they’ll finally become the “strategic business partners” written about since 1985.
Here’s how NetSuite helps CFOs achieve this, according to Grant McClymont, Divisional Director, iOCO:
Understand the CFOs Changing Role
Today, CFOs are under pressure to deliver on the continuous close. The finance department is always in “close mode.” NetSuite offers a unified platform, driven by a rule-based event handling framework, which:
· Automates revenue forecasting
· Allows for allocation recognition
· Manages reclassification and auditing
With its revenue recognition functionality, NetSuite automates the scheduling, calculation and presentation of revenue on the financial statements accurately and in an automated fashion, expediting the monthly close process.
Embrace Self-Driving Software
NetSuite’s industry and role-based dashboards act like pseudo self-driving cars, giving users real-time visibility into crucial aspects within their businesses. It achieves this through the incorporation of:
· Intelligent insights, ensuring CFOs are looking at the right parts of their business at the right time
· AI and Machine Learning, for enhanced functionality, allowing customers to see instant, real business benefit
This level of visibility is essential in an area where a missed error could have exponentially more damaging effects for every day that it goes unnoticed.
Using Emerging Technology to the Fullest: Blockchain
The biggest difference between Blockchain and traditional ERP is that Blockchain uses a distributed database for record-keeping, while the latter uses a centralised database. According to Oracle NetSuite; “With blockchain, CFOs can instantly trust that a commercial transaction has happened and is valid. This will massively increase the rate of commerce.”
Blockchain is significantly impacting finance, specifically in areas that require accounting:
· Accounts payable and receivable
· Fixed asset and lease accounting
· Account registers, etc.
The Result? Strategic CFOs
The desired end result is that modern CFOs are empowered to manage their dual roles, not only effectively, but in excellence. With Oracle NetSuite, CFOs the world over are becoming a “strategic business partner”, while still delivering on core accountabilities – all through a flexible infrastructure that reacts to an ever-changing environment.