Kick start 2020: 4 new years resolutions you can start with right away
The start of the new year is a good moment to look back at last year and make resolutions for 2020. It is important to celebrate the successes you had with your team and to analyze what you want to change in the coming year. To get you started, we suggest the following 4 financial reporting resolutions that should be on the agenda for 2020.
1. Integrate financial with non-financial reporting
Non-financial data is the game changer in financial planning, budgeting and forecasting. This was the conclusion from a survey amongst more than 955 senior finance members by FSN in 2016. Organizations that make better use of non-financial data are able to respond 2.5 times quicker to the market. Check out the survey yourself here: the FSN survey.
2. Investigate new opportunities for process innovation, standardization and automation
Right now is one of the most turbulent and disruptive moments in many financial careers. Technologies bring new opportunities whilst only half of the working field believes that these systems will really deliver competitive insights. We are on a tipping point now. As finance organizations that have invested in moving from legacy systems are achieving benefit, it is only time for the rest to realize that they should not be left behind. Read on in the FSN Future of Finance Systems survey 2019.
3. Start with Driver-Based Planning and Predictive Analytics to discover what really drives your business
Real driver-based planning has three important effects. First, it aligns the financial planning process with all the underlying performance assumptions (operational planning, people planning etc.). Secondly, it harmonize planning models across each region. And third, it enables regional planning & analysis processes to evolve with business needs while providing a corporate standard for consolidated business planning. Discover more about the value it brought to our customer Guardian Industries in this OneStream blog.
4. Prepare for sustainability reporting
Pressure will increase over the coming years on corporate organisations to report on their environmental impact. Find out what this means for your business and what data should be reported. We see many possibilities for integrating sustainability reporting in the financial reporting process and are keen to take on this challenge. For firms worldwide that have embraced sustainability reporting, the most widely adopted framework is the Global Reporting Initiative Sustainability Reporting Framework.
These topics will help you to lead your finance organization through a successful transformation and prepare for the future. Are you ready to take the next step? Contact Martijn van Bommel to plan a conversation on your finance transformation roadmap.