10 Key Elements Companies Should Look For
A mid-sized business needs the same financial performance control and measurement capabilities as a large corporation, but in a solution that’s affordable, easy to
implement and scalable.
This guide simplifies the search by helping CFOs understand the 10 must-have characteristics of today’s best financial performance management solutions.
You know you have a problem if…
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- There are clear signals that indicate your current financial planning methods are obsolete.
- You spend too much time (and money) on mechanics. You know you have a problem if the time spent making the tool work exceeds the time spent using the tool to make business decisions. This is time spent on software programming, on writing mathematical formulations, on defining relationships between various expense or revenue items, on laying out report presentations.
- You don’t know what you can or can’t do. Your budget should tell you right away whether you can afford to buy something or not, and what the payoff will likely be if you do. It should answer questions like: If I spend money here, will that leave me with enough money to do what I want to do over there? If you find that you can’t trust the answer you get by looking at the budget, then you know the budget doesn’t work. But if smaller companies need the same high-quality financial reporting that bigger companies need, they also face additional financial challenges bigger companies don’t face. For one thing, smaller companies are more likely to compete against bigger companies – in other words, against competitors with deeper pockets and greater freedom to make mistakes. Smaller companies have a smaller margin of error but also have to make decisions faster – which makes mistakes more likely.