What does it take for today's CFO to manage their time wisely?
Usually, it is a matter of proper delegation of work and the smart use of technology. Enterprise performance management (EPM) software helps the CFO with the technological aspects of time management. It has powerful features and functionality that allows the CFO to work smarter and faster instead of harder. Here's how.
1. EPM Software Eliminates Many of the CFO's Manual Processes
The time-consuming manual tasks associated with managing large data sets in spreadsheets can finally end.
Most Finance departments migrate to EPM software directly from a complex, convoluted system of spreadsheets. Sometimes these departments are dealing with hundreds of spreadsheets, and period end close can take weeks upon weeks of overtime for their entire team of finance workers. This makes for some late dinners and cold shoulders from the folks at home. EPM software eliminates the tedious, time-consuming manual processes associated with spreadsheets (or with less well-designed finance software), radically cutting the time for things like budgeting, forecasting and the financial close. The CFO might even make it home in time for an ordinary New Year's Eve dinner.
2. EPM Software Eliminates Time-Consuming Troubleshooting
Along with spreadsheets and other manual processes come errors. Spreadsheets are dumb and can't determine when erroneous information is entered into its fields. EPM software is smart; it can tell when a certain field calls for a whole dollar amount and a worker accidentally enters three decimal places. This means that all the time you used to spend hunting down the error that's causing all the problems can now be spent on more productive tasks. Plus, you don't have to explain to others why the budget calculations were way off.
3. EPM Software Speeds Up the Processes of Reporting & Analysis
Analysis in Excel is probably an overstatement. Few users actually get into programming Excel's high-level features, and even the most sophisticated features in Excel pale quickly when compared to that of even a basic EPM system. This means that reporting and analysis goes from slow and arduous to fast and accurate. The CFO will be able to present more and better analysis while spending a fraction of the time they used to spend crunching numbers.
4. EPM Software Consolidates Data From Across the Organization
With EPM software, the CFO spends less time getting the info, but is able to deliver more powerful analysis, deeper insight, and more accurate predictions than ever. This makes them a valuable asset to their company.
One of the strongest selling points for EPM software is its ability to consolidate data from disparate systems across the organization. For example, it can be integrated with the software from sales, marketing, operations, and even customer service. This gives the CFO all of the information they need without having to chase down the individual department managers and rely on questionable data from the various departments. The CFO can then conduct high-level analytics and forecasting for the entire organization. This doesn't just save the CFO time, it also makes them a valuable player in the organization's overall strategy.
Though EPM is not marketed or sold as a time-management system, the CFO will quickly find that they are spending way less time while delivering far more value to the company which they serve.
Are you the CFO of a growing business, looking for better ways to manage your time, budget, and other resources? Accept this free Whitepaper: Get Out of Excel Hell - Work Smarter With Cloud-based EPM as your gift from Host Analytics.