Reconciling accounts at the end of a period is one of those mundane finance department tasks that are ripe for automation. Reconciliation is the process of comparing account data (at the balance or item level) that exists either in two accounting systems or in an accounting system and somewhere else (such as in a spreadsheet or on paper). The purpose of the reconciling process is to identify things that don’t match (as they must in double-entry bookkeeping systems) and then assess the nature and causes of the variances. This is followed by making adjustments or corrections to ensure that the information in a company’s books is accurate. Most of the time, reconciliation is a matter of good housekeeping. The process identifies errors and omissions in the accounting process, including invalid journal postings and duplicate accounting entries, so they can be corrected. Reconciliation also is an important line of defense against fraud, since inconsistencies may be a sign of such activity.
Topics: automation, Business Performance Management (BPM), CFO, close, closing, Consolidation, Controller, Data, Document Management, effectiveness, Financial Performance Management, Financial Performance Management (FPM), FPM, Governance, Risk & Compliance (GRC), Reconciliation, XBRL, Office of Finance
Information technologists are fond of predictions in which the next big thing quickly and entirely renders the existing thing so completely obsolete that only troglodytes would cling to such outmoded technology. While this vision of IT progress may satisfy the egos of technologists, it rarely reflects reality. Mainframes didn’t disappear, for example. Although they long ago lost their dominant position, many remain key parts of corporate computing infrastructures. The IT landscape is a hybrid because technology users have varying requirements and constraints that can lengthen replacement cycles. Most business users of IT pay little attention to the religious wars of technologists because they take a pragmatic approach: They use technology to achieve business ends. This scenario is repeating itself in clamor about another corporate mainstay, the ERP system, which advocates claim will soon be redeployed en masse to cloud computing. That, too, won’t happen. I believe that ERP will increasingly become cloud-based, but it will be in hybrid cloud environments.
Topics: Analytics, Business Performance Management (BPM), CFO, Cloud Computing, Dynamics AX, Dynamics GP, Dynamics NAV Dynamics SL, ERP, Financial Performance Management (FPM), FinancialForce, HCM, HR, Human Capital, Infor, Microsoft, Plex, Professional Services Automation, PSA, SaaS, Sage Software, Salesforce.com, Unit4, Workday, Office of Finance, Sales
Convergence is the Microsoft Dynamics business software user group’s meeting. Dynamics’ core applications are mainly in the accounting and ERP category, descendants of products Microsoft acquired: Great Plains (now GP), Solomon (SL), Navision (NAV) and Damgaard’s Axapta (AX), to which Microsoft has added its own CRM application. It has been more than a decade since the acquisitions of Great Plains (which itself had already purchased Solomon Software), and Navision, Damgaard and the software applications family has evolved steadily if slowly since then. More recently, Microsoft has added cloud services that simplify and improve the connection between remote users and the on-premises core systems, as well as integration with Office365.
Topics: Analytics, Business Performance Management (BPM), CFO, Cloud Computing, Consulting, Customer Performance Management (CPM), distribution, Dynamics AX, Dynamics GP, Dynamics NAV Dynamics SL, ERP, Financial Performance Management (FPM), FinancialForce, HCM, HR, Human Capital, Infor, Microsoft, Operational Performance Management (OPM), Plex, Professional Services Automation, PSA, SaaS, Sage Software, Sales Performance Management (SPM), Salesforce.com, Unit4, Workday, Office of Finance, Sales