The six costliest words in managing a finance department are, “we’ve always done it this way.” Closing the books is the process of finalizing and summarizing the financial activities of a business for a specific accounting period (typically a month, quarter, or fiscal year). It involves completing various tasks to ensure that all revenue, expense, and other financial transactions are properly recorded, accounts are balanced, and financial statements are prepared. Accounting processes are...
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Topics:
Office of Finance,
ERP and Continuous Accounting,
digital finance,
AI & Machine Learning,
Revenue, Lease and Tax Accounting,
Consolidate/Close/Report
As we celebrate the first half of what seems to be the year of generative artificial intelligence, with an apparently unlimited discussion of use cases and bogeymen, my attention is turning to the very mundane question of costs. Specifically, how costs incurred – through investment and operation – will be distributed along the value chain and how this will affect the demand for AI ‒ by whom and for what purpose. It’s a question that needs asking even though, at this stage in the market’s...
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Topics:
Office of Finance,
Continuous Planning,
Business Planning,
Enterprise Resource Planning,
natural language processing,
digital finance,
AI & Machine Learning,
Consolidate/Close/Report,
Continuous Supply Chain & ERP
I recently attended Sage Software’s Partner Summit. Implementation partners account for most of the sales and implementation of finance and accounting applications designed for small and midsize businesses, so they are important to the success of the software vendor. These events are designed to inform partners of product enhancements and the product and technology roadmap as well as provide a perspective on market conditions and trends.
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Topics:
Office of Finance,
Business Planning,
ERP and Continuous Accounting,
digital finance,
AI & Machine Learning,
Purchasing/Sourcing/Payments,
Consolidate/Close/Report