Workiva recently introduced Wdata, a cloud facility for centralizing financial and non-financial information from multiple sources. It frees up time for finance organizations, especially financial planning and analysis (FP&A) groups, to explore conditions and trends in their business because they need to spend less of it gathering data and preparing it for analysis and reporting. Ventana Research recently awarded Workiva our Digital Innovation award for Wdata because of its transformative potential.
Topics: Data Governance, Data Preparation, Office of Finance, Continuous Planning, ERP and Continuous Accounting, Financial Performance Management, Recurring Revenue, Price and Revenue Management, revenue recognition, Enterprise Resource Planning, Sales Planning and Analytics
FinancialForce offers cloud-based ERP and professional services automation (PSA) software. The company targets midsize and larger services companies, especially those that provide professional services (such as consultants or field service organizations), subscription-based or recurring revenue services. FinancialForce’s key point of differentiation is that it is built natively on the Salesforce platform. Thus, CRM data is already located on the same platform as accounting and back-office data so organizations can orchestrate end-to-end front-office to back-office processes without having to integrate different systems.
This year’s Workday Rising, the company’s annual user group meeting, offered details of the company’s latest release, Workday 31, and provided a roadmap for the next several semiannual releases. To put these plans into a broader context, I’ve commented before that information technology is on the verge of delivering capabilities that will enable finance and accounting organizations to transform how they work. Technology will have a more profound impact on accounting and finance over the coming decade than it has over the past 50 years. Workday Financial Management, along with the company’s Prism Analytics and recently acquired Adaptive Insights, is evolving to provide to finance and accounting departments the technology underpinnings that can help them redefine how they do their work.
Accountants love electronic spreadsheets – and for good reason. They’re a powerful and versatile personal productivity tool and just about everyone knows how to use them. Spreadsheets are the default software tool for accountants because they enable autonomy (you don’t need to ask IT for anything) and they’re free (so you don’t have to make a business case to authorize buying something). Some accountants humorously (but earnestly) invoke the line “you’ll have to pry this spreadsheet from my cold, dead hands” whenever somebody suggests eliminating them.
Topics: Office of Finance, ERP and Continuous Accounting, Financial Performance Management, Lease Accounting, revenue recognition, Enterprise Resource Planning, ERP, Continuous Accounting, ASC842, IFRS16, Controller, FASB, IASB, CFO, real estate, Lease Management, leasing, Accounting, Spreadsheets
Oracle OpenWorld is a fall event that sprawls over a lot of territory – figuratively in terms of the IT landscape and, if you’re in San Francisco, literally. My focus here is on the ERP portion of the company’s software portfolio.
Sage Intacct recently held its annual user group meeting. The cloud financial management software service provider targets rapidly growing small- and midsize services companies. Within this broad category, Sage Intacct focuses on verticals including software, financial services, healthcare, nonprofits, wholesale and franchisers.
Longview recently completed the acquisition of Tidemark Systems, a planning software vendor. Longview Plan powered by Tidemark is a suite of cloud-based applications that enable corporations to plan, assess performance and communicate results more effectively. The software facilitates what Ventana Research calls “continuous planning.” This is a highly collaborative, action-oriented approach to planning that relies on frequent, short cycles to rapidly create and update integrated company-wide operational and financial plans. This structural approach makes it easy for individual business functions to create their own plans while enabling headquarters to connect those plans to create a unified view. Viewed in the long term, this acquisition provides Longview with a platform that will enable it to apply its existing on-premises intellectual property to a broader suite of web-based performance management and tax applications.
Topics: Analytics, Business Intelligence, Mobile, Office of Finance, Continuous Planning, ERP and Continuous Accounting, Financial Performance Management, Recurring Revenue, Price and Revenue Management, revenue recognition, Sales Planning and Analytics