Modern-finance-v08

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Chapter 4: Building a Modern Finance Operation
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Chapter 4:
Building a Modern
Finance Operation
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ow is the time to say goodbye to process-focused finance 
models. Digital has blown it up. Traditional finance activities— 
including transaction processing, control and risk management, and 
reporting, analytics and forecasting—have been redesigned and 
reconfigured. The cloud elevates finance to the insight engine for your 
business using three essential elements:
Management Insight with Analytics Competency Centers.
Analytics “gurus” do more than analyze financials. They assess 
product, customer, expense and project trends. Employees use 
self-service to explore data “in the moment” to understand the 
financial impact of operational events and decisions. No more 
relying on finance to do it for them.
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Compliance and Control with Communications and Control 
Centers.
These centers are focused on control, compliance, 
communications and risk management to consolidate the 
fundamentals of finance operations: statutory accounting, 
compliance, tax, treasury and investor relations. They are 
nimble, responsive and cost-effective, aligning specialized 
teams around streamlined work processes. For example, one 
telecom provider is consolidating its fragmented income, 
property and sales tax organizations. A digital data warehouse 
automates most routine tax reporting and compliance. This way 
tax professionals can now focus on optimizing the tax structure 
of the organization to better support the business strategy.
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Operational Agility Leveraging Integrated Business Services. 
These teams deliver complete services to employees, 
customers and suppliers across functions. They bundle 
accounting and transaction processing typically performed by 
finance with tasks from other business areas. Global 
consulting firm Accenture estimates that by 2020 more than 80 
percent of traditional finance services will be delivered by 
cross-functional teams working within integrated business 
services teams.
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Your Complete Guide to Modern Finance