Modern-finance-v08

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Chapter 1: Why Modern Finance is Key to Your Business Success
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Your Complete Guide to Modern Finance
inance systems have evolved from foundational bookkeeping 
concepts developed by Venice’s 
Luca Pacioli
in 1494. Pacioli’s 
published work defined double entry accounting, and he included 
concepts and definitions for ledgers, assets, receivables, inventories, 
liabilities, capital, income and expenses. Perhaps because he was also 
a religious cleric, he discussed compliance and ethics for finance 
professionals, including his advice to not go to sleep each day until 
debits equaled credits.
The principles Pacioli developed over 500 years ago—two years after 
Christopher Columbus first sailed to the western hemisphere—defined 
the legacy transactional financial systems developed in the last 
century. It was a great match that married a 15th century book with 
20th century technology.
Rate and Pace of Change
Innovation
IT Infrastructure
Business
Processes
Business
Resources
Quote: David Watkins, General Manager Finance APN
Outdoor Group Ltd
Finance in the 21st Century.
Then the landscape changed 
dramatically and suddenly early in this century. The
roughly parallel agility and efficiency curves began to
diverge exponentially.
01
Regulations
Competition
“By gaining a complete financial management 
platform we improved the ability to manage our 
business and take advantage of new opportunities. 
The integrated platform enables us to process invoice 
approvals 3x faster and improved user engagement”
—David Watkins, General Manager Finance
APN Outdoor Group Ltd
Close
Video: Oracle cloud accelerates
invoice approvals over 300 percent for 
Australian firm.