Today, the frequency of forecasting and planning has accelerated from monthly, to weekly, and now in many cases, to daily. We have reached a point where the key concern of the CFO is no longer tactical issues – they’re expected to not just deliver value, but they’re also tasked to figure out how to survive and thrive in a changing environment. With all that change and disruption, forging a solid relationship between accounting and finance teams requires consistent communication between the two functions.
Challenges Organizations Face when they have a Manual Close and FP&A Process
Accounting teams are under growing pressure to close their books faster for the finance team to consolidate and report, yet they’re burdened by legacy tools and processes to manage their reconciliation and financial close processes. Before the FP&A function can perform bridges, variance analysis, reporting packages, forecast updates, etc., accounting teams must close and reconcile, consolidate, and report. By closing the books faster, both the consolidation and reporting processes speed up, which means that you can get to the analysis, reporting, and forecasting that much faster. You can’t plan where you’re going without knowing where you’ve been and access to critical insights to understand the state of your business is imperative. Organizations that fail to recognize this change will be left behind.
The Importance of having a Holistic, Modernized, Close and Planning Process
Organizations must have a holistic, end-to-end financial close process to enable the shift to the “continuous reporting” model required today. Technology is the enabler of that change as organizations look to connect all facets of the close, reconciliation, consolidation, reporting, analysis, and planning all within one ecosystem. Holistic and modernized close and planning processes ensure the accuracy and timeliness of reports, which then helps organizations make stronger, more impactful, accurate, and timely business decisions.
Together, the combination of the Planful platform and Adra by Trintech enables these essential functions:
- Financial Planning: Planning, budgeting, forecasting, including cash flow
- Operational Planning: Revenue, inventory, demand planning, along with sales and operations planning
- Close Management: Data validation, account mapping, workflows, account reconciliation, and accruals
- Financial Consolidation: Intercompany eliminations, foreign currency, and GAAP/IFRS regulations
- Reporting and Analysis: Variance analysis, performance analytics, and financial and management reporting
The companies have many shared customers, including Condado Tacos, a fast-growing, full-service restaurant chain headquartered in Columbus, Ohio with over 20 locations across the Midwest. “We’re excited to have a complete solution to manage all of our planning and accounting functions, including FP&A, reconciliation and close,” said Anthony Reitzel, Controller at Condado Tacos and an inaugural member of the Planful Champions Club. “This integration streamlines reconciliation and gives finance and accounting professionals more time to engage in analysis and other strategic functions that add value to the business.”
Planful and Trintech together serve over 4,500 customers across more than 100 countries and have many shared customers. To learn more about Planful and Trintech, click here.