One CFO, many companies: how to reduce complexity in financial management
Discover how Sage enables CFOs of multinational companies, franchisors or funds that operate multiple businesses to overcome the challenges of a complex financial environment.
Finance leaders within a multi-nationals or group of companies must navigate complexity with competence—or risk errors, non-compliance, and reduced competitiveness.
Multiple ABNs and accounts make it difficult to achieve consistency of data. Costs might be shared across several entities in your portfolio of businesses, further muddying the waters.
How do you get a clear picture of your overall financial performance to help you report accurately, plus be able to hone in to understand and address financial issues within specific businesses or branches?
Sage Enterprise Management is the ideal software for mid-market companies with a less-than-straightforward set of books. Because it’s a robust Enterprise Resource Planning (ERP) solution, its advanced financial management features allow CFOs to create a more connected enterprise.
Successful CFOs drive the digital agenda
Why is integration of financial management across multiple companies so important?
Research released in late 2018 by Accenture based on a survey of more than 700 CFOs globally found they’re struggling to capture data, but that being able to translate and use data is key to their ability to provide the insights their leadership team needs.
CFOs said a measly 34 percent of finance tasks are currently automated and expressed concern about systems being out of synch. The survey points to a need for finance leaders to help their company embrace digital transformation, so the finance function can become strategic enablers.
It found, “CFOs from high-growth firms are more likely to be driving transformation, planning disruption and targeting value. They are also more likely than others to say their data and analytics capabilities are strong, and that they are implementing real-time or near-real-time monitoring of business performance.”
It’s not that high-growth firms are somehow more capable of adopting digital technologies. It’s more likely that CFOs with a growth mindset know they can’t remain competitive in the digital economy unless they strive towards—and invest in—a more streamlined, digitally-enabled business environment.
CFOs keen to facilitate business growth should prioritise implementing a solution like Sage Enterprise Management that delivers a complete and consolidated view of financial data.
Sage excels at consolidated finances
Examining your financial position with an eagle eye requires a system that’s natively built for CFOs. Sage Enterprise Management is full-featured, cloud-based solution that is particularly relevant for financial management within complex industries including discrete manufacturing, process manufacturing, distribution and food processing.
Sage’s ERP solution makes the finance leader’s job easier by:
- Offering high-level consolidation capability, plus nuanced sub-consolidation by office/region;
- Simplifying GST complexity and inter-company transactions and cost allocation;
- Automating a range of manual tasks like bank reconciliation and asset depreciation processes;
- Helping you stay abreast of global accounting standards and foreign currencies;
- Making data analysis more effortless with real-time dashboards available via mobile devices.
In a company that’s turning over tens of millions in revenue from a complex network of businesses—which may be completely disparate or within the same vertical or horizontal market—the CFO is one of the most important members of the C-suite.
An entry-level piece of software or patchwork of solutions and spreadsheets doesn’t do justice to the intricacy of financial insight that’s required to successfully lead a multi-entity company into the future.
An application that unifies financial data in a secure cloud-based environment gives CFOs one centralised database, the ability to manage tasks from one screen, and access to insights as needed, in order to confidently advise their CEO and Board.
From frustration to freedom for finance leaders
The inherent complexity in a multi-entity enterprise will only become more difficult to manage as your company continues to expand and acquire additional franchisees, branches, or businesses—so it pays for CFOs to act now to leverage technology to improve financial data management.
Whole-of-enterprise financial visibility, improved automation, and data-driven insights await when you move from a scattered collection of accounts to a more connected, streamlined system with Sage Enterprise Management.
Learn more about how Sage solves problems for multi-entity companies by reading our white paper, From complexity to a connected enterprise: a complete solution for CFOs.
Talk to us today about consolidating your financial data in a complex business environment. Phone us on 1300 045 046 or email firstname.lastname@example.org.
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