Finance systems
Good finance systems provide fast access to accurate financial and strategic information and an accelerated close
Overview
Despite the fact that virtually all finance organizations rely heavily on IT, they are traditionally overly focused on surface layer capabilities. They want their systems to effectively execute specific planning, transaction and reporting processes. But the drive to maximize technology and better execute those processes isn’t always there.
As technology improvements continue at an accelerated pace, companies that don’t stick close to the technological edge will find themselves at a competitive disadvantage, unable to adapt to rapidly changing customer, market and regulatory demands.
To meet the competitive challenges of today’s global economy, finance organizations must leverage IT to improve their capabilities in three key areas: better financial data and reporting capabilities, an accelerated close, and faster access to strategically important information. Companies that continue to rely on incompatible systems, manual processes and disparate spreadsheets will not be able to keep up.
Deloitte’s finance systems specialists draw on a wide range of finance, IT, data and business analysis experience and offer a variety of services. From system requirements and selection, to implementation and sustainment, Deloitte can help you expand, integrate and fine-tune your finance systems to meet evolving needs and deliver shareholder value.
These capabilities allow us to integrate data capture, transaction processing and business analysis and to address the key finance process requirements.
Maximize IT value with the right system
Finance system selection
As companies look for systems that optimize IT capabilities while reducing costs, they should consider a number of variables.
New technology continually adds sophisticated options and functions. To ensure an appropriate return on investment these must be clearly understood and their value justified. Your evaluation team must review multiple features to determine their applicability and potential benefits.
Finance systems investments are very costly and are expected to last decades. Deloitte provides a strategic, vendor-agnostic process for selecting the finance systems that are right for you. We can help:
- Assess your business and process requirements
- Define vendor selection criteria and accelerate the selection process
- Align finance requirements with systems capabilities
Finance system implementation
System implementations are challenging because they can create drawn-out project resource requirements that escalate costs and diminish expectations. Should a project fail to meet its intended outcome, the long-term costs can be formidable. With implementation and integration experience with leading applications we can help you adopt leading practice capabilities, including the process control automation, application integration and workflow-enabled process design.
We can also help:
- Reengineer business processes to maximize the value of your new finance systems
- Ensure your system configuration matches your requirements
- Match your business case with available resources to help ensure success
- Provide training, education and support to both end-users and IT support personnel
- Apply change management principles to help you gain enterprise-wide buy-in for your new finance systems.
Our approach to delivering financial system implementations uses Deloitte’s Enterprise value delivery (EVD) implementation methodology. This is an integrated, multi-disciplinary, approach that we use to provide consistent delivery across all of our financial system projects.
Realize operational and business benefits
Implementing the right finance systems can help your organization:
- Leverage the full potential of new technology platforms and finance applications
- Improve the quality of financial data
- Enhance internal controls and procedures
- Standardize and simplify reporting processes
- Inject greater transparency into your financial reporting
- Meet business goals by removing complexity and increasing automation in planning, forecasting and reporting processes
- Achieve enterprise-wide financial information consistency
- Realize long-term cost savings and efficiencies
- Move forward with finance systems that help you create and sustain shareholder value
End-to-end value
Successfully replacing or upgrading your finance system capabilities should certainly deliver bottom-line operational savings in the short term. More importantly, by improving access to quality financial data and enhancing controls, you position your finance organization to better deliver credible performance insight. Deloitte’s systems integration experience can make smooth adoption and transition to new capabilities a reality, helping you maximize your long-term investment in new finance systems.
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