For the Modern CFO: Leverage the Power of the Cloud

August 07, 2015
 

Author:    Imran Hasnain

What value does a cloud-based dashboard add to the fast-paced and ever evolving role of a Chief Financial Officer (CFO)? Real time results and reporting that enable quick decision making and a 360 organizational view. Few systems provide robust dashboards suited to executive level, customizable reporting. NetSuite's cloud and role-based dashboards provide powerful real time business analytics with an accurate and holistic assessment of a business's overall health. 

Whether a commercial or nonprofit organization, these built-in dashboards, equipped with real time business analytic tools and features provide CFOs and business leaders the ability to plan ahead, assess risk and take corrective actions as necessary.
 
NetSuite's native drag and drop features allow CFOs to configure their daily dashboards in a way that makes the most sense to them, and ultimately to their board and executive teams. These highly configurable dashboards provide a unified approach - with one click aggregate/rollup or transactional level drill-down date access across multiple business verticals, subsidiaries, accounts and even currency conversions.  
 

It's All About a Real-Time Control Panel:

Dashboards are central to the daily role of a CFO and are intended to drive productivity gains. More importantly, cloud-based financial software dashboards provide real-time analytics and unified data that add value to the organization. Configurable reporting allows CFOs to take a deeper dive into real-time performance, vs. closing books and assembling reports and build forecasts from manually assembled spreadsheets. 

In a nutshell: cloud-based dashboards give CFOs a seat at the table, or at least a voice they might not otherwise have had. This isn't just 'modern day', but rather a growing expectation and standard. Aside from being the custodian of a business's financial assets, CFOs both want to, and should be, a trusted advisor to the business, offering ideas for revenue growth instead of constantly looking to cut costs or report on what happened last quarter. And they should. No one in the organization has more important data at their fingertips than the CFO. Unified, real-time data also means the CFO can be more responsive to changes in the business or the market, resulting in real-time decision making which ultimately is critical for success. 

NetSuite's dashboards give the CFO a wide perspective on business performance with clear visibility into Key Performance Indicators (KPIs), trend charts, and dynamic controls that gauge key metrics against their targets. Standard or custom KPIs with date ranges for comparison between different periods are configurable. 

Powerful drill-down capabilities make it easy to uncover the wealth of detail behind financial metrics. The CFO can view the actuals from the ERP, together with forecasts and quotas from the CRM in a single, unified view. 

 

Real-Time Currency Conversion for Multinational Business

NetSuite's real time currency conversion allows the CFO to seamlessly change performance perspectives across all subsidiaries, and enables drill-down viewing for up to the minute data: right down to the underlying invoice, for complete financial transparency. It's all completed in a real time environment.

A single click is all it takes to quickly access the general ledger impact of any transaction, directly from the invoice. NetSuite makes it simple to jump to the customer record,  which displays all of that customer's information in a single 360 degree view. From marketing, and sales, to finance, service and more - all data is stored and viewable in one convenient location. 
 
Furthermore, through the subsidiary navigator portlet, the CFO has the unique ability to transform the dashboard metrics specific to the parent-child hierarchy within the company's geographic area of operations. For innstance, headquarters data for a rollup view or specific geographic regions or countries therein for a disaggregate view. 
 
NetSuite's fully integrated and automated cloud-based dashboards provide the modern CFO with the tools for greater insight and control over key business processes. With NetSuite's robust workflow engine key financial process can be streamlined, creating economies of scale; reducing costs and giving business leaders like CFOs the ability to plan and steer a company towards rapid growth.
 
With limitations of static spreadsheet-like, on-premise business management software becoming apparent; cloud-based business management software is gaining immense traction across the globe. NeoSystems has been conducting extensive research and has concluded that the obvious choice is NetSuite. Strategic business leaders who have adopted Netsuite have quickly gained a comparative advantage in their respective fields of business. Through increased productivity, overhead cost reduction and improved bottom-line. For rapidly growing business the opportunity cost of using the same trite on-premise business management system is very high in the wake of a cost optimal cloud-based solution.

Have feedback or questions? Let's talk! Email me at:
IHasnain@neosystemscorp.com

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