In this study, BARC confirms our expectations that to stay agile and act quickly and efficiently, finance needs to move away from isolated point solutions and move towards an integrated intelligent finance platform.
New requirements, such as ESG, IFRS and other regulations, are being placed on the consolidation process, and go far beyond traditional financial consolidation and the abilities of spread sheets and legacy software.
Only a powerful group accounting solution that is integrated to all other finance processes and with access to data from one single source of truth, is able to provide the versatility and accuracy of reports and insights requested from management, government and other external stakeholders.
Given this background, the aim of this study is:
- To describe the transition from consolidation to group accounting – including account reconciliation, transaction matching, reporting, GRC, IFRS/GAAP compliance, disclosure, planning, tax, ESG, and iXBRL.
- To show the current level of progress along this road, as well as the priorities and demands of real-world users.
- To recommend that even though, Excel, SAP and other legacy solutions prevail at the moment, it is critical to transition to an intelligent and integrated finance solution
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