GAAP still has a role to play in financial reporting, but it's no longer the most important set of metrics for today's businesses. For today's forward-thinking CFOs, the real work involves looking beyond finance to facilitate every strategic advantage possible.
A strict focus on GAAP is necessary for regulatory compliance, but in the larger scheme of things it's just one responsibility for finance departments to manage. And, increasingly, it's become a responsibility that requires minimal input and oversight. Many financial applications have made GAAP adherence almost automatic. That means companies need to look beyond basic accounting functions to give themselves a competitive edge.