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AcctTwo Blog

Digital Transformation Examples: How CFOs Can Improve Performance

It’s been estimated that 75 percent of small and medium business (SMB) decision-makers understand that using digital technology effectively is key to business success, especially in today’s digital era. Finding the right solutions can help a company overcome new challenges, course correct, and better prepare for unexpected changes in business and market conditions. Here are some digital transformation examples to help you see how to empower your people and prepare for the future.

Topics: Digital Transformation General strategic CFO Not-for-Profit and Faith-Based

Connected Finance Empowers Today's Modern CFO

At AcctTwo, we believe that the finance and accounting function and the CFO should be a strategic business partner to their organizations, and they have a unique opportunity to help build the future of those organizations. A recent article in the International Business Times titled, "The Future of Finance Is Connected Finance" does a wonderful job of illustrating that perspective. The article focuses on the concept of "connected finance" and its importance to this vision of the role of the modern CFO and finance teams.

Topics: cloud accounting Software as a service General strategic CFO

Cloud Accounting Solutions as a Service Deliver Cost Savings

This is a continuation of our last blog discussing the benefits of cloud accounting solutions as a service. In part one, we shared that all software as a service (SaaS) is delivered via the could, but not all cloud is SaaS. While there are numerous benefits of accessing software via the cloud, licensing your software as a service has more potential for savings. 

Topics: General strategic CFO Not-for-Profit and Faith-Based

Deloitte Reports Seven Key Shifts for Succeeding as a Strategic CFO

Deloitte recently published a report with the summary line, “After a tough year, CFOs express increased optimism and expectations for economic growth.” We wanted to share the report with those in our community of finance leaders so that you can measure your own outlook, needs, and expectations against those of your peers. The report identifies shifts in thinking necessary to succeeding as a strategic CFO in seven key areas.

Topics: General strategic CFO

Examples of Strategic Management Accounting ROI in the 'Last Mile'

After having navigated the overwhelming finance and accounting technology landscape, and (hopefully) successfully chosen and implemented the right solutions, most companies are still left with what we call gaps in the important industry-specific functionality in “the last mile.” Most companies come up with manual workarounds for these last-mile gaps or simply live with them, never achieving true strategic management accounting.

Topics: General strategic CFO Not-for-Profit and Faith-Based Customers

Strategic Accounting Services: Your Guide Through the Endless Options

If you’re like many finance leaders these days, you’re feeling a greater sense of urgency brought on by the pandemic. And you may be realizing that today’s choices of technology are seemingly endless, with literally hundreds of “best-of-breed” technology providers out there focusing on specialized areas such as AP automation, digital payments, expense management, and month-end close. And they’re multiplying every day.

How do you know which providers to choose? Which ones are best for your industry, your company, and your specific needs? And how do they all work together? Can you integrate them? This is where a partner that provides strategic accounting services can be a lifesaver. We’ve walked this road before and guided hundreds of companies successfully through the journey ahead of you.

Topics: General strategic CFO Not-for-Profit and Faith-Based

The Strategic Role of Today's CFO Requires Intelligent Tools

In the same way that many of today’s disruptive technologies started in the consumer space and then moved into the business world, a lot of the disruptive business technologies such as cloud, mobile, and social started in areas such as marketing and sales, then moved into other functional areas, such as accounting, finance, payroll, and human capital management.

The finance function has become one of the new frontiers for technological innovation and disruption. Technology has begun to completely change the strategic role of today’s CFO by automating or eliminating much of the work being done by humans.

Topics: General strategic CFO

ESG Issues Bring Disruption and Need for Strategic Corporate Finance

A little over a year and a half ago, we wrote about the new statement of corporate purpose published by the Business Roundtable (BRT) which drew praise, criticism, and skepticism. The new statement was groundbreaking and it's worth reading. The BRT had in the past focused on “shareholder primacy,” following the lead of Milton Friedman in the 1970’s. In 1997, the BRT stated that, "the paramount duty of management and of boards of directors is to the corporation's stockholders," and that "the interests of other stakeholders are relevant as a derivative of the duty to stockholders."

However, in the new statement of purpose, published in August of 2019, the BRT doesn't mention shareholders until the last bullet of their statement, and seems to give more urgent attention to customers, employees, ethics, communities, and the environment as part of strategic corporate finance.

Topics: General strategic CFO

The Evolution and Benefits of Strategic Accounting

I founded AcctTwo to help midsize companies and nonprofits with their finance and accounting technology and services needs. While I was at PwC, I saw the benefits of outsourcing non-core functions like accounting, payroll, HR, and other back-office departments for large corporations.  I knew that these strategic accounting services could benefit smaller organizations as well. 

As this new business venture called AcctTwo began to take shape, I knew that I wanted to provide these managed accounting services on one technology platform so that our employees could become specialists in one system and could specialize by function, eliminating problems that can arise when an accounting team is made up of a handful of jacks of all trades, masters of none.

Topics: General strategic CFO