June 4, 2023

Enterprise JM

Do the Business

Survey: 70% of Mid-Market Finance Execs Reevaluating How They Close Their Books In 2022

TORONTO–(Business WIRE)–Seven out of 10 finance executives have reevaluated how their groups and technologies take care of significant accounting procedures in a distributed, post-COVID operate environment. That’s amongst the vital results of an impartial research examine introduced today by Fluence Technologies, the only provider of objective-created economic consolidation, near and reporting software for mid-market place businesses.

The Roadmap to Modern day Mid-Current market Finance summarizes findings from in-depth interviews with finance executives of North American corporations spanning industries which include production, mining and power. The outcomes show that beating extensive-standing difficulties with legacy tools and processes has turn out to be a universal top rated priority amid mid-sector CFOs, chief accounting officers and VPs of finance and accounting.

“Fluence’s investigate provides to light some of the most crucial money shut administration problems we listen to about from our mid-sector customers, lots of whom are just as sophisticated as their organization counterparts,” claimed Kaz Takemura, FP&A engineering practice guide at BDO Lixar. “A important problem they experience is that most if not all other economical close alternatives are seriously centered on big enterprises – generally involving huge budgets, steep discovering curves and extended implementation cycles.”

Supplemental insights on the troubles, priorities and aspirations of today’s finance leaders surveyed contain:

  • 88% see modern day software package applications as critical for recruiting and retaining finance employees
  • 95% desire agile, mild-fat answers in excess of rigid legacy techniques
  • 100% want to automate the money shut approach, but only 21% have done it

“In addition to giving effectiveness gains and improving information precision, a quicker, a lot more automated close approach can improve equally finance division and organization general performance,” claimed Robert Kugel, senior vice president and investigate director at Ventana Exploration. “Trusted, well timed and clear financials supply a very clear picture of enterprise overall performance these days and lay the basis for finance-informed strategic conclusions that form the foreseeable future of an business.”

“Automating the close method has been a finance precedence because I started out in the economic program house around 20 a long time ago, but nowadays it’s not only for the sake of velocity, information accuracy and transparency,” explained Michael Morrison, chief government officer at Fluence Systems. “Just as no accountant wishes to invest their days copying and pasting numbers in between spreadsheets, no CFO would like the included burden of personnel burnout or turnover from performing mundane function that modern software package options can do for them.”

“Apart from the price of recruiting and retraining, staff turnover is limiting the potential of today’s finance groups to satisfy their position as a trusted, strategic driver of enterprise choices,” Morrison added.

The total report, which also explores finance leaders’ get on the most badly-taken care of functions in present platforms and their development on improving upon data high quality, is offered at fluencetech.com.

About Fluence Technologies – www.fluencetech.com

Fluence is the only reason-built economic consolidation, near and reporting program for mid-market place companies. Our customers go stay in weeks, shut their textbooks in days and report intelligence in real time. We provide game-switching effectiveness gains and trusted, well timed figures to more than 800 clients so they get the time, handle and self-confidence they have earned. Fluence is out-of-the-box, no-coding software package with a entire Excel interface for immediate adoption and fast time to worth, all in a actually finance-owned remedy. Welcome to Fluence…we close early.