Actionable Intelligence for Finance
Accounting is commonly referred to as the language of business. Accounting defines a language of financial information regarding the economics of an entity. This language communicates in a form of financial accounting and is stored as data in an organization’s various financial systems and applications. Running a variety of non-integrated financial and accounting systems makes communicating and reporting of data to management very difficult.
Currently, many organizations address the complexity of financial reporting requirements by using human intervention and manual processes. Financial accounting will record, summarize and report the myriad of transactions from a business to provide an accurate picture of an entity’s financial position. With that in mind, the primary objective of financial accounting is to present financial statements prepared quarterly and annually; yet today’s practices are typically cumbersome, error prone, and not the most time efficient. Speed and accuracy are a must in the world of financial reporting for the continued health and longevity of any organization.