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Advisory firm PwC revealed, in a recent benchmark report, that the best finance professionals today are producing actionable information – not circulating numbers that are likely to be out of date as soon as they are released.
These top performing teams are spending far more time analysing information, sometimes up to 40% more time, than gathering it. The actionable intelligence this provides is invaluable to those responsible for making decisions. There are 2 key principles to the provision of this kind of insightful management information. The first is that it’s accurate and the second is that it’s up-to-date and immediately accessible for use.
On-premise accounting systems struggle on both above counts due to their inflexibility. The need to use spreadsheet workarounds to bolster the gathering and analysis of information within an on-premise system leads to both inaccuracies (due to double and, sometimes, triple data entry) and major time lags slowing the process and, in the end, providing out of date information. Then there’s accessibility. With many senior professionals now out on the road, or jumping from meeting to meeting, vital information needs to be available on the go from anywhere on any device – not only via your desktop in the office.
These on-premise issues are supported by findings in a recent benchmark study by Deloitte. Deloitte found that 60% of organisations agreed their finance team’s management information was not sufficiently insightful. One of the key reasons identified for this were the limitations of traditional on-premise accounting systems.
Cloud systems solve this issue instantly with access to information assured instantaneously from anywhere with a browser. In Xledger data is communicated via real-time online dashboards tailored at role level to the individual i.e. CEO, CFO, Department Head etc. Because Xledger is accessible to everyone in an organisation, via any device at all times, there are none of the inaccuracy issues associated with double keying and all data entered is available for immediate analysis.