Is Financial Tracking Part of Your Company’s Transformation?  

28 January 2021:

Business change is inevitable, but sometimes something larger than change is needed. A change is when a company decides to alter or modify the way it does business. This is typically triggered by a perceived discontent about the way things are.

A business transformation is different than making a simple change or modification. A transformation is a comprehensive or dramatic change and should be a drastic, powerful, organized, and thoroughly executed destiny-shaping effort.

A variety of factors, such as a shifting competitive landscape, economic conditions, and expansion or contraction, can trigger a business transformation. While the triggers can vary from business to business, all transformations share a common thread of needing to improve an organization’s financial health.

A well-structured business transformation should be funded with a portion of the benefits that the transformation program is expected to generate.

For CFOs especially, knowing those benefits requires effective financial tracking. Disciplined financial tracking constantly reinforces the purpose of a transformation program and significantly increases its probability of success. Financial tracking also answers the question, “What about the money?”

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Source: CFO

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