The purpose of financial management is to ensure the efficient use of economic resources within the company and relates to all managerial decisions that impact the procurement of funds and their effective usage in the business of the organization. It embraces all financial processes and controls within an organization, from planning and budgeting, until consolidation and disclosure, in compliance with the applicable regulatory frameworks.
As a core function at the heart of every organization, finance is largely impacted by the economic and regulatory pressures, urging many finance executives to question the ability of their existing analysis, reporting and planning systems to cope with a set of important challenges:
- Deliver the obligatory transparency and confidence to shareholders: The regulatory pressure, materialized for example by multi-GAAP and IFRS regulations, adds yet another layer of complexity in the processing of financial figures.
- Lack of integration of the finance processes: the ever increasing regulations, the growing need for enhanced risk management disciplines and the multiple topics included in financial management are usually managed in disparate silos, adding complexity and preventing finance executives to obtain an integrated view on financial information and processes, making compliance to regulations even more difficult.
- Manage the impacts of the geographical spread of the company: because international organizations store financial information in different systems, typically using different reporting and accounting standards, supplementary efforts are required to gain a unique view on financial information.
- Manage the inheritance from the past: because planning and budgeting systems are still mainly supported by the end-user, inadequate and/or complicated technologies, planning and budgeting processes do not run optimally and consume a lot of resources. Companies often face a need to integrate a number of redundant financial management systems.
As the financial department is of strategic importance, playing a central role in the success of the financial management processes, Keyrus has developed a number of solutions and services that support financial departments in their challenges:
- multi-GAAP and IFRS: deliver compliant and transparent financial information.
- Sarbanes-Oxley (SOX): deliver compliant financial processes and solutions, at the same time improving financial transparency towards the shareholders.
- budgeting and planning: improve the accuracy of budgets, reduce costs, streamline budgeting processes, and better align strategic initiatives and daily operations by providing more frequent and accurate forecasts.
- financial consolidation: reduce costs and streamline processes and standards across the multiple entities of the organization, improve information timeliness and fasten close.
- Enterprise Information Management: deliver the adequate foundations and data architecture to finance-driven performance management solutions.
In order to deliver these solutions successfully, Keyrus aligns an integrated set of services covering all steps required to implement finance-driven Performance Management solutions, from the initial strategic planning activities (strategic services), until the delivery of working technical solutions for finance (execution services).
