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A CFO Story: When It's Time to Upgrade Financial Systems & Do it Right - Hello Cloud Accounting

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Video & Slides: http://www.proformative.com/events/cfo-story-when-its-time-upgrade-financial-systems-do-it-right-hello-cloud-accounting …

Video & Slides: http://www.proformative.com/events/cfo-story-when-its-time-upgrade-financial-systems-do-it-right-hello-cloud-accounting
There's no denying a CFO's job continues to become increasingly complex. The last thing that the office of the CFO needs is accounting and financial systems that fail to address critical business needs including compliance issues, an effective financial close process, complex business processes, and company growth. How do you know when it's the right time to upgrade your financial systems? How do you accurately assess your company's current and future needs, and find the right solution in the new age of cloud computing?

Published in: Business, Economy & Finance

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  • Tom Introduction: (15 - 20 minutes)- Introduces FFDC and Scott- xx Major reasons why people change (Tom walks thru Brian Sommer’s piece)Scott’s Story: (20 minutes)1. Situation you were in (business challenges, department issues, data/software); Subtle social set-up    Using Quickbooks (issues with audit trail, workflow)What was manual? What was in spreadsheets?How many different versions of a customer record were in place?Problems you were encounteringReconciling problems?What caused you to make a change? What put you over the top. 2. The 1st decision I had to make was “Cloud”    - Cloud set-up/benefits (1-2 slides)3. CRM Integrationx. Visual Interface of the system4. Social Capabilities “Social CFO”    - Set-up Social: FB, Twitter, Millenials    - Social advantages for the Finance Department5. After: My department todayPerson hours savedPeriod closeReduction in errorsCustomer SatisfactionImpact on audits360 customer viewImpact on reporting
  • Tom Introduction: (15 - 20 minutes)- Introduces FFDC and Scott- xx Major reasons why people change (Tom walks thru Brian Sommer’s piece)Scott’s Story: (20 minutes)1. Situation you were in (business challenges, department issues, data/software); Subtle social set-up    Using Quickbooks (issues with audit trail, workflow)What was manual? What was in spreadsheets?How many different versions of a customer record were in place?Problems you were encounteringReconciling problems?What caused you to make a change? What put you over the top. 2. The 1st decision I had to make was “Cloud”    - Cloud set-up/benefits (1-2 slides)3. CRM Integrationx. Visual Interface of the system4. Social Capabilities “Social CFO”    - Set-up Social: FB, Twitter, Millenials    - Social advantages for the Finance Department5. After: My department todayPerson hours savedPeriod closeReduction in errorsCustomer SatisfactionImpact on audits360 customer viewImpact on reporting
  • Tom to Add Brian Notes
  • Manual or under automated systemsDisconnected systems …and …peopleOpp to cash cycle timesSpreadsheet proliferationClose problemsHigh cost per transaction and scaling issues
  • Systems designed before the internetReduce reliance on original programmersMove to a single cloud platform
  • Add crossroads imageOld software won’t support new or different businessNew product lines drive new reporting needs
  • Someone being forced…gun to head, pushing off a cliff
  • Current System had “issues”Old version based on local serverNo clear workflowNo control over data manipulationOutdated – both system and people
  • 2. The 1st decision I had to make was “Cloud”    - Cloud set-up/benefits (1-2 slides)
  • Are we still keeping this slide?
  • Business is changingHow does your spouse use SocialHow do your kids use SocialWhat is next?
  • How do you find it?Detatched from the business event Can you find it?
  • Scott – emphasize that the right time is now!
  • Transcript

    • 1. THE RESOURCE FOR CORPORATE FINANCE, ACCOUNTING & TREASURY PROFESSIONALS When It’s Time to Upgrade Financial Systems & Do it Right Tom Brennan, VP of Marketing, FinancialForce.com Scott Travasos, CFO, Blue Shield of CA Foundation
    • 2. Learning Objectives • • •
    • 3. THE RESOURCE FOR CORPORATE FINANCE, ACCOUNTING & TREASURY PROFESSIONALS When It’s Time to Upgrade Financial Systems & Do it Right Tom Brennan, VP of Marketing, FinancialForce.com Scott Travasos, CFO, Blue Shield of CA Foundation
    • 4. 5 Reasons Why People Change Systems • • • • •
    • 5. Business Driven Decisions To Change • – – – • • • – • –
    • 6. Technology Driven Decisions To Change • – • – • – – • – ?
    • 7. Corporate & Business Combination Driven Decisions To Change • • • – • • – •
    • 8. Vendor Driven Decision To Change • • • • •
    • 9. Scott Travasos, CFO
    • 10. I knew it was time to upgrade Separate Systems Outdated Systems and Processes No Control over Data Manipulation Weak Internal Communications
    • 11. Why The Cloud Made Sense • • • •
    • 12. Multi-tenant vs Single-tenant vs On-Premises
    • 13. Advantages of finance in the cloud • – – – – – – • – – –
    • 14. Advantages of Cloud Finance • • •
    • 15. Advantages of Cloud Finance • • – – • – – –
    • 16. One Cloud Approach • • – – – – – • – –
    • 17. Facebook has become a way of life
    • 18. Facebook for Finance? •
    • 19. Social Users Exceed Email Users Source: Comscore, June 2011 “The expectation now is that the tools people use at work are as easy and as fun as the ones they use in their personal life” (David Stein – CEO Rypple)
    • 20. We work in virtual companies
    • 21. We are working socially…the hard way
    • 22. Social Media Stats • • – – • –
    • 23. Social Media can… • • • • • • • • • • • •
    • 24. Life in the Finance Dept Before • • • • • •
    • 25. Life in the Finance Dept After • Customer interaction data readily available to Finance • Finance Department spends less time emailing • Finance and Other Departments relationship more collaborative • Less Work! Employees outside of finance can see data
    • 26. A Winning Strategy - ROI • • • • • • •
    • 27. It Has Transformed my Job as a CFO • • • 29
    • 28. Please join us at www.proformative.com to ask any additional questions you may have and to continue this conversation with your peers and the experts you heard from today. If you have questions about CPE Credit please contact cpe@proformative.com

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