![]() She equates the close to a relay race: When the data and systems are integrated, it is like the baton is transferred immediately. That alignment is also key when a company restructures, acquires new companies, or changes its go-to-market model, shifting some employees to new business lines or cost centers.” ![]() ”An integrated HCM and ERP cloud results in data accuracy, control, and speed. “Knowing what your headcount is globally in a company our size, and never having to try and reconcile it between accounting and what's in HR is a huge time saving,” Smith says. The integration of Oracle Cloud HCM and Oracle Cloud ERP means that when Oracle acquires a company and the employee data is moved into the HCM system, it is immediately integrated with the ERP system-the salary and benefits, cost centers, the line of business of each employee, purchase orders, travel expenses-all of it flows in automatically. They can waste days doing that, while ours is all automated.”įor example, one of the biggest cost areas for companies is people. “I know companies that have to reconcile every subsection of their activity to their general ledger. “When you have one set of data, you don’t have to spend time on reconciliations because everything ties out immediately,” she says. It’s a completely different role than it used to be.” (Smith talks in depth about the automated close in a May 13 Zoom event.)Ī necessary foundation for getting to an automated close is integrated systems that are always in sync and are based on a single set of data, which eliminates duplication and the need for manually-intensive reconciliation, Smith says. “Core competencies for accountants today are about building relationships, influence, innovation, change leadership, collaboration, and leading companies into a modern finance world. ![]() “You don't automate a close by sitting in the back office with the Financial Times under your arm those archaic images of accountants are gone forever,” Smith says. But this scale of improvement is as much a testament to the way that finance and accounting professionals work today as it is about technology.
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