PROPHIX CPM Blog

The Changing Role of the CFO

Published November 16, 2009 @ 11:41 by Arwa in IFRS, Industry News

If you haven't read BPM Partners' white paper, Bean Counter to Business Leader: The Changing Role of the CFO , you really should. The paper delivers great insights regarding the evolving role of the CFO in modern corporations, as well as gives key focus points for success in this role.

One of the key success factors relates to staying ahead of the curves. In essence this means understanding and planning for changes in the regulatory environment and the supporting technologies, such as IFRS, and XBRL.

A few weeks ago we talked about IFRS, and XBRL. Big changes are coming around the corner, and PROPHIX wants to be sure that you don't wait until the last minute to adopt a solution. The folks at BPM Partners clearly recommend a BPM system that will help you manage the changes and improve business processes.

Companies whose financial systems lack flexibility and are difficult to change clearly will have a major headache to face, such as those whose systems are based onspreadsheets, custom coding, or departmental systems. To be in the best position for the transition to IFRS, now might be the time to finally implement a true enterprise business performance management (BPM) system, putting the company on a unified platform for consolidation and reporting. An enterprise BPM system has the benefit that changes can be made one time in the central data structure and those changes then flow through all reports and input templates company-wide.

To stay ahead of the curve, it would be wise to find ways to automate the XBRL tagging BPM software vendors, naturally, are aware of the need for XBRL support, so solutions are available. A solution that automates XBRL can actually make reporting easier, since once information is tagged in the system, it then will be fed automatically into your reporting package.

Read more about the PROPHIX solution and how it can accommodate the change to IFRS and XBRL!

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