When it comes to corporate performance management (CPM), distilled down to the simplest terms, Finance has three basic roles to fulfill in its support for the organization:
- Looking backward with processes such as the financial close & consolidation to produce an accurate book of record income statement and balance sheet to represent an organization’s financial position.
- Looking forward with planning and forecasting to empower decision-makers with insights to support faster and more informed decision-making for the next month, quarter and beyond.
- Providing right-time guidance for daily and weekly financial and operational decisions across the enterprise to drive organizational performance before month or quarter-end.
Binding all three roles together, of course, is effective financial reporting and operational analytics. Why does this matter? Well, for all the reporting and analysis to be impactful and well understood, it first must be communicated to stakeholders in a timely, clear and actionable format.
Re-posted with permission from Source
