Today’s markets change at a rapid pace. Companies are pressured to deliver increased business results while at the same time reducing cost and improving revenues in shorter periods of time. CEOs and CFOs are expected to meet these growth expectations and deliver increased shareholder value.

Well-run finance and accounting functions should operate effectively at a cost below 1% of the revenue. World-class operations should (and do) run effectively at sub 0.5% rate, however for many organizations this figure still lies above the 1% limit.

One important reason for this increased financial reporting demand aside, is that financial departments spend too much time (39% on average) on non value-adding transaction processing. In addition, outdated IT systems cause further delays to the processes by demanding significantly more time and management attention as compared to the modern, specialized systems which are available today.

Added to those challenges are the increasing compliance requirements. Sarbanes-Oxley and Basel II add significant cost with specific and challenging demands for real-time disclosure. Many companies struggle to comply without entangling themselves in a significant process and systems complications.