A mantra which has been heard for many years now, and the Covid-19 crisis has proven more than anything that it is correct.
The whole Corona period has been marked by new situations every day to be dealt with. And you as the CFO have to answer on what it will mean to the business, what the management should do and whether there is enough money in the bank. The CFO is responsible for providing an overview of: what the liquidity looks like, if the company can be part of the government’s support schemes and so on. The many and fast changing situations in this Corona crisis show the need for a factual and correct foundation to base decisions on.
How do you as a CFO navigate in a lock down like this?
Finding the right solution can be difficult, but one factor is important when making the right decisions for the company in times of crisis. Of course, this is knowledge of the company’s financial situation.
For many companies, tight liquidity management is a crucial discipline to master in order to navigate safely through the current storm. However, tight liquidity management places new demands on the reporting and forecasts that you and your team deliver. This is due to the fact that the reporting and forecasts must be geared to support critical decisions that have to be made from day to day in this uncertain time.
It demands speed and continuous reporting, and at the same time it can be fatal to compromise on quality. The data quality must remain in order to trust the reporting – and the format must generate the insights needed.
Can your current reporting meet the new required standards? If the answer is no, then it is time to update your reporting.
Gain time to deliver the financial reporting needed during a crisis
Due to time pressure it can be difficult to do much more with the financial figures than just finding them or the management. But, consider briefly the opportunities it would provide if there was time to analyze the financial data as well.
Time is limited and costly these days. This is why fast but valid reporting is essential when actual, current data is needed to make the necessary decisions in order to get through the crisis. Fast, valid and up-to-date data in your financial reporting can place very high demands on the finance function. The timing now is therefore right to implement a software that can help achieve the required reporting standards.
A software can help you through a crisis
As an example Konsolidator helps you achieving exactly this. The financial reporting and consolidation software contains actual data, figures for budgets andan unlimited number of forecasts. Last but not least, Konsolidator automatically generates your cash flow and acutal, budgets and forecast numbers. Cash flow is often overlooked, but it is the most essential part of the reporting these days – and in crisis situations in general. An automatic and correct cash flow based on structured data therefore gives you the best foundation for strategic decision-making at lightning speed.
With a software like Konsolidator you quickly get the right numbers – both realized figures, forecasts and budgets. This, together with the cash flow model, enables new scenarios to be set up quickly.
With a financial software you get a faster and simpler reporting process, which ensures that management quickly gets the necessary reporting to make decisions about the company’s operations and future. It will enable you to make decisions based on solid, up-to-date data.
With actual and valid figures as the foundation, you can make crucial decisions that can get you and your business safely through this health crisis.
Are you interested in learning more about how to automate your financial reporting? Then contact us or read more at www.konsolidator.com