Why Technical Professionals Struggle with People Skills?
Technical professionals often have specialized knowledge and use terminology that can be difficult for non-technical team members to understand. This can lead to miscommunication, misunderstandings, and a lack of clarity about project requirements, goals, and timelines.
Mondial/Attivo enrich Financial Reporting in Mid-Market ERP
Mondial Software and Attivo ERP have teamed up to offer advanced financial reporting for mid-sized companies using popular ERP systems and applications.
Mondial and Cumulus: Global Financial Reporting Boost
BEDFORD, New Hampshire, March 27, 2023. Mondial Software and Cumulus Consulting today announced a new partnership to enhance financial reporting for manufacturers. This includes users of the Plex Smart Manufacturing Platform from Rockwell Automation, which Cumulus has been a specialist in for many years. The two businesses will work together to support Mondial’s global financial reporting and compliance software platform. The platform works primarily for enterprise companies with distributed operations. These are companies who need a single system for management, group, and statutory financial reporting. “Mondial’s product offers great value for any manufacturer”, said David Chidsey, President and Managing Partner of Cumulus. “Especially for businesses operating multiple entities or in multiple countries who need consolidated financials and local statutory financial reports. Doesn’t matter if they use a single solution like Plex across their entire enterprise, or have a mixture of ERP systems. Definitely, Mondial eliminates much of the manual effort these companies usually face”. “We’re delighted to be partnering with Cumulus”, said Mondial’s CEO Mark Richardson. “We already support a range of Plex customers. The value of partnering with a well-respected firm that understands the dynamics of the market cannot be overstated. Cumulus has deep domain expertise in ERP, manufacturing, and providing training, implementation, and project management services. We see this relationship as offering a winning combination.” The combination of these strengths ensure to enhance financial reporting for manufacturers globally. About Mondial Software Mondial Software is a global provider of cloud-based tools for multi-ERP financial reporting and consolidations. Founded by a team of experienced accounting professionals who works across the global ERP software sector, Mondial serves customers worldwide. For more information, visit http://www.https://mondialsoftware.com. About Cumulus Consulting Cumulus was founded with a vision of fundamentally improving the way companies use innovative technology. The goal is to always develop mission-critical business applications. With deep roots in manufacturing, technology, and cloud ERP & MES systems, Cumulus has been successfully helping clients with digital transformations for over a decade. Cumulus has been steadily growing by at least 50% annually. For more information, visit http://www.cumulus-erp.com. Your Next Steps… 💡Click here to reduce time spent on period-end reporting 🔋Click here if you wish to solve 25+ Spreadsheet reporting issues 🔆 Click here to improve the accuracy and usability of generated reports 💯 Click here to decrease risk by providing on-demand access to the transaction detail behind every reported balance ☎️ Book a free, no-obligation walkthrough with Mondial to see how we can help you in financial reporting and consolidations just like one of our successful clients.
Glossary of Finance and Accounting terms
In the world of finance and accounting, it’s essential to have a strong understanding of the terminology used to communicate complex concepts. That’s why a comprehensive glossary of finance and accounting terms is an invaluable resource for anyone who wants to navigate the financial world with confidence. From understanding basic concepts like profit and loss to more complex financial ratios and statements, having a clear understanding of these terms can be the key to success in both personal and professional financial management.
How to avoid ERP pitfalls caused by mergers and acquisitions
How to avoid ERP pitfalls caused by mergers and acquisitions
Financial Reporting Challenges with Diverse Group Calendars
Financial Reporting Challenges when Group Companies on Different Operating Calendars
Key Challenges for the CFO in 2023
The CFO in 2023 are now seen as key players in driving innovation, leading organizational change, and fostering a forward-thinking culture.
Global Financial Reporting Issues and How to Fix Them
This might be you and it’s not your fault Global financial reporting in today’s digital economy, demand for immediate access to accurate financial data that increases constantly. Internal management, parent companies, regulatory authorities, and other external stakeholders now expect almost real-time availability of accounting statements. Additionally, the same is expected of management information. To keep up with these changing expectations, financial reporting and accounting departments must constantly explore new technologies to improve data quality. They also have to refine best practices to streamline operations and improve efficiency. The party never stops However, the ability of many finance professionals to deliver effectively is often hindered at the outset by reporting limitations. These include existing accounting systems, inconsistent system set up across companies, multi-ERP system consolidation challenges, and currency reporting complications. Coupled with divergent global accounting and reporting standards, even local user language support becomes a challenge. Many ERP-vendors, wishing to excel at supporting line-of-business operations, are often challenged by these constantly evolving reporting requirements. They look to specialist partner solutions to provide both global and local controllers with tools needed to respond appropriately. What’s the Real Issue with global financial reporting? In distributed corporations, global controllers must regularly consolidate data from multiple ERP-systems, navigate different chart of accounts structures, and deal with multiple currencies. They need to support the decision-making needs of internal management, while also creating GAAP-and IFRS-compliant consolidated financial statements. All to be submitted to external audiences such as auditors, banks, investors, and analysts. Individual company accountants also need to balance internal management reporting formats, with frequently conflicting disclosure requirements of local authorities. National governments in a growing number of countries look to protect revenue sources and expose fraudulent activity. Additional burdens are created by requiring electronic tracking of individual transactions and almost real-time electronic report submission. The reality is that the need to publish financial statements in different countries with different laws and regulations makes global accounting a challenge. Finance professionals must have expertise of the regulations in all markets. As an imperative, their company should be able to navigate regulatory grey areas when needed. These little things and your business When systems are not seamlessly aligned or integrated, processes vital to a company’s success become overcomplicated. For example, companies using the same ERP system do not use identical charts of accounts, collating information becomes less straightforward. When companies use different ERP systems or have different calendar period structures aggregation becomes even more time-consuming. When local regulatory standards differ across a distributed enterprise, adjustments often need to be made to standardize the reporting at the group level. Many-to-all of these functions are managed manually, are prone to errors. They reduce the efficiency of the reporting cycle, and can even delay management’s ability to make timely operating decisions. Relying on data entered across multiple systems or platforms, and then relying on manual effort to tie it all together is a sub-optimal approach as pressures mount to report more quickly, and in more detail than ever before. This is the bane of global financial reporting. How to Fix? Global Financial Reporting: Consider these best practices and reliable workflows as a fix to challenges Fresh approaches, typically offered as web-based subscription services are helping customers bridge the gap. Traditional reporting is being replaced to today’s need for immediacy and accuracy at all levels. Any modern system should begin by consolidating transaction-level data. General Ledger, Accounts Payable, and Accounts Receivable from each ERP-system, located anywhere globally, into a multi-ledger accounting repository. This makes data from every group operation available immediately on a consistent and easy-to-understand basis. Modern processing power and the availability of standard API’s (Application Programming Interfaces) means that the traditional third-party reporting approach is now insufficient and obsolete. Starting with just periodically imported balance information is a thing of the past. By starting with a full transaction set, the repository can then be enhanced through the ability to post auditable, double-entry transaction-level adjustments. Also Currency revaluations, intercompany eliminations, and statutory reporting reallocations when these are difficult to accomplish in underlying systems. This provides a truly centralized system-of-record with complete drill down access to the transaction-level detail behind every reported balance. This reduces audit risk when compared with ERP systems that require additional spreadsheet adjustments. Even business intelligence products that produce financial reports based only on balance-level data will be no match for this. A top-quality reporting system can support not only adjustments, but also the ability to map disparate source charts of accounts to common group or regulatory standards. The reporting system can maintain its own chart structures and after an initial mapping exercise at set up time, the user is able to simply run each consolidation or statutory report to any required format, removing the traditional problem of monthly reallocation work in spreadsheets. Finally….. As the reporting solution uses a modern integration framework, the complete accounting dataset can also be utilized for broader decision support using industry-standard analytical and business intelligence tools. This is through standard outbound APIs with all reporting based on a “single source-of-truth”. As a result, there is consistency in the information used across the enterprise. Global financial reporting issues solved! Next Steps 💡Click here to reduce time spent on period-end reporting 🔋Click here if you wish to solve 25+ Spreadsheet reporting issues 🔆 Click here to improve the accuracy and usability of generated reports 💯 Click here to decrease risk by providing on-demand access to the transaction detail behind every reported balance ☎️ Book a free, no-obligation walkthrough with Mondial to see how we can help you in financial reporting and consolidations just like one of our successful clients.
France’s FEC Financial Reporting Requirement
The FEC and its Alignment with OECD Standards France, like others, enforces a standardized financial reporting framework to streamline data from companies under its jurisdiction. It’s called “Fichier des écritures comptables”, or FEC for short. France introduced the FEC in 2014, aligning with OECD standards for economic cooperation and development. The body established guidelines for SAF-T, a method for reliably exchanging standardized electronic accounting data. While the FEC deviates slightly from the OECD standard, – the underlying requirements are similar. FEC differs from SAF-T by mandating companies to align financials with the French-defined national chart of accounts. FEC compliance mandates reporting on payable accounts, receivables, inventory, and fixed assets, alongside general ledger balances and supporting journals. Challenges in Creating a Universal Chart for Tax Compliance Let’s focus on GL reporting: Companies prefer a meaningful chart of accounts for better business understanding from a management perspective. They create accounts for revenue, expenses, assets, and liabilities as needed for effective management reporting. Later, when it comes time to report to tax authorities, that chart of accounts doesn’t necessarily work well. Companies must map their journals to a specific French chart of accounts as required by FEC reporting regulations. That leaves companies with the task of mapping and translating their account structure into a tax-specific statutory chart. Management’s chart of accounts may not align with tax authorities’ statutory chart due to various reasons. Operating in multiple countries with unique tax reporting requirements makes creating a universal chart challenging. For instance, the UK plans to emulate France’s “Making Tax Digital” initiative, extending it to corporate income tax. Statutory reporting may necessitate mapping and formatting financial results differently for various tax authorities, possibly involving reclassifying expenses or omitting disallowed items. Adjustments to conform to US-GAAP, IFRS, or country-specific standards are good examples of this. Mapping and adjusting can be burdensome when done only once, and it puts the company at risk of non-compliance. Doing it multiple times, though, is extraordinarily time-consuming. It also involves much higher levels of compliance risk because the likelihood of errors increases exponentially. Mondial helps multinational enterprises solve this problem. Our platform unifies record-keeping across group companies, extracting detailed transaction data from various companies, despite different ERP systems. It furnishes a sole truth, enabling finance teams to align with statutory charts, execute multi-GAAP adjustments, and conduct currency revaluations. That leads to fast, accurate reports for any country, any accounting standard, any currency, and any time period. From any ERP system. If you’re struggling with statutory reporting compliance, schedule a conversation with one of our financial reporting experts. In 30 minutes, we can help you determine whether Mondial may be the right fit for your organization. [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
In Today’s Economy, Cost-Saving Sells
Cost-Saving in Today’s Economy Even in the midst of a recession, there is opportunity. Prove that your product can save time and money, and you’ll have a winning proposition. During the dot-com boom, concepts like monetization and ROI seemed irrelevant to many of us, evoking nostalgia. In the last two years, the buzz around digital transformation has drawn parallels with big data, AI, and IoT. Fortunately, hyperbole didn’t peak this time. However, with rising economic uncertainty, vendors must prove their products save costs effectively. Elusive promises and nebulous claims no longer cut it. Customers want measurable, real-world results. With that in mind, automation is looking pretty attractive right about now. Combine that with meaningful risk-reduction, and you have an even better value proposition. Consider what this looks like for a growing business with subsidiaries spread across several continents. You have multiple corporate entities, each with its own chart of accounts, and each with its local statutory reporting requirements. You’ll likely need to render your financials in multiple GAAP/IFRS formats to satisfy local regulators. You must consolidate the information into a comprehensive view and produce reports adhering to your country’s legal standards. Many organizations tackle this issue in two ways: they invest in costly financial reporting systems or painstakingly create reports by combining data in spreadsheets. The former option is generally very expensive and time-consuming. The latter is also time-consuming and therefore expensive in terms of staff time and opportunity cost. Unfortunately, it’s also highly prone to error. Here’s how Mondial can save money: Mondial reduces the time and effort needed to produce accurate, timely financial statements. Mondial increases accuracy and reduces audit risk, delivering consistent results formatted to statutory reporting specifications. If you undergo an audit, Mondial cuts audit costs by offering a comprehensive, auditable repository for GL and subledger transactions, including line-item details. Operating across borders with various currencies and reporting to multiple governments? Choose Mondial for cost-effective solutions. Schedule a 1:1 demo to learn more. If you’re an ERP partner selling SAP Business One or SME software, Mondial can boost revenue and enhance customer satisfaction. Schedule a meeting with our channel management team to learn more about the opportunity for your business. [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]