Over-Reliance on IT a Key Risk in Supporting Financial Reporting?
Discover the potential risks and dangers of over-Reliance on IT in supporting financial reporting and accounting.
Mondial goes to the 2023 SAP Partner Summit for SME!
We’ll be in Vienna and Panama City Mondial will be in attendance at the 2023 SAP Partner Partner Summit for SME in both Panama City and Vienna to network with SAP Partners and spread the news about Mondial. The upcoming SAP Partner Summit for SMEs in 2023 is a highly recommended event for SAP’s esteemed partners. These are partners who specialize in offering SAP solutions to small and midsize businesses. This summit provides an excellent opportunity for partners to gain insights into the latest developments in SAP Business One and SAP Business ByDesign. Moreover, It also offers valuable information on leveraging the SAP Business Technology Platform to accelerate cloud innovations. In addition this summit showcases how to prioritize SAP S/4HANA Cloud in their cloud growth strategies. By attending the SAP Partner Summit, partners can stay up-to-date with the latest trends and best practices, expand their knowledge base, and enhance their ability to deliver exceptional solutions to their clients. SAP Partner Summit for SME is where we unveil our powerful yet affordable reporting solution Mondial works great for SAP Business One, ByDesign or S/4 HANA customers. When Industrial Battery Products (IBP) wanted timely, dependable financial reporting that would work seamlessly with SAP Business One, they turned to Mondial Software. Mondial is perfect for those enterprises with an ecosystem using multiple ERPs. Mondial also works well on those who have complex consolidations or financial reporting needs. Above all, Mondial can handle disparate charts of accounts, multiple currencies and even multiple year ends. Modern cloud technology with drill down to detailed line level transactions, automated eliminations, combined with a powerful yet simple report writer makes Mondial the ultimate tool for financial compliance reporting. Mondial is easy to use, affordable and powerful. SAP Partner Summit for SME May 23rd to 25th, 2023 in Panama This premier event will be held at the spectacular Panama Convention Center (PCC)/ This boasts the largest and most advanced technology among convention centers in the region. The Panama Convention Center (PCC) is conveniently located near several notable tourist attractions in Panama City. Visitors can explore the Panama Canal Museum and learn about the history and significance of the iconic waterway. Most importantly, for nature enthusiasts, the Metropolitan Natural Park is a great spot for hiking and birdwatching. The Biomuseo is also nearby, featuring fascinating exhibits on Panama’s biodiversity and ecology. Food lovers can enjoy the local cuisine and nightlife in the Casco Viejo district, a historic area filled with restaurants, bars, and shops. With so many things to see and do, attendees of the SAP Partner Summit for SMEs at the PCC can enjoy a well-rounded trip to Panama City. SAP Partner Summit for SME June 13th – 15th, 2023 in Vienna The Austria Center Vienna, the venue for the SAP Partner Summit for SME 2023, is located near many exciting tourist attractions. Attendees can take a stroll to the captivating historic old town, which is only a seven-minute ride away by underground. Incidentally, The city is also home to many world-famous landmarks such as St. Stephen’s Cathedral and the Schönbrunn Palace. Culture enthusiasts can visit the renowned Vienna State Opera or explore the impressive Museum of Fine Arts. For those who enjoy nature, the Donaupark offers a serene escape with lush greenery and stunning views of the Danube River. With so many options, attendees can make the most of their free time in Vienna during the SAP Partner Summit for SME 2023. Register and Meet us There at the Summit Register here for the Panama City Leg. Alternatively, you can also meet up with or our Head of Partnerships, Gary Feldman. Give him a call at +1-404-406-4276 or email at gary.feldman@https://mondialsoftware.com. Register here for the Vienna Leg. Likewise, you can also meet up with or our Chief Growth Officer Jurgen Dauk. Give him a call at +49-1511-6125-170 or email at jurgen.dauk@https://mondialsoftware.com.
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.