Taking care of your organisation’s finance function, especially if it is an SME, can be a bit challenging. Increasing requirements from other functions within the organisation and changing business environments with budget and resource availabilities must be considered.
So, in that case, how will you solve this issue?
Well… you have to use a tool kit for it, known as – cbs ONE Finance.
In this article, we will talk about what it is and how you will use it for your purpose. So, without any further ado, let’s start with the topic immediately.
What is cbs ONE Finance?
The finance department of almost any organisation faces a set of challenges. These can include the following, respectively –
- Digitisation and New Business Models
- Increased Speed and Availability of Data
- Globalisation
- Increased Complexity in Core Business
However, as mentioned before, all of these issues can be solved using cbs ONE Finance which can be beneficial for you in more than one aspect, including –
1: Increased Efficiency
cbs ONE Finance helps organisations streamline their financial processes, reducing the need for manual intervention and improving the speed and accuracy of financial operations (daily operations as well as period-end activities). This can increase efficiency and cost savings while enhancing your budget plan. In other words: Complexity reduction via standardised financial structures and harmonised processes.
2: Excellent Financial Planning and Analysis
cbs ONE Finance provides real-time financial data and analytics, allowing organisations to make better-informed decisions and boost their financial planning and analysis processes.
3: Enhanced Visibility
cbs ONE Finance enables a unified view of an organisation’s financial data, allowing decision-makers to see the big picture and identify areas of improvement. Thus a higher level of transparency can be achieved.
4: Better Compliance
cbs ONE Finance helps organisations comply with financial regulations and standards, such as multiple accounting principles (e.g. IFRS, US GAAP,…), by providing financial reporting, audit and control tools.
5: Increased Agility
cbs ONE Finance can be customised to meet the unique needs of different organisations, allowing them to adapt quickly to changing business environments and market conditions. Typical business scenarios are M&A transactions, reorganisations, and innovations.
How Does It Streamline Your Finance Function?
While we have offered some insights on how cbs ONE Finance can benefit you, we have yet to talk about how it can streamline your finance department.
So, let’s check that out now –
- It can help automate your routine financial tasks and procedures easily. This, in turn, might save a lot of your time and ensure that you’re focusing on more important tasks (e.g. analysis and steering activities).
- Besides that, it can also offer a single source of truth for financial information across the corporation. This, in turn, can enable the finance team to access all available data in a real-time scenario. There’s no need to gather data manually.
- With it, you can break down departmentalism in your system correctly. This, in turn, is going to help you integrate the system of collaboration between the finance department and the other parts of your organisation.
- With it, you can get real-time visibility of your financial performance. Thus it will help the finance team identify areas that require improvement.
Furthermore, it may also reduce the manual efforts required for financial and other related operations, such as period-end close activities and automating reconciliation. So, it’s definitely something that can be used in organisations of all sizes.
FAQs – Frequently Asked Questions
What Is SAP’s Flagship Finance Solution?
SAP’s flagship finance solution is SAP S/4HANA Finance, which provides real-time financial data and analytics and integrates with other SAP modules to provide a complete view of an organisation’s financial performance.
How Does cbs ONE Finance Help Automate Financial Processes?
cbs ONE Finance can help automate daily operations as well as period-end close processes, which can help reduce manual errors and improve speed and efficiency.
Can cbs ONE Finance Help With Financial Planning And Analysis?
Yes, cbs ONE Finance supports real-time financial data and analytics, which can help organisations make more informed decisions and improve their financial planning and analysis processes.
Can cbs ONE Finance Help Ensure Compliance With Financial Regulations?
Yes, cbs ONE Finance can help organisations ensure compliance with financial regulations such as US GAAP, IFRS, and SOX by providing financial reporting, audit and control tools.
What Are Some Benefits Of Using cbs ONE Finance?
Some benefits of using cbs ONE Finance include increased efficiency, improved financial planning and analysis, enhanced visibility, better compliance, increased agility.
