CFOs, controllers struggle to implement technology solutions that replace legacy systems and meet future needs.
The rapid evolution of technology, changing federal requirements and heightened expectations for transparency are putting many CFOs and controllers in a bind. A sea of technology options surrounds them, but selecting the best options to fix immediate needs and to keep pace with changing needs and regulations is a dubious challenge.
Half of CFOs and controllers recently surveyed by EY confirmed their biggest obstacle to be the cost and complexity of changing the legacy information technology environment. In the report, Peter Wollmert, a global financial accounting and advisory services leader at EY, predicts companies will continue to move toward automation and digitization to improve and streamline corporate reporting.
In fact, almost one-third of controllers and CFOs surveyed said their reporting operating model is average, and 56 percent say transforming the model is a primary focus of their role within their organizations. Almost 30 percent are looking for improved data analytics in reporting to drive forward-looking strategy; and 28 percent hope to achieve a more flexible and agile reporting function.
Matt Waters, a CPA and former lease accounting manager for the nation’s largest home improvement retailer, says companies should also find technology options that are intuitive and easy for many organizational stakeholders to use.
“Without question, accounting software needs to be flexible, agile and able to deliver on the new FASB and IASB lease reporting requirements. However, when comparing software systems with similar capabilities, the advantage should go to the solution that’s easy for accounting teams to adapt and use,” according to Waters. “For example, CoStar Lease Manager offers a feature that lets you calculate date ranges on any screen in the system. And from my experience as a lease accounting manager at a huge corporation, this alone would have added years back into my life. Ultimately, your IT solution should be able to get the job done efficiently and make your life easier.”
“We understand the challenges CFOs and comptrollers face with legacy systems, and how daunting it can be to perform an upgrade that meets today’s reporting requirements, is flexible and robust enough to keep pace with future changes, and is easy to use,” says David Gibson, CoStar Real Estate Manager VP of Sales and Marketing. “That’s why we go beyond simply meeting today’s compliance requirements and focus on ways to streamline data, processes and the entire lease accounting ecosystem.”