The Issue
Different lines of business often have competing needs for related data, and Profitability and Cost Management can help.
Management executives and planners need quick financial answers for agile, fact-based decision making. At the same time, accounting teams need streamlined general ledger and chart of account data for smooth financial closes and swift reactions to market and industry shifts.
These divergent business needs are often handled in ways that cut efficiencies for both sides. In trying to provide the data that executives need, accountants swell the general ledger with operational and management details such as customer, product, channel, activity, and service dimensions as well as statutory GAAP figures. Other data is pulled into spreadsheets and shadow systems that are difficult to maintain and access. As general ledgers become more complex and bloated, financial work is bogged down. And, management and planning groups can still face a lack of actionable information with cumbersome querying and reporting processes.