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Every financial professional understands that the numbers matter a great deal when it comes to reporting financial results. Accuracy, consistency, and timeliness are important. Those same professionals also know that there’s substantive meaning behind those numbers and that it’s important to tell the stories that lend additional depth and context to the raw financial statements.

Switching to a modern ERP software system affords many benefits, including increased efficiency, improved accuracy, and better control over your company’s finances. It is also an excellent opportunity to revisit many of the business processes that sit outside of your core ERP system. As you set out to improve your financial and operational procedures, you have an opportunity to rethink the way you perform tax planning, transfer pricing, budgeting, reporting, and analytics.

In many organizations, transfer pricing adjustments are like a lot of other last-minute activities. They seem to be ignored throughout most of the annual cycle. Then, they suddenly take on a great importance at year-end. That leaves the tax team scrambling to address an entire year’s worth of transactions. It also leads to interdepartmental friction in many cases. If transfer pricing is changed retroactively for the entire year, that can have far-reaching implications.

Finance teams are taking on new challenges and responsibilities in light of the uncertain economic climate that surfaced in the wake of the global pandemic, supply chain disruptions, price inflation, and the wholesale workforce exodus known as the “Great Resignation.” Now more than ever, organizational leadership is looking to the Office of the CFO to be a strategic partner in building an overall business strategy.

Oracle Cloud ERP enables businesses to harness the power of the cloud with built-in security, easy access to data, and native reporting tools. Offering scalability, security, and greater visibility into your organization’s information, this ERP comes with a variety of benefits. But when you’re looking to transition into a cloud-based ERP, where do you start? Here, we discuss the top five best practices of moving to Oracle Cloud ERP.

As the strategic role of finance teams continues to evolve, the Office of the CFO faces many new responsibilities. Resource allocation, however, does not always grow in tandem with those responsibilities, leading to scalability challenges for finance teams tasked with doing more with fewer resources.

ESG reporting is rapidly becoming a key focus area for finance teams around the world. ESG stands for “environmental, social, and governance.” It’s a set of standards through which companies can report metrics that indicate how well their activities align with issues of environmental stewardship and social issues. In late 2021, the International Accounting Standards Board (IASB) announced the creation of a new ESG reporting standard.