Insights

Changing Financial Systems for CFOs

CrossCountry's founder, Dave Kay, discusses changing financial systems from a CFO-standpoint and how cloud options can make change less daunting.


Video Transcription

Hi, I am Dave Kay, one of the Founders of CrossCountry Consulting. I would love to talk to you about CrossCountry Consulting but I am actually going to talk to you as a CFO.

In my prior life, I was a CFO in two organizations: one was a global real private estate equity firm and the other was a public special financing company. I know, coming from a CFO, changing your general ledger or financial systems is just a scary endeavor and usually what happens is we end up never wanting to change. But I am going to lay out a compelling reason for change.

We all know that in my two organizations we had enterprise systems, legacy systems; but we acquired businesses and had accounting changes, we had a lot of change through the organization and with time these systems became completely unwieldy and customized and whenever a new version of that software would come out it would cost millions of dollars to upgrade.

So basically there is a lot of cost with that and the functionality becomes compromised. We end up doing a ton of stuff as most organizations end up doing with access databases, spread sheets and bolting on tools on top of the ledger. So I know it is a scary proposition to change but there is a compelling reason in the CFO community to do it.

Now there is cloud-based solutions, one of which is Workday which we think is the best. The reasons to change are functionality and cost. Think about it, with cloud-based solutions there is only one instance of that software. So in effect, you cannot customize your solution, if you will. It sounds like a disadvantage but actually over the long run it is a huge advantage from a cost saving perspective.

So you need to reconfigure your requirements and your processes into that one instance. But what that allows you to do over time when there is business acquisitions and changes you need to make, you fit it into that one instance.

So when there are upgrades to that system, it is a seamless implementation you don’t have to do anything.

So the cost component is compelling and the functionality is the way the architecture of the software works. Think about being able to tag every transaction in your organization almost with an unlimited number of fields. So the ability to get information out of the ledger becomes phenomenal.

So information for decision making, again for reporting, for analysis; it is a huge advantage.

So these are just two compelling reasons to just look at the Workday Financial solution for your organization: Because I will tell you again coming from a CFO, the advantage of this over the long term over the legacy enterprise systems is a huge advantage and will make your organization a lot better.

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