Strategic organizational collaboration is required in order to enhance financial information from a strategic standpoint. Financial indicators provide invaluable insight of the operations from a financial prospective. As well focusing on operational indicators only does not provide all the information in order to undertake strategic decision making. Organizations that undertake a collaborative approach are able to be proactive with decisions in a competitive environment. In fostering such collaboration concerns, risks, and opportunities maybe realised while focusing on the organizational strategy.

Cloud computing allows users to access software, and stored information from the internet without having to have software or data stored on their computer. It allows users to access information through a computer, tablet, or smart phone either from an app, or through a web browser. It has the potential to allow organizations on limited budgets access computing at lower costs. It also allows for more flexibility in allowing information from different sources to be presented in a coherent manner. Because of the flexibility it allows organizations to access information from a variety of devices. Also cloud computing can be seen as outsourcing some of the organizational IT services to a third party provider, thereby allowing it to focus on its core competencies.

Finance Professionals have used forecasts and budgets in order to compare what is expected to occur vs what has actually occurred. The undertaking requires the application of good judgment from information provided by business units within the organization. Although traditional financial reporting is based on what has occurred, the importance cannot be underestimated. Understanding why an event has occurred can be as important as predicting what is expected to occur. Traditional budget and forecasting methods used may not have taken into account patterns based on internal and external factors. The use of information technology has allowed information to be collected, cross-referenced, and categorized based on specific data-points. As a result, such information can be obtained through the use of databases, statistical formulas, as well as Client Resource Management (CRM) in addition to traditional enterprise resource systems (ERP).

The Finance Department is well positioned to use data analytics strategically. Consider the amount of information that is collected regarding customers, vendors, supply chain to name a few within ERP systems that is not fully utilized. With increased information comes the need to capitalize on a well-positioned analytics capability. With the use of technological tools, organizations can gain a better insight into customer insight thus allowing for strategic planning..

With the importance of the usage and storage of electronic information, security concerns cannot be underestimated. Organizations have realized the importance of protecting competitive information, the privacy of their clients as well as ensure that the regulatory, and legislative requirements are adhered to. An investment into information security is important to assist in maintaining confidentially, and integrity of information within the organization.

Organizations use strategies as part of their business operations. Strategy should lead the direction an organization wishes to achieve. Before beginning strategic planning an organization needs to define the strategic statement, that is the direction it wishes to take. As part of basics an organization will need to define its mission statement, values, vision, strategic statement, and establish a balanced scorecard. It should be based on what makes the organization from others. The strategic objective set should be timely, measurable, and specific.

In any organization, a clean desk policy is important to ensure that confidential information is stored securely when not in use of a desktop when not in use. This is a basic fundamental practice in order to reduce information security breaches in the workplace. Often at times, organizations do not have a formally coded policy that requires documents to be securely stored under a key at a user’s desk. As a result, the organization is opening itself exposed should confidential information be taken from a user’s desk. Policies are often implemented after a security breach as resulted that has resulted.

The traditional budgeting process can be a challenging for many organizations, as it may not clearly facilitate goal or financial tracking. The traditional process may tend to highlight amounts that are out of control of managers that can lead to misunderstandings between departments.

Organizations need to be able to track budgetary requests to specific objectives, priorities, and outcomes. As a result, managers increasingly must look at the budgetary process strategically rather than look only at the previous year's results. The use of linking performance, organizational activities, key performance indicators (KPI) and metrics can assist an organization with its strategic initiatives.

With the importance of the usage and storage of electronic information, security concerns cannot be underestimated. Organizations have realized the importance of protecting competitive information, the privacy of their clients as well as ensure that the regulatory, and legislative requirements are adhered to. An investment into information security is important to assist in maintaining confidentially, and integrity of information within the organization..

The importance of Cash Flow Management is important for any organization. Organizations need to carefully monitor their cash outflows, and inflows in order to ensure that they are able to meet their ongoing obligations. We often review cash flow of an organization including aspects that have an impact on the cash flow is managed. There are several ways in which an organization can better manage its cash flow situation. We will briefly discuss a few within this post that includes Accounts Receivable (A/R) and Accounts Payable (A/P) management..

Ethics comes from the Greek word ethos, which means custom or habit; as such it is based on the management of the environment. Over time ethics has become the habit and is based on the sustainable and equitable treatment of societies and may evolve over time. Professional accounting institutes, as well as other professional institutes, have codified codes of expected behaviour and conduct for their members. Organizations have a responsibility to act in a responsible manner to society as a whole.

With the trend towards clouding, companies will increasingly need to consider security issues surrounding their cloud infrastructure. Organizations will need to adopt a strategy that considers innovation, mobility, and analytics. There are a variety of cloud models that includes private, and public cloud models, which allows and organization to focus on growth while allowing it to improve security protocols. The usage of cloud computing is expected to grow as companies use it to supplement their IT infrastructure.
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Effective Internal controls are an important factor for any business that can go overlooked. Consider for example the importance of information tracking within the finance department. Without proper oversight and controls, it is possible that funds could be misappropriated, not recorded properly, or not recorded in the proper period. The benefits of Internal Controls are not limited to Finance, but also include Human Resources, as well as the information technology areas within the organization. .

There are various reasons companies regardless of size may consider the transition towards a paperless, or a reduction in paper used in an office. Technology has reduced the number of paper organizations uses in their operations. The storage of electronic documents allows for easy access to important documents, invoices, and records instead of manually searching for information, requesting information from the central records department if such information is located offsite. With the trend towards mobile computing, distributed offices, and home offices accessing electronic information that is part of routine business operations is important..

Cloud computing has allowed us to take advantage of using remote servers to host information rather than store it a personal computer or network. The popularity of cloud computing is expected to increase as well as the practical uses for it. With the popularity of cloud computing questions such as data security, access to data by third parties, data storage may become considerations. Organizations will continue to increase the use of cloud computing in some form or another. With the popularity of smartphones, tablets, and laptops and the availability of Wi-Fi or data from wireless service providers’ access to data can be more readily made. As such it offers improved benefits for mobility thus increasing the popularity of the cloud..

Corporate Social Responsibility is the ongoing commitment by organizations to contribute to societal issues which can be undertaken with their on-going business activity, as well as other commitments that consider the positive needs of the community as well as society at large. Engaging in Corporate Social Responsibility (CSR) for organizations can benefit organizations in terms of their image with investors, as well as customers. CSR includes awareness and positive reaction to ensuring that materials used in the production of products are used in a manner that considers the environment, as well as workers. It includes consideration for the environment such as reduction of waste material and the reduction of the carbon footprint of an organization. According to Cone Communication/Echo Global Impact consumers are likely to which to a brand that is associated with a good cause. Consumers are starting to send a message to they want to do business with organizations that are socially responsible.

With Zero-Based Budgeting (ZBB) every line item will be required to be justified in order to be approved. It is an approach to increasing accountability to costs, improving cash flows, and improving awareness of expenditures during the budgetary process. ZBB can be used to align the operations with the strategic goals of an organization. ZBB starts the budgetary process fresh rather than focus on variances in previous budgets. As a resulting emphasis is placed on utilizing current resources effectively in order that the organization's operations are aligned more strategically with its operations. The process ensures that revenue and expenditure items are relevant and measurable.

There are a variety of Key Performance Indicators (KPIs) that can be used by companies in order to measure performance. These indicators can be used to compare financial, operational, as well as strategic objectives. Depending on the industry the indicators used maybe different this can include revenue growth, labour efficiencies, market share compared to competitors, and operational efficiencies. With the amount of analytics that is available it is important not to be sidetracked by a volume of indicators, but rather focus on a few key indicators as part of Balanced Scorecard. In order to provide meaningful information, KPIs should be specific, measured objectively, and understood in order to provide a meaningful context.

Finance Business Partners were mainly seen in larger organizations, their roles demanded more than just number crunching month end results from their finance professionals. The transformation of finance professionals as a key business partner can be seen in smaller and medium-sized organizations where finance is playing more of a value-added proactive approach. The traditional month-end finance function that is part of every organization for internal, as well as external reporting. Such reporting was based on after period variance analysis with little input with regard to analytics for future direction, thus more of a passive role..

The role of Finance in organizational reporting goes beyond reporting on monthly financial results. The importance of reporting on the monthly financials should not be underestimated including the traditional role finance has played within the organization. Historically finance may have been seen an isolated unit that did not interact with other units within the organization. The role that finance plays will increasingly be strategic that is to assist business units with strategy. In the case of not-for-profits or government agencies, the role could be within the efficient use of resources in order to provide services more effectively.

With the use of Big Data analytics, finance professionals are able to further assist marketing and sales with their functions. Rather than just reporting on historical financial results, big data has brought together various departments within the organization to work together on not only analyzing the effectiveness of past strategies but also determine the next step within an organization. Such analysis allows for a better understanding of the cause and effects of decisions on a geographical level, as well as an organizational level. Some of the challenges faced with big data are determining which sources of data should be used, both internally and externally for decision-making. Other challenges that may be faced is to filter out data that is required for specific decision making from data that although is useful may distract from analyzing a specific strategic move.