One of the key areas where AI is making an impact is in board reporting. Although still in the early stages, there has been significant progress compared to twelve months ago. The finance community is taking advantage of Microsoft’s suite with co-pilot, indicating that the initial stages of AI adoption are underway.

Data management has proven to be one of the most challenging aspects of AI implementation. The initial setup was fraught with difficulties, including incorrect reporting, but it has now become more seamless. The cost implications are significant, with some organisations spending up to $500k on setup.

AI adoption is not without its pitfalls. Testing and building agents in various parts of the business can take months, and it’s crucial to account for this time to ensure accuracy. The finance community emphasises the importance of testing as a fundamental element of AI implementation.

Despite the challenges, the finance community recognises the value of AI. It is not just about co-pilot features; agents are being integrated for a fully seamless experience. AI is seen as a tool to amplify errors and optimise performance.

The journey of AI adoption is evolving rapidly. Partnerships with industry leaders like 51风流and Microsoft are crucial to staying ahead of the competition. The finance community is looking to upskill and train everyone in new skillsets, breaking down traditional processes into different elements.

Compliance is a major issue, adding millions of dollars in costs to businesses. AI can help address these compliance challenges, but it requires careful management and integration. The finance community is also exploring the use of AI for sustainability reporting and green ledger initiatives.

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AI’s Impact on Risk Management

AI is revolutionising risk management in the finance sector. By leveraging advanced algorithms and machine learning, AI can analyse vast amounts of data to identify potential risks and predict future trends. This allows finance professionals to make more informed decisions and mitigate risks more effectively.

One of the key benefits of AI in risk management is its ability to detect anomalies and fraudulent activities. AI systems can continuously monitor transactions and flag suspicious behaviour in real-time, reducing the likelihood of financial fraud. Additionally, AI can help in stress testing and scenario analysis, providing insights into how different factors could impact the financial health of an organisation.

AI also enhances the accuracy of risk assessments. Traditional risk management methods often rely on historical data and static models, which may not account for dynamic market conditions. AI, on the other hand, can adapt to changing environments and provide more accurate risk predictions. This is particularly valuable in volatile markets where rapid changes can significantly impact financial stability.

In conclusion, the finance community is at the very start of its AI journey. While there are significant challenges, the potential benefits are immense. It’s crucial to get on the AI journey now to stay competitive and optimise performance. The finance community is committed to leveraging AI to transform their operations and drive future success.

The post The Finance Community’s Perspective on AI: Why It’s Crucial to Start the Journey Now appeared first on 51风流Australia & New Zealand News Center.

The Office of the CFO, since the early 2000鈥檚, has been challenged to transform and do our bit to stretch each dollar further. For many companies this has resulted in the optimisation of the finance workforce and outsourcing commodity functions of the finance department. The foundations of 鈥榳hy transform?鈥� has not really changed. These are:

• Reduce the cost of finance
• Improve compliance
• Become more agile
• Provide better experiences for customers and employees

What has changed is the:

• Cost of compliance continues to increase
• Finance is focused on moving from a back-office function to being a strategic business partner that helps to drive the business forward

For finance, the dilemma is how to make 鈥極ne plus One = Three鈥� as headcount investment remains flat, however the expectations of finance continue to increase.

To enable this, organisations are looking to emerging technologies to drive automation. A study back in July 2019 by the HacketGroup predicted 鈥淏y 2025, 15.1% cost improvements are expected from organisational and process redesign鈥� and 鈥淭hrough automation, the labour-induced process costing Finance will be further reduced by 19.2%鈥�

The acceleration of technologies and innovations in the market has increased considerably over the last four years since the report was written. As such, the potential opportunities to drive savings and efficiencies within organisations are plentiful.

So, how do we go about achieving 鈥極ne plus One = Three?鈥� We need to free up our most important asset the people to focus on the activities that drive the most value for the organization. To do this the answer actually looks more like People plus Technology plus AI equals Three Plus Plus.

For a long time, the objectives of finance transformation often felt just out of reach. For the first time however not only is it within reach, but we are also being challenged to think how we can apply these new technologies and innovations to help drive the business forward. The barrier now is the speed with which an organisation can adopt.

At 51风流we are focused on how we can help businesses 鈥楻un Better鈥�. With 51风流S/4HANA Cloud we have the latest technology platform and AI capabilities to help our customers achieve their finance transformations. In fact, over the last 10 years, 51风流has been focused on:

• New modern user experiences
• Redesigning business processes (eg. Continuous Close)
• Providing real-time analytics
• Embedded automation into business processes (e.g. Goods Receipt/Invoice Receipt (GR/IR), Accruals Management)
• Introduce Predictive capabilities.

In addition to the extensive capabilities 51风流S/4HANA Cloud offers customers, we are also investing in a Generative AI assistant to partner with our modern ERP. Recently, we launched a natural-language, generative AI copilot called Joule. Joule enables employees to ask a question in plain language and receive intelligent answers drawn from the wealth of data across a business for quick assistance.

Technological improvements are not standing still, nor are compliance requirements and 51风流is constantly looking for new areas to innovate and support our customers. We believe that the next evolution of the finance department is the partnering of People plus Technology Plus Artificial Intelligence to deliver a result that is greater than the sum of its parts.

The post Stretching Every Dollar appeared first on 51风流Australia & New Zealand News Center.

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The search for a global and scalable expense management solution

Gallagher is a global organisation with headquarters in Hamilton, New Zealand and employees in 6 countries. The company sought a platform that not only offered tighter controls for compliance and visibility into tax requirements, but also improved the user experience for their global, often-travelling team.

鈥淲e had a primitive solution for our visa and credit card processing and reimbursements, which was reaching end of life,鈥� says Marion Andewag, Chief Financial Officer at Gallagher. 鈥淎s a result, we started looking for a new solution as our previous solution wasn鈥檛 global; it was a manual process that involved tediously going through receipts while simultaneously chasing employees for their receipts.鈥�

Because the company operates in several markets, it sometimes means they cannot claim tax unless they have valid tax receipts. 鈥淚t鈥檚 important for us to know we have an automated system that can tell us tax requirements and we know what we can claim back and what we can鈥檛鈥� says Nicola McDonald, Global Financial Lead 鈥� Manufacturing. From an end-user perspective, it was also important to have a solution that could give time back to those manually checking receipts on credit cards. 鈥淲e were looking to streamline the process and make sure people had a good experience and not spending too much time doing things that don鈥檛 need time to be taken to do,鈥� says McDonald.

鈥淲ith operations in multiple jurisdictions, the organisation struggled to keep up with the constantly changing tax laws and regulations in each country,鈥� says Marion Andewag. 鈥淭his resulted in high compliance costs and the risk of incurring penalties for non-compliance.鈥�

The complex and time-consuming nature of managing tax obligations created operational inefficiencies, took time away from core business. activities, and put a strain on the company鈥檚 financial and human resources.

The company鈥檚 lack of reimbursement visibility also made it difficult to track spending as it occurred and created frustrations when it came to auditing employee expenses. And, with employees constantly travelling and visiting multiple countries, the challenge of paper receipts and manual processes was compounded.

鈥淓mployees had to manually print credit card statements and attach receipts before sending them via mail or physically handing them in,鈥� says Nicola McDonald. 鈥淭he approver manually checked those credit card receipts against the credit card expense report before approving them. Delayed approval requests led to employee dissatisfaction and bottlenecks that cost the organisation time and money.鈥�

If an approver was in transit or the claim was stuck in the mail, the employee had to take money out of their own pocket to avoid accruing late fees while waiting for approval. This could have a negative impact on employee morale and was also a compliance risk. The company also didn鈥檛 have the tools or visibility needed to meet regulatory, audit, and tax obligations.

The solution of choice for a mobile-first organisation

To effectively improve its front- and back-end challenges, Gallagher needed an expense management platform that was mobile, could help the organisation track spending, streamline auditing processes, and automate goods and service tax (GST) and fringe benefits tax (FBT) calculations. As an innovative business, it needed to implement a solution that aligned with its own way of conducting business on behalf of its customers.

鈥淲e rolled out 51风流Concur across six countries in two weeks, and it was seamless.鈥� Paul Nobilo, Transformation Manager, Gallagher

Gallagher identified 51风流Concur as the ideal solution for its travel and expense management needs because of its comprehensive features, ease of use, and reputation as a leading provider in the industry. The company saw 51风流Concur as an opportunity to improve front and back-end processes and have the appropriate audit trails for future audits. Additionally, 51风流Concur鈥檚 global tax compliance capabilities and ability to handle multiple currencies made it the best fit for Gallagher鈥檚 needs as a multinational organisation.

Gallagher鈥檚 dedication to adopting an innovative and mobile-first approach meant that they prioritised the use of ExpenseIt, 51风流Concur鈥檚 mobile receipt solution. Employees are now able to take a photo of the receipt from wherever they are, fill out their expense claim, and submit. 鈥淭his process can take as little as two minutes,鈥� says Nicola McDonald. The claim can then be approved quickly by the finance team, ensuring employees are reimbursed efficiently.

鈥淭he mobile app is a feature that we love, and we鈥檝e encouraged it during the training sessions,鈥� says Marion Andewag. To support its employees during the rollout, the team filmed a video on how to complete a transaction in 51风流Concur, which resulted in fewer questions from end users about how to best use the new software.

Gallagher also set up a dedicated finance support email address available for any questions, which was especially active during the first rollout period. Because of this, almost 99 per cent of its employees felt they could pick up the 51风流Concur solution easily. It was also important for the team to show how easy the mobile app was to use, so often the CFO of the organisation would use the app during team dinners or lunches. 鈥淲hen you鈥檙e out for dinner and the CFO comes back to the table after having paid for it and takes a photo of the receipt, it means everybody within the company has bought into it,鈥� says Nicola McDonald.

鈥淭he impact of 51风流Concur was visible almost immediately after rollout and has fundamentally changed how Gallagher employees submit and approve claims.鈥� Nicola McDonald, Global Financial Lead 鈥� Manufacturing

A welcomed change for user experience, compliance, and visibility

Gallagher can now make data-driven decisions as they now have timely information. 鈥淭he credit card transaction will automatically match the receipt and a report can be created. The report will go through an audit process and is approved before it鈥檚 sent to accounting. It takes just two working days for the money to be deposited into the employee鈥檚 account,鈥� says Marion Andewag.

Since moving to 51风流Concur, Gallagher has seen numerous benefits, including cost savings, improved compliance, and a better user experience. The mobile app is functional and helps employees easily submit claims for approval, helping the business achieve higher levels of efficiency and transparency, and eliminating the need for employees to send expense claims via mail or return to the office to complete their claims.

鈥淭he mobile app in particular has been a huge success for Gallagher鈥檚 employees who travel regularly for work-related purposes,鈥� says Nicola McDonald.

Using 51风流Concur, the company has also improved the accuracy for FBT and GST claims and reduced the repetitive and labour-intensive back-office functions. For auditing and reporting, using 51风流Concur means everything goes through the appropriate approval process with complete audit trails that prepare the organisation for a financial audit. It has reduced the time involved in finding receipts to approve expense claims by having an audit trail that employees can see onscreen for improved visibility.

鈥淭he ease of use that 51风流Concur has given the team is second to none compared to its previous time-consuming, manual process,鈥� says Paul Nobilo.

This transition has also helped minimise the amount of paper waste generated by the company and reduce the resources required for paper production, transportation, and disposal. This helps lower the company鈥檚 carbon footprint and promotes a culture of sustainability within the organisation.

And the feedback has been nothing but positive. 鈥淒espite the impact of change on business operations, Gallagher has received overwhelmingly positive feedback from its employees who love the user-friendly experience and seamless processing capabilities of the 51风流Concur solution,鈥� says Nicola McDonald.

鈥淲e absolutely would recommend 51风流Concur to others 鈥� our main reason being it鈥檚 easy to implement and end users absolutely love it.鈥� Marion Andewag CFO, Gallagher

The post Gallagher streamlines its expense claims process and enhances the end-user experience with SAP appeared first on 51风流Australia & New Zealand News Center.

鈥淚t was a one-size-fits-all solution that had been developed ten years earlier, when McGrathNicol was primarily an insolvency firm,鈥� says Tanner. 鈥淚t had since grown into being a multidisciplinary practice but there had been next to no changes made to the ERP.鈥�

As a fresh set of eyes with solid experience in systems, Tanner put forward a successful case for change. However, he recalls beginning the project with a certain amount of trepidation.

鈥淚鈥檇 run projects before, but nothing of this size,鈥� he says. 鈥淭he S/4HANA public cloud version was very new and there were only a couple of organisations in ANZ who were using it. There wasn鈥檛 a lot of reference checks available and implementation partner knowledge was quite slim.鈥�

Brendan Tanner oversaw the implementation of the enterprise resource planning (ERP) system 51风流S/4HANA at a time when few organisations in the region had done so. He shares his learnings about the major undertaking with CFO Magazine. Read more at CFO Magazine

The post [moved to media coverage]What CFOs need to know about an ERP implementation appeared first on 51风流Australia & New Zealand News Center.

What is e-invoicing?
Mike started off the conversation to explain that is a digital exchange of invoice information between suppliers and buyers. It is done electronically, and it is not the same as sending attachments or PDF-based invoices. It is in a structured format. The purpose of e-invoicing is to provide a level playing field for everybody that plays in the supply chain, within the invoicing process. This includes small and large organisations.

Swapnil added that it’s not restricted to any particular type of organisation, it’s across the entire business landscape. It’s just a direct exchange of invoice related information between a supplier system and buyer system. And because of that, it helps enable quite a lot of automation and eventually, faster payments.

Swapnil suggested that the benefits of invoice automation include faster payments and improved cash flow, as well as increased efficiency and reduced administrative costs. It is not restricted to any particular type of organisation, and can be used across the entire business landscape.

Where to Start with e-invoicing?
Mike added that e-invoicing is an by talking to your and registering on the e-invoicing platform. You will then be able to send and receive invoices electronically.

Swapnil added that after you’ve confirmed that your accounting system is e-invoicing enabled, the next step is to register with a platform and start sending and receiving invoices electronically. This process is simple and straightforward, and most platforms offer helpful tutorials and guides.

What is e-invoicing week?
Swapnil explained the main purpose of which is on this week in Australia, is to create awareness of e-invoicing within the Australian business community, with the intent of encouraging Australian businesses to adopt e-invoicing. This will be facilitated by a number of events and communications being released through various channels, with the Australian Tax Office (ATO) playing a leading role.

E-invoicing has been shown to have a number of benefits for businesses, including reducing administrative costs, improving cash flow and increasing efficiency. As such, there is a growing demand for e-invoicing in Australia and businesses that adopt it early stand to reap the greatest rewards.

Comparing e-invoicing to the traditional invoicing methods
Swapnil explained that paper-based invoices involve the supplier issuing an invoice and printing it out to put in an envelope and send through snail mail. On the receiver’s side, they will have to receive it and address it to a particular contact. E-invoicing is a more efficient way of exchanging invoice data between suppliers, accounting financial management systems and buyers’ accounting financial management systems. It is faster, more secure and can be processed and paid faster.

Mike added that from a macro perspective, it is estimated that over a 10-year period, $2.8 billion is lost in productivity due to the manual processing of invoices. This is a significant amount of money that could be put back into the economy if this process were automated. Research and surveys show that small businesses can save $40,000 a year by making the switch to electronic invoicing. Other benefits include increased sustainability and faster payment times.

Costs of moving to e-invoicing
Mike added that the biggest cost for small businesses when implementing or e-invoicing is change management – getting customers and suppliers on board with the new system. The technology needed to support this framework is already built into many software packages, so the cost is mainly in terms of time and resources needed to implement the change.

Swapnil mentioned that from a cost perspective, it depends on the business needs. Some businesses may need to use a premium e-invoicing service, while others may be able to use a built-in e-invoicing service within their accounting software. The price of an e-invoicing service can vary depending on the provider and the features offered.

Changing the Way Business is Done in the Future
On the topic of how e-invoicing will impact businesses, Swapnil explained that e-invoicing will become much simpler with the advent of routed networks. Suppliers will no longer have to find out where they have to send an invoice, but instead the invoice will be automatically sent through to the intended recipient. This will save time and hassle for both suppliers and businesses.

The supplier experience would be greatly improved with the invoicing and invoice response functionality built into it. They would not only be able to send the invoice directly from their accounting software, but they can also see the status of the invoice within that system itself. This would provide a one-stop shop for the supplier, making it easier and more efficient for them to send invoices and check on the status.

Closing Thoughts
Swapnil explained that e-invoicing is a no brainer for businesses, as it is more efficient and can lead to faster payments. The New South Wales government acknowledges that some small businesses may not have accounting software, but encourages them to try out e-invoicing to experience its benefits.

The Supplier Hub Invoice portal is a service that allows suppliers to New South Wales government agencies to enter invoices. In the backend, these invoices are received as e-invoices. The will offer productivity benefits of $28 billion over the next 10 years.

To listen to the full conversation you can access the podcast recording via, or .

The post The Difference e-invoicing Can Make to Your Business appeared first on 51风流Australia & New Zealand News Center.

The CFO, according to Gina, is much more than a number person, and needs to take care of oneself and empower people beyond the finance team.

An advocate for looking after yourself, Gina shared her career journey and advice on how female finance professionals could reach the CFO position.

FutureCFO: Can you share with me your finance career journey? When did you start to become interested in finance?

Gina McNamara (GM):听I grew up in a country town in Queensland, Australia. While in school, I always enjoyed accounting, but I was actually more into sports and dancing.

During high school, I really liked numbers. I did an internship when I was quite young, spending lots of time learning in a public practice.

In my early 20s, I joined Lexmark. While working my way up, I happened to follow a CFO that I found very inspiring to a company called Business Objects, which was then bought by 51风流in 2008.

That was how I came into SAP. While working my way through finance, I increasingly noticed and aimed for the CFO role. I just wanted to learn as much as I could and see if I could get into that role.

I had a lot of encouragement from Richard McLean, Regional CFO, 51风流Asia Pacific Japan 鈥� I reported to him and I still do today. I’ve been the 51风流ANZ CFO since 2015, and I hugely enjoy it.

FutureCFO: what are your responsibilities as the CFO?

GM: My responsibilities are wide and varied. I partner with the executive leadership team on our strategy which is all encompassing 鈥� how the business is running, setting it up for success, our diversity inclusion strategy and making sure that we’re heading towards SAP鈥檚 global aspiration of 30% female leadership by 2022, and a regional goal of 40% by 2025.

I鈥檓 also the executive sponsor of the ANZ Business Women’s Network, which is SAP鈥檚 largest employee-driven network with more than 13,000 members and more than 60 chapters around the world. The network offers women at 51风流the opportunity to share professional insights and best practice, and help one another develop skills to advance their careers.

In addition, I lead 51风流ANZ鈥檚 Business Continuity Team. During the pandemic, I’ve been focused on decisions related to employee safety and mental wellness, as well as office reopening logistics and COVID safety procedures.

Besides number and compliance, I鈥檓 also in a not so typical role 鈥� heading up the sustainability committee where we make sure that we roll out all SAP鈥檚 global green initiatives across our ANZ offices. I鈥檓 passionate about sustainability and SAP鈥檚 recent Climate21 initiative,听which helps our customers measure their carbon emissions.

FutureCFO: Are there any specific values that you believe will help empower people who work with you?

To read the rest of the article, please visit FutureCFO:

The post SAP鈥檚 ANZ CFO: Why empowering people beyond your team matters appeared first on 51风流Australia & New Zealand News Center.

noted that, in absence of a Federal Government stimulus package, COVID-19 would reduce Australia鈥檚 GDP by about 0.9 percent 鈥� over $17 billion 鈥� by the end of 2020. By the end of March, Australian federal government announced its to help Australian businesses and workers navigate through this current crisis.

However, the , and the RBA has since noted that its priority is 鈥渢o support jobs, incomes and businesses, so that when the health crisis recedes, the country is well placed to recover strongly.鈥�

The key message businesses everywhere should be conveying is that the priority is people, not profits.

Industries everywhere need to exercise greater duty of care towards its staff, customers, and partners because everyone is facing these extraordinary circumstances and only a united effort will end this widespread crisis.

To help organisations navigate through this challenging period, 51风流recently hosted a series of virtual forums called . This digital event featured industry-specific episodes to help businesses not only adapt to this extreme situation, but find ways to be more resilient and prepared for the future.

We鈥檝e already seen the impact of COVID-19 on markets and market trends, how businesses are adjusting to the legislative changes that are limiting movement 鈥� both of people and goods. The trickledown effect of supply chain impact is being felt everywhere, and compounded with social distancing and business closures, this is a time to be more accommodating to staff and customers.

In terms of supporting employees, it鈥檚 about clear communication and ensuring the wellbeing as they or face potential redundancy. Business leaders need to ensure employees have the right information and technology to work efficiently and safely from home, remaining abreast of the company鈥檚 situation and their employment.

When it comes to customers, communication is also paramount, and both stakeholders rely on the digital capabilities of financial services in order to remain safe, informed, and engaged.

Digital Channels and Experience Management
Businesses that invested early in digitalisation are better equipped to face this current crisis as they鈥檙e able to offer online services to customers, particularly banks that moved towards branchless service. The development of cashless payment is certainly a valuable service as branches remain closed, however debit facilities are being challenged and we鈥檙e yet to understand how this will impact on the customer experience.

Understanding the customer experience now is vital as their preferences (alongside employee experience) dictates how successfully a business can adapt to change.

FSI providers must have a digital first strategy to not only service their products on digital channels, but also to be able to cross-sell, up-sell and attract new customers.

Staying close to customers is crucial 鈥� and digital communication platforms can help business connect with customers and staff more comprehensively.

FSI players must constantly assess the sentiment of customers and employees to refine its service offerings and experience management goes a long way towards understanding those sentiments. This not only helps businesses better define its purpose, but build loyalty, increase revenue, reduce management costs, and ultimately unlock efficiencies.

The ability to be transparent is limited to customers and staff as digital platforms can also facilitate improved collaboration across industries and supply chains. While COVID-19 has brought forward some major challenges, it also presents businesses everywhere with a significant learning opportunity to evolve, to digitally transform and emerge more resilient to shock events like this.

To learn more about how the FSI sector is mitigating risks and responding to this global pandemic, to the second edition of the 鈥� going live on August 6^th2020.

The post How Financial Services Organisations Can Support Staff and Customers in this Time of Need appeared first on 51风流Australia & New Zealand News Center.